The Securities and Exchange Commission of Sri Lanka (SEC) initiated action in the Magistrate's Court Fort, against Mr. Sajee Lakshman Perera for:

• creating a false or misleading appearance or impression with respect to the market and/or price of the Ceylon Grain Elevators Limited share, in contravention of the provisions contained in Rule 12 of the SEC Rules; and
• providing the SEC with untrue, incorrect and/or misleading information during the course of its investigation and thereby committing an offence under Sections 46A. (4) and 51. (1) (b) of the SEC Act.

The accused Mr. Sajee Lakshman Perera appealed to the SEC to compound the offence under Section 51A. of the SEC Act (as amended) upon Mr. Sajee Lakshman Perera paying a sum of Rs. 550,000 to the Compensation Fund of the SEC under Section 38 of the SEC Act (as amended). After due consideration of the charges levelled against the accused, the Commission acceded to the appeal subject to the settlement of this sum in full. The SEC withdrew the action against the accused Mr. Sajee Lakshman Perera on 25 th October 2006.

Channa de Silva
Director General