Cabinet approval for divestment of govt’s stake in SLT & Lanka Hospitals

The Secretary to the Treasury has informed the Board of Directors of Sri Lanka Telecom PLC (SLT) and Lanka Hospitals PLC that the Cabinet of Ministers has granted approval in principle for the divestment of the stakes held by the Treasury Secretary in the two companies. 

Accordingly, the Secretary to the Treasury has informed the Board of Directors of SLT and Lanka Hospitals that the Cabinet of Ministers has granted its approval in principle for the divestment of the stake held by the Treasury Secretary in the respective companies. 

The companies have announced that they have received the approval of the Cabinet of Ministers to sell the shares owned by the government in Sri Lanka Telecom PLC and Lanka Hospital PLC, which are two companies listed in the Colombo Stock Exchange (CSE), as per the policy decision of the government.

Notifying the Colombo Stock Exchange of this decision, Sri Lanka Telecom says that the divestiture will be implemented in the near future by the State-Owned Enterprise Restructuring Unit of established  under the Ministry of Finance, Economic Stabilization and National Policy, subject to following the due process. Meanwhile, Ceylon Hospital PLC has also issued an announcement stating the same.

The Treasury holds a 49.50% stake of the issued share capital of Sri Lanka Telecom PLC.

Meanwhile, a 51.34% stake of the share capital of Lanka Hospital PLC is held by the Sri Lanka Insurance Corporation, representing the Government of Sri Lanka.

CSE reopens on Monday

The Colombo Stock Exchange (CSE) will resume trading on Monday (11 May 2020).

The stock market last traded on 20 March.

In view of the decision made by the Government that both public and private sector entities in the districts of Colombo, Gampaha, Kalutara and Puttalam should re-commence work from 11th May 2020, trading on the CSE will resume on Monday, CSE's Chief Regulatory Officer Renuke Wijayawardhane said.

Accordingly,The Trading hours will be as follows:

Pre open - 10.30 - 11.00

Auction - 11.00

Regular Trading - 11.00 - 13.00

Nalaka Godahewa re-remanded

Former Chairman of Securities and Exchange Commission (SEC) Dr. Nalaka Godahewa, and two others, had been further remanded until January 4 by Colombo Additional Magistrate today. They had been arrested in connection with an alleged fraud at the SEC in 2013 by the Financial Crime Investigation Division (FCID).

Nivard Cabraal, Nalaka Godahewa resign

With Maithripala Sirisena becoming the new President with a clear majority, Ajith Nivard Cabraal who was the Governor of the Sri Lanka Central Bank has resigned from his post.

Meanwhile, Sri Lanka’s Securities and Exchange Commission (SEC) Chairman Dr.Nalaka Godahewa has also tendered his resignation.

These resignations have been o enable the new President to appoint new heads to these government institutions.

Gotabhaya resigns as Lanka Hospitals Chairman

Gotabhaya Rajapaksa has resigned as Chairman of Lanka Hospitals Corporation PLC.
Meanwhile, Lanka Hospitals Corporation PLC Vice Chairperson Roshini S. Cabraal too has resigned from her post.

Another PC House land seized by bank

Hatton National Bank has seized another land owned by PC house after the company failed to pay bank loans reports say. The seized property is located at No. 451, Galle Road, Kolpetty.

At the present several properties of the company have been seized by banks thus. Also, shares owned by the company's founder - Mohommad Rishan and his affiliates too, are reportedly being taken over by other external parties.

According to reports, PC House has become the next isted company to collapse after a similar debacle in Touchwood Investments PLC. Meanwhile, the listed financial company CIFL too is facing a crisis due to lack of accounts details pertaining to 04 quarters.

PC House listed as the first IT company in the CSE in a backdrop where its founders faced many alleges. Also, certain stock brokering companies too, are blamed for the company's fall.

