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No word on SEC insider dealing probe
The Securities and Exchange Commission is yet to make an announcement about the outcome of the investigation into alleged insider dealing against its own chairman, Michael Mack, and ex-directors of the Aitken Spence conglomerate.

Officials of the SEC, the market watchdog, were not available for comment last week and the acting chairman of the commission, Nihal Jinasena, was abroad. It is now more than a month since the Attorney General's Department advised the SEC that there appeared to be a prima facie case against Mack and two other ex-directors of Aitken Spence in the alleged insider dealing case.

There is still no official comment about the "independent" review of the AG's advice that the commissioners had reportedly sought. The silence of the authorities and the unusual move to go for a second opinion, a privilege usually not given to others who have faced similar accusations, has led to speculation of an attempted cover-up.

The SEC is probing the sale of Aitken Spence shares during May-June by three former directors of the company and their family members.
The former directors are Mack, Norman Gunewardene (both former chairmen of the firm), and Manil de Mel. The SEC is also probing the sale of shares by Gunewardene's son, Ajit Gunewardene, who is chairman of the Colombo Stock Exchange.

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