May 13, 2016 (LBO) – Sri Lanka’s securities regulator on Friday blocked a share transaction related to the chairman of Blue Diamonds Jewellery Worldwide following a possible violation of laws.
As per the statement issued by the Securities and Exchange Commission (SEC), earlier this week Xia Liqiang, the Chairman of Blue Diamonds has disposed 15,146,200 shares pertaining to Blue Diamonds.
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“The SEC has reason to believe that the above said trade may have been carried out in violation of the provisions of the SEC Act and may involve the commission of one or more offence(s),” the statement said.
Following the incident, the SEC has directed Capital Trust Securities (Private) Limited to refrain from transferring the sale proceeds of the above trade to Liqiang.
The commission has further directed the firm to maintain the said proceeds in the custody of Capital Trust Securities until further notice by the SEC.
Capital Trust Securities has also been directed to instruct the bank to stop paying for a cheque in the event the proceeds from the said trade have already been released.
Subsequent to the SEC statement, the CSE has imposed a trading halt on the transactions of Blue Diamonds Jewellery Worldwide.
Sri Lanka’s SEC blocks share transaction of Blue Diamonds
It was absolutely pleasing to know timely action by regulators to stop take unfair advantage by some of high profile individuals. This will boost confidence in CSE. This is what was lacking during last regime. Stock market should be the place of taking gains in long terms with strategic investments rather than gaining advantage from speculations. Close scrutiny of many more suspicious transactions is the way forward. It is vital to address genuine investors.