The Securities and Exchange Commission (SEC) has said it has completed the probe pertaining to The Finance Company Plc (TFC) and National Savings Bank (NSB) deal and referred it to the Attorney’s General (AG) department for action. “We completed our part and now it’s with the AG,” Dr. Hareendra Dissa Bandara, Director General SEC said. [...]

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SEC says NSB-TFC deal referred to AG

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The Securities and Exchange Commission (SEC) has said it has completed the probe pertaining to The Finance Company Plc (TFC) and National Savings Bank (NSB) deal and referred it to the Attorney’s General (AG) department for action.

“We completed our part and now it’s with the AG,” Dr. Hareendra Dissa Bandara, Director General SEC said.
He said this on the sidelines of a joint press conference hosted by the SEC, Colombo Stock Exchange (CSE), Colombo Stock Brokers’ Association (CSBA), Unit Trust Association of Sri Lanka and the Margin Providers’ Association at the SEC headquarters at the World Trade Centre on Thursday.

NSB’s investment of Rs. 394 million in a 13 per cent stake in TFC via the stock market was later reversed by the SEC when Tilak Karunaratne was the Chairman after a major furore broke out over irregularities over the deal.

Meanwhile, in a filing to the Colombo Stock Exchange Taprobane Holdings said that Dinal Wijemanne resigned from his post as Director CEO with effect from 12th November. Mr Wijemanne was earlier suspended by the SEC to act as broker pending the investigation but is believed to have resumed office after a new chairman at the SEC was appointed.

(FS)




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