Supreme Court stays prosecution of Dr. Yaddehige | Sunday Observer

Supreme Court stays prosecution of Dr. Yaddehige

The Supreme Court by an order dated May 3, 2019 stayed the prosecution of Dr. Sena Yaddehige by the Securities and Exchange Commission.

Dr. Sena Yaddehige has at all times maintained his innocence and has made his submissions to the SEC stating that the SEC should not in any way or manner prosecute him. Notwithstanding his submissions, the SEC filed a case in the Fort Magistrate’s Court despite a case relating to the same matter pending in the Court of Appeal. The Supreme Court having considered submissions has granted a Stay Order staying the proceedings of the Magistrate’s Court and the Court of Appeal.

When the matter was taken up in the Supreme Court, the SEC took up a preliminary objection to the affidavit filed by Dr. Yaddehige stating that it was not valid in terms of the law. Counsel for Dr. Yaddehige submitted that the affidavit was in terms of the Law and further submitted that this was not a matter to be decided on technicalities as this was a case where important considerations of law were at issue. Dr. Yaddehige impugns, the failure to disclose an offence known to law, the invalidity of the investigations conducted by the SEC, the arbitrary and unfair conduct of the SEC as the regulator of the capital markets and the power of the SEC in respect of the conduct toward Dr. Yaddehige, among others. Dr. Sena Yadehige is the Chairman of the Richard Pieris Group.