Efforts to hire Singapore capital markets expert peter out
View(s):Questions are being raised over repeated attempts to rope in Magnus Bocker, former CEO of the Singapore Stock Exchange, to assist Sri Lanka’s capital market reforms, particularly since the reforms process is already underway. “It was suggested that he become a consultant to a project grant which was awarded by a multinational donor agency for the financial sector reforms in Sri Lanka but this attempt was thwarted by an advisor to the Prime Minister,” a Treasury official said.
The suggestion came during a meeting in early December between heads and officials of the Colombo Stock Exchange (CSE), the Securities and Exchange Commission (SEC), the Central Bank (CB) the Treasury, and the multilateral agency’s Colombo office. “The request was made and turned down at this meeting based on the fact that no long term consultants are needed as the reforms process is already underway,” he said.Mr. Bocker visited Colombo in October and met Finance Minister Ravi Karunanayake in a meeting that was labelled as ‘private’ by the latter. At the time this meeting raised eyebrows as capital markets come under the Prime Minister and not the Finance Ministry.