Sajith Ad

Sri Lanka regulator charges two over manipulating e-Channelling stock

ECONOMYNEXT – Sri Lanka’s capital markets regulator has filed charges of market manipulation against two investors in eChannelling, an online medical appointment business that was the island’s first listed dotcom.

The Securities and Exchange Commission (SEC) said it had filed action in the Magistrate’s Court Colombo and the latter had issued summons on the two accused, Mohammed Imtiaz Samsudeen and Muhammed Bafiq Nizar, who had been among the top 10 shareholders in the firm.

The case is to be taken up on 29th August 2019.

A statement said the SEC had filed action against the two investors on charges of having committed the offence of market or price manipulation in shares of eChannelling PLC.

“The action was filed on the basis of evidence elicited during the course of an investigation conducted by the SEC and upon receiving the formal opinion of the Attorney General.”

The two investors, if convicted, face imprisonment of not exceeding five years or a fine not less than fifty thousand rupees and not exceeding ten million rupees or to both.
(COLOMBO, 26 June, 2019)