Otara sells 44.5% shares of Odel to Softlogic

The Founder of ODEL Sri Lanka Otara Gunewardene and the directors Ajith Gunewardene and Ruchi Gunewardene sold out 44.5 percent of their company shares to Softlogic Holdings PLC an official said.

The shares has been sold for 22 rupees per share to Softlogic at the Colombo Stock exchange. A source said the shares had been sold for about 2.6 billion rupees. Odel Plc is a unit of Malaysia's Parkson Retail Asia Limited.

As at 30th June 2014, Otara held 80.8 mn shares, Ajit 39.4 mn whilst Ruchi held 1.0 mn shares in Odel Plc.Regional department store operator Parkson Retail Asia holds a 47.46 per cent stake in retailer Odel. Odel celebrated 25 years of fashion retail yesterday.

The business which began, incredibly, with the sale of export surplus clothing from the boot of founder Otara Gunewardene’s station wagon when she was in her early twenties, is now a chain of 20 fashion forward stores with annual sales in excess of Rs 4.6 billion. Over the past two and a half decades Odel has emerged as an iconic department store and a brand that is often compared to Harrods and Harvey Nichols, and come to epitomize the definitive lifestyle and shopping experience in Sri Lanka.

Odel recently disclosed plans to enter the Indian market with an aim to retail private labels under its fold through single brand outlets instead of offering the product range through multi-brand outlets.Softlogic Holdings is owned by billionaire businessman Ashok Pathirage, whose group has interests in healthcare and leisure sectors in the country amongst others.

MEDIA STATEMENT ISSUED BY OTARA GUNEWARDENE

I wish to inform the public that I, along with my family members Ajit Gunewardene and Ruchi Gunewardene, have disposed all of our shares in Odel Plc this morning to the Softlogic Group.
I believe that the sale of our shares to the Softlogic Group is in the best interest of Odel Plc, and a natural progression to its continued growth.

Having being nurtured from a simple retail operation from a car boot into one of the largest retail businesses in Sri Lanka during the last twenty five years, Odel Plc now needs to move to the next level of retailing in order to be competitive, locally and globally.

This requires the entry of a larger player with a deep commitment to retailing: which I believe can best be provided by the Softlogic Group, which has a proven history of dynamism and perhaps an unrivalled track record of such operations in Sri Lanka.

Apart from the overall interests of the growth of Odel Plc, my decision to sell out of the company is also based on my personal desire to focus on another passion I dearly treasure in life: the pursuit of a mission to ensure the welfare of animals and the development of the Embark brand which funds such programs.

The sale of my shares in Odel Plc will hopefully provide me with more time and energy to devote to these activities in the future.

I wish to state that I will continue my association with Odel Plc over the foreseeable future , and will provide all assistance and cooperation during the period of transition.

In conclusion, I wish to express my sincere thanks to all my shareholders,customers, stakeholders and all well- wishes who have made this a truly wonderful journey.

I hope that you will continue to support Odel Plc in the future.

Vajira Kulatilaka to head CSE from June

CSE Chairman Krishan Balendra will step down from his post on completion of customary three year term.

He is to be succeeded by Vajira Kulatilaka who is to take over from June 05.

Kulatilaka who has been a Colombo Stock Exchange (CSE) board member since October 2009.

Kulatilaka is the CEO/Director of NDB Capital Holdings PLC and overlooks the operations of the Investment Banking Cluster of the NDB Group, which comprises of NDB Investment Bank Limited, NDB Securities Pvt Limited, NDB Wealth Management Limited and NDB Capital Limited, Bangladesh. 

He carries over 29 years of experience in the Finance Sector and Capital Market of Sri Lanka.

Kulatilaka is a Chartered Financial Analyst and has obtained a B.Sc Degree in Civil Engineering with First Class Honours from the University of Moratuwa, and MEng in Industrial Engineering and Management from the Asian Institute of Technology. He also obtained qualifications as a Fellow Member of the Chartered Institute of Management Accountants UK.

