CID serves summons on 2 market offenders
The Criminal Investigations Department (CID) has moved to serve summons to a Sri Lankan capital market offender in Ireland through the International Criminal Police Organisation (Interpol) in a crackdown after the Securities and Exchange Commission (SEC) went to courts against him at the Magistrate’s Court Colombo Fort.
The Business Times reliably learns that Ireland-based Dr. Muhammed Bafiq Nizar and his brother-in-law Mohomed Imtiaz Samsudeen based in Colombo were served summons on charges of market/price manipulation on doctor channelling company, E-Channelling PLC.
This is pertaining to a transaction done on June 28, 2013 between the two where Dr. Nizar sold nearly 4.5 million shares of E-Channelling to Mr. Samsudeen via an Online Trading Account. The matter is pending in court and shall be taken up on August 29.
At the moment, the investigation team has prioritised several re-opened matters involving trading activity in 2010–11, which was a highly volatile period for the CSE.
Meanwhile the Colombo Stock Exchange (CSE) will submit a report regarding the investments done by directors of the Batticaloa Campus Pvt Ltd in the CSE after the Colombo Chief Magistrate’s Court order on Thursday.
The Magistrate ordered the CSE to provide share investment records of the company directors – Mohomed Hizbullah Ahammed Hiraz, Mohomed Hizbullah Hifaz, Ahamed Maheer Mohomed Fazuul Jafary, Mohomed Fazeer Mohomed Zurei, Mohomed Hikran, Sei Mohomed Ismail and Don Kamal Dharmasiri Tennakoon.