PM Wickremesinghe, MPs make observations on SEC and “investigations’
At the beginning of 2009, the All Share Price Index (ASPI), the main index reflecting the performance of the Colombo Stock Exchange (CSE), stood at 1500 points.
However, within two years the ASPI rose exponentially to 7800 points. The growth spurt captured the attention of the market regulator, the Securities and Exchange Commission (SEC).
Investigations by the Commission revealed that the prices of some shares were being manipulated in this time-frame but what transpired next was instead of the wrongdoers being brought before the law at the conclusion of investigations, chairpersons of the SEC and several officials including director generals, were removed from their positions.
MP of UNP, Dr. Harsha de Silva, stated that the EPF bought the shares that were increased from the 50-60 range to 250 and thereafter dumped it, which is a total fraud.
Prime Minister, Ranil Wickremesinghe stated that he has ordered the SEC to conduct further investigations, and stated that if necessary he will enact legal provisions for these investigations.
He added that they have destroyed Sri Lanka’s economy, and went on to note that he will turn his attention to appoint a Parliament Select Committee to conduct investigations.
JVP MP, Vijitha Herath stated that even though the PM had made an oral statement in parliament, investigations have not been carried out as the government had also made a promise to the people with regard to the situation.
He added that a mandate was given to investigate these incidents, and to enforce the law, as this delay doesn’t comply with the mandate.
Explaining further he added that this financial problem was a controversial issue in the country which is functioning like a Mafia.
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