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| Ravi Karunanayake |
Investors praise at least one politician has woken up
and at least written a letter thinking it would boost investor confidence. The
Government, the Opposition and the Stock Brokers have not taken any significant
steps to boost investor confidence here and abroad. The Government and
Opposition politicians do not understand the Capital Markets and do not bother
about it as it does not concern their electorates. They do also not know the
importance of the Capital markets although it depicts the health of the
economy.
The
Opposition 'Big Talk' has successfully scared off all Government Institutions to
stop even all legitimate purchases in the Stock Market
when most company share prices have fallen over 50% from February 2011 to date.
In fact the Opposition big talk has created over hundred thousand small investors
cursing the Opposition while has been compounding losses for these institutions
which have funds of the public.
The only good outcome of Opposition big talk is that the
Government may at least now think of checking the theoretical media leaking officials
of the SEC who are inefficient to take to task the "Pumpers &
Dumpers" affiliated to the Government and the Opposition while some of the
Stock Brokers aiding and abetting
manipulators also will be put into place.
However, the public laugh that the boosting investor confidence
effort should not be commenced by Ravi K who does not know how to boost the confidence
of investors.
CSE Leaks learns that Late Lalith Athulathmudali’s that
time proxy/nominee investor (it is a popular famous secret in cocktail circles)
Ravi Karunanayake nourished Dinal Wijemanne at Ministry of Commerce and
Consumer Affairs from 2001 under the United National Party Regime as the
Director, Investments and Projects at the Ministry of Commerce and Consumer Affairs
Further, it is known in media circles and business circles that the SEC Banned manipulator -Dinal Wijemanne CEO/ Director of Taprobane
Securities was one time nourished as a top official under Ministry of Commerce
and Consumer Affairs when Ravi Karunanayake was Minister of Commerce and
Consumer Affairs of the Ranil Wickramasinghe led UNP Government in 2001.
A report in Pakistan’s media outlines in 2002 that
when a Pakistan delegation was invited to INTRAD 2002 exhibition organized by
the National Chamber of Commerce & Industry in Sri Lanka Pakistani
delegation had detailed discussions with a group of Sri Lankans led by Ravi
Karunanayake and Prof. G.L. Pieris where Dinal Wijemanne represented Ministry
of Commerce and Consumer Affairs as Director, Investments and Projects.
In another development in 2001 an
‘Expression of Interest (EOI)’ advertisement published behalf of ‘Mahapola
Higher Education Scholarship Trust Fund’ in the Sunday Observer outlines that
for any clarification to contact Mr. Dinal Wijemanne, Director - Investment and
Projects, Ministry of Commerce & Consumer Affairs on telephone number
94-1-312152 or email address dinal@commerce.gov.lk
.
Go to Link:
http://www.sundayobserver.lk/2001/pix/ad_so-mahapola.html & http://www.dailynews.lk/2001/pix/ad_cdn-mahapola.html
It was during 2001-2004 UNP Regime that Sri Lanka Insurance Corporation
(SLIC) and Lanka Marine Services Limited (LMSL) was privatised and PERC was
under the guidance of UNP Minister Milinda Moragoda where Dr. P.B. Jayasundera headed it as the Chairman and at the same era Dinal Wijemanne
also held the position of Senior Manager of the Public Enterprise Reform
Commission (PERC).
That is why although Ravi Karunanayake and so called
Independent Economists is not mentioning about Dinal
Wijemanne in their ‘Big Talks’ in television channels and parliament” a top UNP
source told CSE Leaks.
Accordingly although an Independent Economist onetime who always lost money by investing in the Stock market (according to DFCC sources who knew him at the time he was a small banker at DFCC) gave a
‘Big Speech about the ‘Controversial NSB-TFC Doomed Deal’ at the parliament recently
and he was cautious enough to protect the SEC banned stock
broker Dinal Wijemanne’s name throughout
without mentioning Wijemanne's name.
"Independent Economist mentioned
about Dinal Wijemanne's boss - the Bond King turned Ajith Lasantha Devasurendra may be without knowing the small financial
assistance by Devasurendra to United National Party (UNP) led by the Opposition Leader and UNP Leader
Ranil Wickramasinghe prior to the 2005 November Presidential Elections" another UNP insider revealed to CSE Leaks.
Extract from Ravi K's letter to COPE- "Over
the last five to six months the country’s economy has been traversing through
some turbulent times. If these trying times are a result of uncontrollable
factors and world economic meltdown being one of there we can console ourselves
and accept it. However, if it is owing to arrogance, ignorance, corruption and
manipulative practices where insider trading is being pursued by a few at the
expense of the majority we need to expose and eliminate these white collar
fraudsters.
You as the Chairman have been alive and responsive to
our requests to act on institutions such as Central Bank, SriLankan Airlines,
Ports Authority, Ceylon Electricity Board, National Savings Bank, Lankaputhra
Bank, EPF and Bank of Ceylon, etc.
The recent development of the National Savings Bank
and The Finance Company Ltd. share purchase transaction reversal has led to
exposing many problems, this only being the ‘tip of the iceberg’.
We also should bear in mind and recall with respect
Indrani Sugathadasa, who a couple of months ago tendered her resignation in
disgust trying to ameliorate the wrongs that were happening in the Securities
and Stock Exchange. Considering her close political affiliation, it is nothing
but right to commend her bold act of protecting her good name and also
honouring the dignity of high office by resigning to prove a point.
Therefore, let us not lose this opportunity to take
cognisance of the fact of her resignation and summon the Securities Exchange,
the Stock Exchange, the former Chairperson and the present Chairman, the former
Director General, the present Directors General and the senior officers of both
institutions before COPE for immediate investigation.
I would look forward to your usual prompt and
favourable response in order to restore confidence among the Sri Lankan foreign
investors and the citizens of our country.”
