SEC charges a person before Magistrate for failing to appear when summoned

Feb 07, 2019 (LBO) – Securities and Exchange Commission of Sri Lanka has charged a person named Vidanalage Juvenal Aruna Melan Soysa at Fort Magistrate Court on 25th January 2019.

The person has been charged for not appearing before the SEC when he was summoned to record a statement with respect to certain transactions that have occurred in his CDS Account.

“He has been evading the SEC without providing his statement, which compelled the SEC to file an action against him in the Fort Magistrate Court,” the SEC said in a statement.

“When he still failed to appear in response to the summons issued by the Learned Magistrate, the SEC was successful in obtaining a warrant from the Court which compelled him to produce himself before the Court.”

Deputy Solicitor General of the Attorney General’s Department Sudharshana De Silva has appeared on behalf of the SEC.

“This allowed the SEC to obtain a statement from Mr. Soysa and he willfully agreed that he would cooperate with the SEC in future,” the commission said.

“Mr. Soysa is required to appear before the Learned Magistrate again in May in this regard.”

The SEC said that it considers non-appearance when summoned by the regulator as a serious offence and thus is in the process of filing charges against several other individuals pertaining to the said offence.

The SEC is empowered under section 46A(1) of the SEC Act to summon and call upon any person to appear before them to give evidence or to produce any documents in possession for the purposes of any inquiry.

Evading the SEC will be punishable after a summary trial before a Magistrate to a term of imprisonment of either description not exceeding five years or to a fine not exceeding one million rupees or both.