Debt Consultant

Oct 22, 2008 (LBO) – Sri Lanka’s Securities and Exchange Commission has issued a statement on a consultant Toshihisa Iida, the spouse of the head of the World Bank country office, Naoko Ishii. The statement is reproduced below:

We refer to an article which appeared on a Sunday newspaper pertaining to Mr. Toshihisa Iida, Consultant of the Securities & Exchange Commission of Sri Lanka (SEC), and wish to substantiate our position in response to same.

The staff of the SEC is recruited based on a cadre approval granted by the Ministry of Finance on the recommendation of the Commission. Thereafter, the Commission will make suitable appointments having followed the stipulated procedure. The Ministry does not get involved with the selection of the candidates for vacant positions. The salaries of the SEC staff is not paid from the Consolidated Fund, nor from any fund of the Ministry of Finance, but from own funds generated by the SEC through trading levies from Colombo Stock Exchange and other fees.

The SEC recognized that the development of the Corporate Debt Market would undoubtedly complement the Capital Market activities in Sri Lanka. Hence, it was important that the SEC recru