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| Chandu Epitawala - Then |
Industry sources outline that twice best performed
Second best capital market in the world till early 2011 Colombo Stock Exchange
started to collapse since August 2010 when former fund manager of DFCC Bank and
Namal Asset Management, Chandu Epitawala who is the present Director
Surveillance of Securities and Exchange Commission submitted a paper
considering to put a 10% 'Price Band' or 'Gonibilla Theory' for rising Colombo
Stocks and when Sri Lanka’s tall thin accountant type Sujeewa Mudalige of
Pricewaterhouse Coopers (PWC) provided his expertise to hamper the broker
provided credit for retailers.
According to SEC insiders more recently the same
Gonibilla Price Band Creator Chandu Epitwala had done and created a stock
market devastating sentence by writing in a SEC Press Release that said 'There
is a General Rule Change which will Prohibit employees and Directors of all
market intermediaries to trade (buy shares and sell within six months of
buying) except in the case of IPO purchases. Investments (over 6 months) are
allowed.
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| Chandu Epitawala - Now |
This in turn will affect the stock trading done by
Sri Lanka's top billionaires, stock traders and investors as they are board of
directors of many market intermediaries.
It is learnt from a Press advertisement of SEC that
several licensed Commercial Bank's including Commercial Bank PLC (COMB),
National Development Bank PLC (NDB), Hatton National Bank PLC (HNB), Sampath
Bank PLC (SAMP), Bank of Ceylon (BOC), margin trading providers such as Seylan
Bank PLC (SEYB), Pan Asia Banking Corporation (PABC), Divasa Finance, Asia
Asset Finance and Ceylon Investment PLC (CINV) and Ceylon Guardian Investment
Trust PLC GUAR) are also falling in to the category of 'Market
Intermediaries' where some
top billionaires of the island nation who trade daily on stock exchange are on
the Director Boards.
According to market sources Chandu Epitawala's
'Sentencing' will affect some of the top Sri Lankan Billionaires and stock market traders in
Sri Lanka including Mano Selvanathan, Hari Selvanathan, Ajitha De Zoysa, Alex Lovell, Ashok Pathirage, Bond King Ajith Devasurendra, CSE Chairman
Krishan Balendra, Harry Jayawardena, Dilith Jayaweera, Nimal Perera, Dammika
Perera, Ishara Nanyakkara, and Dr. Sena Yaddehige.
"This definition will let all these
billionaires to hold on to their equities for more than six months" top
stock market analysts said.
Chandu Epitawala Exposed!
Passed out from Royal College in 1979 and went
Switzerland to pursue languages and a course in Hotel Management. Later in 1989
went US to pursue University education. Obtained bachelors degree from Hawaii
Pacific University and MBA from University of Texas at Arlington. On his return
in 1995, Chandu Epitawala joined a fund management firm and later got seconded to DFCC bank.
In 2000 went to Seychelles to manage funds for a wealthy individual. On second return in 2002, joined Public Enterprises Reforms Commission (PERC) the
privatizing arm of the government. After four years there, in 2005 joined the
Securities and Exchange Commission where he work at present devastated the stock market by writing a 'Concept Paper on 10% Price Band which he submitted to SEC' according to insiders.
