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Harsha breathes fire on SEC over ERI

Aug 30, 2011 4:46:56 PM - www.ft.lk

UNP MP and its chief spokesman for the economy Dr. Harsha de Silva yesterday raised concern over Securities and Exchange Commission's (SEC) alleged leniency over its action against Environmental Resources Investment Plc (ERI).

In a statement Dr. de Silva said: “We are deeply perturbed at the news that ERI and its Directors have been let off the hook by the SEC with a negligible Rs. 10 million fine by compounding a serious offence of securities fraud.
          
This is totally unacceptable given the serious nature of the white collar crime in the context of continuing manipulation of the CSE by powerful individuals.”  
The UNP MP alleged that the ERI has ironically promised to fund the Hambantota 2018 Commonwealth Games while the investigation was being carried out.
“As a responsible opposition we will dig deeper into this fraud and its perpetrators to safeguard the interest of the large number of bona fide investors,” Dr. de Silva added.
ERI or SEC officials weren’t available for comment over the UNP statement.

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