Broad investigations commence into irregularities at CSE (Watch Report)

Broad investigations commence into irregularities at CSE (Watch Report)

Written by Staff Writer

18 May, 2015 | 7:01 am

The Securities and Exchange Commission has recommenced broad investigations into alleged irregularities that occurred in the Colombo Stock Exchange.

Thushara Jayaratne, External Relations Director at the SEC, said investigations are underway into 16 incidents.

He added that certain files relating to the matter, have already been referred to the Attorney General.

Speaking in Parliament recently, Prime Minister Ranil Wickremesinghe said those who had committed fraud in the CSE, had destroyed the nation’s economy.

Prime Minister noted that he had ordered the Securities and Exchange Commission to conduct further investigations and will create legal provisions for these investigations.

Several weeks after the Prime Minister’s statement, the Police Financial Crimes Investigation Division, questioned businessman Dilith Jayaweera, who was mentioned by the Prime Minister, in connection to a transaction at the Colombo Stock Exchange. The FCID had grilled Jayaweera for about six hours.

According a report published on the Sunday Times newspaper, the FCID had questioned Dilith Jayaweera on irregularities in the sale of Lanka Hospitals shares to an Indian Company. The Sunday Times reports that most of the questioning was centered on how the shares of the hospital valued at 28 rupees a share, quickly rose to 64 rupees a share.

The Business Times also reported that one-time powerful stock market investor Dilith Jayaweera had been questioned by the FCID. The Business Times reported that such an interrogation was inconceivable a few months ago.


  • SEC issues directive to the company, over inaction for several years having raised 283 million rupees from the public.
  • Allegations raised over the Kalpitiya Beach Resort deal, which is owned by a company in which Dilith Jayaweera is a Director.
  • SEC raises questions on remedial action that will be taken if the hotel is not built and shareholders are not treated fairly.
  • Action filed at a District Court, claiming that a company of which Dilith Jayaweera is a Director, had fraudulently obtained land in Pasikuda valued at 169 million rupees.

This is for the attention of the FCID…


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