Kulatilaka currently holds directorships at NDB Capital Holdings PLC, NDB Investment Bank Limited, NDB Securities Pvt. Limited, NDB Wealth Management Limited and NDB Capital Limited – Bangladesh.

New CEO to Colombo stock exchange

Rajeeva Bandaranaike, a veteran stock exchange official who left the agency in 2011 has been appointed as chief executive of Sri Lanka's Colombo Stock Exchange.

Bandaranaike was at one time head of business development and clearing and settlements and had been with the agency from 1992 to 2011, when he left for the licensed finance companies sector.

He will take over the November 14, Colombo Stock Exchange's board of directors said.

Bandaranaike has Master's in Business Administration (MBA) from the University of Southern Queensland (USQ), Australia and a Bachelor of Laws (LLB) Degree from the Open University of Sri Lanka.

Duminda to save the sinking Touchwood

Monitoring MP of the Defense Ministry R. Duminda Silva has been appointed as a Non-Executive Independent Director in the Touchwood Investments PLC which has fallen into crisis.

This appointment has been made to be effective from the 23rd September. After this news, it is reported that the share prices of the Touchwood company have started to go up since today morning.

The battered stock price of TWOD shot up to Rs. 3.10 up by 72% or Rs. 1.30 from its previous close. More interestingly, a record 26 million shares which is a 25% stake of the company changed hands via 1,717 trades for Rs. 66 million.

Considering the all-time low price of 90 cents a few weeks ago, yesterday’s gain is a huge windfall for those who traded on the stock of late.

The Maloneys have been shedding their stakes in recent months; so has another shareholder, ASPIC Corporation, also connected party to Maloney.

Apart from this, Mr. Lanka Wijendra Kiwlegedara, a head of a mineral export company approved by the BOI has been appointed as the Touchwood's new Executive Director.

Sri Lanka Securities and Exchange Commission (SEC) which represents the Colombo Stock Exchange (CSE) had recently suspended the share transactions of the Touchwood Investments PLC.

SL approves Crown's $350m Casino deal and JKH's $ 650m project

• Australia’s gaming tycoon’s venture to entail over $ 350 m investment
• JKH’s mega $ 650 m project will get concessions under Strategic Development Act as well

Gaming Mogul James Packer’s play at casino investment in Sri Lanka seems to have come up trumps, with the Cabinet yesterday giving the nod for the controversial US$ 350 million deal along with the JKH venture of US$ 650 million.

Cabinet Spokesman Minister Keheliya Rambukwella told media that the two projects, which have been given significant concessions by the Government, would now go ahead. However, he reiterated that the Government would not issue new gaming licenses.

“All this has been explained before. The Finance Ministry together with the Excise Department has issued these licenses and the gaming section of the integrated projects will be taxed,” he added.

Rank Holdings, which is the local partner of the US$ 350 million James Packer venture, has obtained a land under a new company titled Lake Leisure Holdings. The 2.5 acre land opposite Lake House down D.R. Wijewardene Mawatha will be given on a 50 year lease for Rs. 2.8 billion.

The Government approved tax concessions through a midnight gazette notification released on 18 July, which resulted in the ire of United National Party (UNP) MP and Economist Dr. Harsha de Silva.

Speaking to the media Dr. de Silva insisted that the US$ 350 million project was detrimental to the country as it did not bring in any income through taxes and should never have been given approval.

A copy of the Gazette notification showed that in addition to the 10 year income tax holiday, the casino will be charged only 6% tax for another 12 years. It also details exemptions from Customs Duty, Construction Industry Guarantee Fund Levy, Port and Airport Development Levy, V.A.T, PAYE tax for foreign employees (five years), Withholding Tax on foreign loan interest and Tax on Dividends for 11 years.

Comparing Sri Lanka’s concessions with the rest of the world, Dr. de Silva pointed out that Macau, which is the one of the largest gaming regions in the world charged 40% tax, while Singapore, Malaysia and the Philippines also had high rates.

