Premier’s use of “non-existent Super Powers” and the fall of CSE

Premier’s use of “non-existent Super Powers” and the fall of CSE

Premier’s use of “non-existent Super Powers” and the fall of CSE

Written by Lahiru Fernando

27 Dec, 2016 | 11:10 pm

At present the Colombo Stock Exchange faces a situation where it cannot even pay its employees, said Bandula Gunawardena (UPFA MP) today (27 December).

Seylan Bank was brought under the control of state-owned BOC (Bank of Ceylon) by the Central Bank’s Monetary board on 28 December 2008 -under Section 30(1) of the Monetary Law Act No.58 of 1949.

The BOC is one of the Twenty Largest Ordinary Voting Shareholders of Seylan Bank, with the amount of shares standing at 13,198,305 – otherwise 7.5% of the total percentage of shares.

On December 16, 2016, 7.5% shares of Seylan Bank held by Bank of Ceylon were sold to a foreign investor at a value of Rs. 13.2 billion. (Read full story – 1 & 2)

“The transaction was over. At a time when the trade needs to be done in three days, the Prime Minister using a non-existent super power canceled it. Does the Prime Minister have such power? How can the Prime Minister halt trading in the stock market?” questioned Bandula Gunawardena

The MP then pointed out how Perpetual Treasuries (which is at the centre of the largest Bond Scam in the country) was given a loan of 5 billion rupees in a short period.

“Even before the establishment of a Super Minister, these power are being used by Prime Minister Ranil Wickremesinghe…” the MP added


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