Big Fish

November 22, 2006 (LBO) – Sri Lanka's securities watchdog has filed action against nine people for misleading market players with transactions connected with shares of Nawaloka Hospitals Ltd. The nine persons, the SEC says committed "acts to create a false/misleading appearance of an active share market and the offences of aiding and abetting and conspiracy in the commission of these offences."

Please read below for SEC full statement: ENFORCEMENT ACTION

The Securities and Exchange Commission of Sri Lanka filed action on 20th November 2006 in the Magistrates courts of Colombo Fort against nine persons for committing acts to create a false/misleading appearance of an active share market and the offences of aiding and abetting and conspiracy in the commission of these offences

The Securities and Exchange Commission of Sri Lanka (SEC), in the exercise of the powers conferred upon it by the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 (as amended) (SEC Act), has instituted action in the Magistrate’s Court, Fort, against the following persons for the offences of,

1. Conspiracy to commit acts to create a false/misleading appearance of an act