Nov 02, 2011 (LBO) – Malik Cader, the director general of Sri Lanka’s securities and exchange commission, who came under fire for cracking down on widespread micro cap fraud and insider dealing has been made an advisor of the finance ministry. The SEC director general’s removal came a day after reports that a former mayor of Sri Lanka’s central hill town of Kandy who was jailed for misappropriating 1.8 million rupees in public money was given a presidential pardon.
SEC sources said Cader would be taking up his new duties next week.
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Cader started cracking down on microcap fraud following mounting concern over widespread manipulation, hype and dump and chopstock fraud.
But his actions angered powerful players in the market.
Sources said Cader has been kicked upstairs as an advisor to the finance ministry by a decision of the cabinet of ministers.
Colombo’s benchmark index rose 3.0 percent with steep gains in illiquid stocks and some large caps, as punters cheered Cader’s removal.