Quiet Settlement

Nov 03 (LBO) – Sri Lanka’s securities watchdog settled a case against Mr. Sajee Lakshman Perera, relating to share trading of Ceylon Grain Elevators (CGE).

The accused was charged with creating a false or misleading impression relating to the market and price of CGE shares and misleading the SEC in its investigations, the Securities and Exchange Commission said Friday.

Mr. Perera made an appeal to the SEC to compound the offense, on payment of Rs. 550,000 to the Compensation Fund of the SEC, under the SEC act.

After due consideration of the charges levelled against the accused, the Commission acceded to the appeal subject to the settlement of this sum in full. The SEC withdrew the action against the accused Mr. Sajee Lakshman Perera on October 25, 2006, the SEC said.