The Offence of Insider Dealing
Type of enforcement action
Name of Party
Conduct and outcome
Compounding
(Compensation Fund of SEC has received the compounded amount of Rs. 3 million on June 15th, 2023)
Sattar Kassim
Mr. Sattar Kassim, being an insider of Vidullanka PLC (VLL), acted in violation of Section 32 (1) of the then Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 (as amended), by purchasing 344, 500 VLL shares on 11th February 2016, prior to the release of the Interim Financials of VLL for the nine months ended 31st December 2015 that was released to the market on 15th February 2016.
Upon a request made by Mr. Kassim to compound the matter and having considered the manner and the circumstances surrounding the commission of the offence, the Commission compounded the matter at a sum of Rs. Three (03) Million.
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Warning
S.S.V. Fernando
The Commission issued a letter of warning for the purchase of 50,000 shares of Vidullanka PLC (VLL) while Mr. S.S.V. Fernando was serving as an independent Director of Vidullanka PLC (VLL) on 13th February 2019 on the Colombo Stock Exchange (CSE), just prior to releasing of the Quarterly Financial Report of VLL for the period ended on 31st December 2018, to the CSE.
Warned on 31 March 2023
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Warning
I.E. Abeyratne
The SEC issued a letter of warning for conduct for trading in the shares of Hunas Falls PLC during the period 2nd January to 9th January 2019 after considering certain mitgatory factors surrounding his trades.
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Warning issued on 26th September 2022
Warning
L. T. Samarawickrama
The SEC issued a letter of warning for communicating certain information he possessed by virtue of being a connected person to Hunas Falls PLC during the period 2nd January to 9th January 2019 which information was used by another to trade in the securities of that listed entity.
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Warning issued on 26th September 2022
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.