Enforcement Action

 

Market⁄Price Manipulation

Compounding:
  • Mr. Mahanama Jayaweera
  In 2006, the SEC filed action (SEC vs. Mr. B. A. Jayasekera and 8 others Case No. S/64721/2006) against nine persons alleging market manipulation of the shares of Nawaloka Hospitals PLC.  The SEC compounded the offence in respect of sevenaccused whilst charges were withdrawn against one accused on the advice of the Hon. Attorney General.  The trial was pending against the 09th accused in the year 2014 for the offence of conspiracy to manipulate the market/ price and on an appeal by the 09th accused, the SEC compounded the offence for a sum of Rs. 1.1 million with the concurrence of the Magistrate’s Court as seven other co-accused were also compounded on similar applications.  The fine was credited to the Compensation Fund of the SEC.

 

Kindly note that the names of certain personnel against whom enforcement action were taken in the past pertaining to this offence have been removed in accordance with the retention policy for publications.