“Sri Lanka goes into the record books as the first country in the world that exempts casinos from tax,” he charged, adding that there were massive irregularities in the deal including the licensing of the casino.

The JKH venture was also approved by the Cabinet in a separate paper submitted by Investment Promotion Minister Lakshman Yapa Abeywardene.

“It will create direct employment opportunities for 3,000-4,000 persons during the construction period and in addition 3,000 direct and indirect employment on commencement of business operations. Cabinet agreed to grant concessions under the Strategic Development Project Act, No. 14 of 2008 (as amended) for the project,” the paper noted.

SEC suspends Touchwood

• Trading of shares halted for three days; suspension amidst fall of stock price and chaos among investors and customers
• SEC starts fully-fledged investigation into affairs of troubled company; tougher action likely
• Market welcomes move but some analysts term measure as coming too late
• SEC probe likely to focus on whether TWOD Chairman’s sale of shares bordered insider trading parameters
• Customers of timber plantations of TWOD in Thailand cry foul over unmet assurances

The crisis facing Touchwood Investments Plc (TWOD) took a new turn when the Securities and Exchange Commission (SEC) yesterday suspended trading of its shares for three days.
The capital markets regulator said that having carried out a preliminary inquiry into the conduct of Touchwood, it has decided to commence a fully-fledged investigation into the business affairs of TWOD.

The suspension came when Touchwood was trading on a falling market for itself. The share price dipped to a low of Rs. 1.20 before being suspended when the share was trading at Rs. 1.30, down by 20 cents. Around 2.4 million shares were traded when the suspension came into force.

Earlier in the week, the share plunged to an all-time low of 90 cents but recovered thanks to interest from speculative and bargain hunters.
Touchwood styles itself as the pioneer of the agro-forestry investment industry in Sri Lanka. It specialises in the cultivation of high value exotic tropical timbers as an alternative and sustainable source of forest products (mahogany, vanilla, sandalwood, teak and other cash crops).
Most stakeholders welcomed the action by the SEC, which has been carrying out preliminary investigations for more than a month. SEC is likely to take tougher measures in order to stem further erosion in TWOD’s value as well as investor/creditor confidence. But some analysts termed the action as coming too late.

However, it appears most of the investors who bought into TWOD since Friday didn’t treat the public notice of winding up application by a defaulted customer seriously. It was only on Wednesday that the company itself admitted via a filing to the CSE that there was an application and that it would be opposed and defended.

The majority of buyers also didn’t mind taking on fresh exposure to TWOD even after the Daily FT on Wednesday exclusively reported that among sellers on Monday was TWOD Chairman R. Maloney itself. He later confirmed the sale of 3.35 million shares or a 3% stake.

Good governance activists raised a host of issues with regard to the conduct of Chairman Maloney. His sale of shares was on Monday whilst the company disclosed the winding up application was filed because of Rs. 3.8 million due to a customer as claimed, and the case was opposed and defended only on Wednesday.

Maloney sold his shares at prices ranging between Rs. 1.80 and Rs. 2 per share, relatively higher than the current week’s lowest of 90 cents as well as yesterday’s closing of Rs. 1.30.

Analysts said SEC investigations would determine whether the TWOD Chairman’s action sans inadequate disclosure or non-disclosure was aimed at profiting or minimising losses – two motives linked to insider trading. The notice by legal firm F J & G De Saram appeared in a State-owned newspaper on Friday.

It said the Western Province High Court has listed a petition to be heard on 3 October over winding up Touchwood Investments following an application filed by a customer. It also said “any creditor contributory” to the firm who may want to support or oppose the action could get a copy of the court petition and be present at the hearing. Interested parties could make submissions before 2 October.
This was not the first time Maloney or related parties had sold their own shares. In July, Chairman Maloney sold 6.6 million shares between a low of Rs. 3.50 and a high of Rs. 4. Of the quantity, ASPIC Corporation in which Maloney is a Director bought 3.8 million shares. As at June 2013, Maloney was holding 10 million shares or a 9.35% stake.

