Sri Lanka SEC charges stock brokers over market manipulation

ECONOMYNEXT – Sri Lanka’s Securities and Exchange Commission had taken four stock brokers to court for manipulating shares of Radiant Gems International in 2011.

The SEC had charged the stock brokers in Fort Magistrates’ Court for market manipulation, conspiracy to commit market manipulation of Radiant Gems International Plc (RGEM) shares during September 02 and September 29, 2011.

The offences carry punishment of up to five year and fines of between 50,000 to 10 million rupees, the SEC said.

The SEC said Lanka Kannangara, Fariq Furkhan, Kapila Senarath Bandara and Raveendra Mallawarachchi, who were investment advisors working for several firms had placed orders for Radiant Gems using client accounts, creating a false market.

Colombo Fort Magistrate Ranga Dissanayake had issued summons on the defendants to appear in court on August 28.
Sudarshana De Silva, Deputy Solicitor General had appeared for the SEC. (Colombo/Aug20/2019)