Thursday, November 3, 2011

SEC DG promoted advisor to Finance Ministry

Director general of the Securities and Exchange Commission of Sri Lanka, Malik Cader, has been promoted a senior advisor to the Ministry of Finance.

He is expected to assume duties in the new posting, made on a cabinet decision, next week.

Several powerful and influential investors had reportedly lobbied against Mr.
Cader’s ouster, accusing him of being responsible for the downturn in the Colombo Stock Exchange.

Cader had angered powerful players in the market for cracking down on widespread micro cap fraud and insider dealing that is said to be rife on the Colombo bourse. 

The SEC has said that it was investigating around 50 complaints of irregularities in the bourse.

With the romor of Mr. Cader's Promotion the main All Share Price Index rose 2.71 percent (170.43 points) to 6,452.28, while the more liquid Milanka index rose 2.49 percent (139.40 points) to close at 5,743.55, according to stock exchange figures.

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