In the week ended yesterday, 45 million shares of TWOD or a 42% stake had changed hands. The volume hit a high on Wednesday with 16 million preceded by 13 million on Tuesday.

Any loss suffered by shareholders is secondary when considering creditors to TWOD who fear major repercussions. The application filed by customer K.A.D.L. Priyanka Nanayakkara of Rajagiriya) is a case in point.

It learns that several customers who have investment schemes with TWOD have had protracted issues ever since some of their investments matured. For example, one customer said they invested in a timber plantation in Thailand with the promise of harvesting in five years, which was in 2012.

However the company had claimed that due to some failure, harvesting has been delayed by a further three years.  Efforts by the customer to at least get 50% of the capital have so far failed.

As at end FY13, TWOD’s assets amounted to Rs. 8 billion, up from Rs. 6.8 billion in the previous year. Net asset per share was Rs. 29. If one factors in the latter, then the share trading at current prices is an insult. However, these are biological assets and in the past analysts had raised various questions on their accuracy.

Despite styling itself as pioneer and in business for over a decade, TWOD remains saddled with over Rs. 500 million worth retained losses. Liabilities amounted to Rs. 4.7 billion as at end FY13, up from Rs. 3.7 billion a year earlier.

Dhammika Perera gains control of tile industry

The duo does have a knack for it or perhaps it is in their DNA, as the market saw yet another DNA as one analyst coined it the Dhammika – Nimal Acquisition.

Giving a major boost to the country’s corporate sentiment, which had been under gloomy weather for some time, Dhammika and Nimal yesterday effected their 18th acquisition when related parties acquired a controlling 80% stake in Lanka Ceramics Plc, from CT Holdings Plc of the Ceylon Theatres Group.

High net worth investor and Director Dr. T. Senthilverl also sold his 7% stake.

The acquisition was via Royal Ceramics Plc, which picked up 76% stake along with Vallibel One (3.3%), Nimal Perera (3.3%) on his personal account, and Lanka Ceramics Chairman Anthony Page (3.3%), Dr. Sellaiah and Managing Director Rajiv Casie Chitty. Page previously had a 1.17% stake.

RCL’s acquisition of Lanka Ceramics is part of consolidating its dominant position in the ceramics tiles and bathware market in addition to wooden flooring business and packaging. With Hayleys’ and Dhammika’s interests, the Group also gets control of the aluminium industry which is booming in tandem with post-war construction spree. Additionally is the stronger foothold in rubber plantation business.

Nimal Perera told  that after Hayleys Plc, this was the most important acquisition under the D&N combination. The duo to date has made nearly 20 acquisitions or strategic investments.
Nimal, who is the Managing Director of RCL and Chairman of Pan Asia Bank, also said that the deal was finalised within a week largely on the goodwill of and the strong ties with Anthony Page, whose was appointed to Pan Asia Bank in April 2008 even when he was serving on the Board of Lanka Ceramics.

The entire acquisition is financed by HNB, whose Acting CEO Jonathan Alles was commended by Nimal for agreeing to the deal via a call over the weekend.

Direct subsidiary of Lanka Ceramics is Lanka Walltiles Plc in which it holds 62% whilst other indirect subsidiaries are Horana Plantations Plc (17%), Ceytea Plantation Management Ltd. (33%), Lanka Floortiles Plc (34%), Uni Dil Packaging (33%), Uni Dil Paper Sacks (33%), Swisstek (Ceylon) Ltd. (23%) and Swisstek Aluminium Ltd. (20%).

RCL said in a filing to the CSE that it acquired a 76.1% stake or 22.83 million shares between Rs. 86.90 and Rs. 120 per share with bulk done at the latter price. A mandatory offer will be made by all parties acting in concert shortly.  In total 26.92 million shares of Lanka Ceramics traded for Rs.3.2 billion via 419 trades with an intra-day highest price of Rs. 120 and a lowest of Rs. 82 before closing at Rs. 120, up by Rs. 40.

