Aug 30, 2012 (LBO) – Several new appointments announced to the Securities and Exchange Commission of Sri Lanka had connections to firms which were reportedly being probed, and fresh choices with professionals with a clean record should be made, a legislator has said. Former regulator Tilak Karunaratne has said that 17 probes were reaching their end when he was forced to resign.
A second recent SEC appointment, Priyantha Fernando was connected to Taprobane Holdings whose stock broking arm was embroiled in a cancelled deal where stock was attempted to be sold to a state bank at an inflated price, de Silva said.
“It is noteworthy that he headed the Central Bank’s investment committee of the EPF (Employees Provident Fund) only months prior to being appointed to the board of Tabrobane,” de Silva said.
Several stock purchases of the EPF have also been controversial.
“Is it not understood that the perception of being clean is as important as being clean; particularly in the background of serious allegations of fraud?,” de Silva asked.
“If the minister of finance is honestly interested in the sustainable development of Sri Lanka and the well-being of her people then he should cancel these appointments and make fresh choic