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Sena Yaddehige charged with insider dealing by Sri Lanka regulator

Mar 31, 2019 12:46 PM GMT+0530 | 2 Comment(s)


ECONOMYNEXT - Sena Yaddehige, Chairman of publicly listed Sri Lanka based group Richard Pieris Plc, has been charged with insider dealing on stock of Kegalle Plantations Plc, another listed subsidiary of the group.

Sri Lanka's Securities and Exchange Commission said he bought Kegalle Plantations stock on July 10, 2015 just before a 45 rupee dividend was declared.

Subramanium Thinamany, another official was also charged with aiding and abetting Yaddehige.

SEC said it filed action at Fort Magistrate's Court and Yaddehige was asked to appear on March 28.

On March 21, 2019 Yaddehige had sought a writ as interim relief from the Court of Appeal seeking to halt the proceeding at the Magistrate's Court.

Court of Appeal had not granted interim relief. (Colombo/Mar31/2019)
 


 

2 Comments

  1. sacre blieu April 02, 08:49 AM

    Over the years there has been illegal arm twisting and manipulation of ownership of stocks of top clean business companies. Politics has played a role, and since the end of the war, many shares ownership has been influenced by these dirty play. The share and trading law and rules has seen loopholes been created for the benefit of a few, and a certain highly respected conglomerate whose former chairman had his shares held in a trust after his death, saw these shares been made to be forcefully sold, to a favorite individuals of the political party. The whole share market was transformed into a cesspool, and those responsible for its discipline stood by not daring to take any action, but became partners in progress and made it worse, never seen in the annals of a share market anywhere in the world. any innocent investors were sacrifice on the alter of greed. Justice was made on the political platform and is still stuck there.

  2. sacre blieu April 01, 08:10 AM

    Deal very strictly with these type of investors, and see that no lapses or escape routes are arranged. The SEC and CSE are suffering from a type of seizure when it comes to prosecute those involved, and resort to absurd statements to cover up for their lapses.

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