Lanka Ceramics’ asset per share is Rs. 17 (at Company level) and Rs. 83 (at Group level). Earnings per share is Rs. 5.47 down from Rs. 8.90 at group level at the end of third quarter of FY13. Last week Lanka Ceramic figured among the top five gainers percentage with near 18% or Rs. 12 to close at Rs. 80 though only 241,338 shares traded.

Related party Lanka Floortiles Plc closed up by Rs. 4 to Rs. 69 after hitting a peak of Rs. 70. Investors also toasted RCL in anticipation of major boost with its share price up by Rs. 3.30 to Rs. 100.50 whilst the share touched an intra-day high of Rs. 105. Horana Plantations gained by Rs. 2.30 to Rs. 28.30 with a peak of Rs. 29.80. Seller CT Holdings saw its share price jump by Rs. 8.70 to Rs. 148.20 after peaking to Rs. 150.

In the first nine months of FY13, Group turnover rose by 22% to Rs. 8.8 billion whilst profit from operations was up 17% to Rs. 1.08 billion. After tax profit was Rs. 525 million, down by 5% and profit attributable to equity holders of Lanka Ceramics was Rs. 164 million, down by 39%.
Lanka Ceramics Group assets as at 31 December 2012 was Rs. 14.3 billion, up from Rs. 12.3 billion a year earlier and Rs. 13 billion as at 31 March 2012.

Capital and reserves were Rs. 7 billion including Rs. 1.6 billion in retained profits. Liabilities amounted to Rs. 4.4 billion including Rs. 3 billion in non-current.
In FY13, Lanka Ceramics has obtained a loan amounting to Rs. 610 million from the Parent Company (C T Holdings) at the rate of interest 10% p.a. which was utilised for the purchase of Lanka Walltile PLC shares.

The Company in FY12 recorded a profit after tax of Rs. 71.4 million, a marginal decrease from the Rs. 73.7m reported in the previous financial year. The decrease was due to the sharp increase in financial costs incurred during the latter part of the year on account of investment in its subsidiary.
The Group recorded a consolidated profit attributable to shareholder of Rs. 522.7 million. This was a significant increase over that reported in the previous year of Rs. 254.9 million.

Barbarian at the CSE

The Rs. 407 billion rise in the Colombo stock market’s overall value in three months or since its lowest level year to date in June gives the impression of a bust to boom scenario. Amidst septicemic and concerns by some, the blue chips joining the rally has given greater credence to the unprecedented rebound of late.

 

If some felt the Bourse has gained too much too soon, then the 100 points each rise by both the ASI and MPI yesterday was telling. The rise in the ASI between its lowest level of 4,738 on 6 June and yesterday was 1,040 points or 22%, whilst in terms of market capitalisation it is Rs. 407 billion. The recent rebound has reduced the ASI’s year-to-date dip to below 5% by yesterday as opposed to 22% in early June. ASI is now at 8-month high. If the momentum persists, which many expect whilst some don’t, the CSE with a few more months for year end is just short of Rs. 400 billion to surpass the all-time-high market capitalisation of Rs. 2.6 trillion achieved on 2011 Valentine’s Day.

Is the Stock Market above the law ?

Former SEC chairmen Dr. Thilak Karunaratne , Economist UNP MP Dr.Harsha De Sliva explains.

Colombo CSE the 3rd best bourse

The Colombo share market has become the third best performing bourse in the world.

In the one month period from August 10, the CSE has recorded a 14 per cent growth, based on the US dollar value.

Aanalysts say foreign investors could once again get attracted to Sri Lanka following this performance by the Colombo share market.

The best performing share markets in the world are in Greece and Spain.

Dhammika Perera appointed Deputy DG at SEC

Director, Investigations, Dhammika Perera has been appointed as the Deputy Director General of the Securities and Exchange Commission of Sri Lanka (SEC) with effect from today.

This was announced to the SEC employees by the newly appointed SEC Chairman Dr. Nalaka Godaheva in a special staff meeting held today morning.

The appointment of Perera was decided at the first Commission meeting headed by Nalaka Godahewa, which was held last Friday.

The SEC currently does not have a Director General. Prof. Harreendra Dissabandara was appointed as the Acting Director General in April, this year.

Nalaka appointed SEC Chairman

The government appointed the head of Sri Lanka's state run tourism board, Nalaka Godahewa, to chair the country's markets regulator, the Treasury Secretary said today.

P.B. Jayasundera said Godahewa would join the Securities and Exchange Commission with immediate effect.

The SEC post has been vacant since August 17 when Tilak Karunaratne resigned, claiming he had come under pressure from market participants being investigated for alleged stock market manipulation.

The IMF last week raised concerns over the resignation of Karunaratne, saying that, under his leadership, the SEC had been taking the right steps to ensure its regulations were obeyed.

Godahewa, meanwhile, has been viewed as a market friendly candidate, and hopes he would succeed to the top regulatory post had boosted the stock market 4.1 percent since Karunaratne's resignation.

Godahewa has worked extensively in the private sector, including as the head of an insurance firm and of the overseas operations of the island's top garment exporter, MAS Holdings.

Godahewa, who will be the third SEC head since December, said he was unaware of the appointment.

Sri Lanka's SEC has been heavily criticized by some market players, who have claimed the stock exchange is over regulated and blamed this for a 20 percent drop in the index this year.

Karunaratne's predecessor also left amid complaints from brokers that tougher regulations were hurting stock prices.

Analysts and brokers are divided over Karunaratne's resignation with some noting regulations will be difficult to enforce even under a new SEC chief as investors were powerful enough to lobby against any probes.

Karunaratne had been pushing investigations into stock market malpractice, including so called pump and dump deals in which investors are lured into apparently cut price equities.

Three for Tilak’s post at SEC

Following the resignation of Mr. Tilak Karunartne, the former Chairman of the Securities and Exchange Commission, there is a three officers cornered tussle for the post, according to reliable sources.

Minister for Economic Development, Mr. Basil Rajapaksa has proposed the  name of the former IGP  Mr. Chandra Fernando  to head the Securities and Exchange Commission Mr Chandra Fernando who is an Advisor to the President  is currently engaged as a Consultant  for the Uthuru Vasanthaya project.

Senior Attorney at Law, Mr. Kalinga Indratissa ‘s name has also been proposed for the post, it is learnt.

 The name of Udya Sri  Kariyawasam , a former Chairman of the Securities and Exchange Commission  has also been nominated for the post. While he is considered to be an expert regarding monetary frauds has been guest  lecturer   on the subject at Cambridge university, U.K.  

During his tenure as Chairman, despite a climate of world recession, the stock market  had registered  a figure of  a Trillion rupees.

Nevertheless, during next week or two, one of these gentleman will be appointed to the post, it is believed.

SEC Chief says will resign before Friday

The head of Sri Lanka's Securities and Exchange Commission said he will resign before Friday after coming under pressure to step down amid accusations by some investors under investigation for "pump-and-dump" deals.

 "I'll be doing it within the course of this week definitely. Definitely before Friday," Tilak Karunaratne told Reuters.

Karunaratne has called for investigations into market manipulation and malpractice, including so-called pump-and-dump deals in which naive investors are lured into apparently cut-price equities.

President Mahinda Rajapaksa appointed Karunaratne in December after his predecessor, Indrani Sugathadasa, resigned "to uphold her principles" amid broker complaints that tougher regulations were hurting stock market prices.

NSB chairman resigns

Chairman of the National Savings Bank, Pradeep Kariyawasam has resigned from his post.

Reports reveal that Kariyawasam has notified the President and the Secretary to the Ministry of Finance regarding his resignation.