Aritta Wickremanayake, a former director general of the SEC was invited by the SEC chairman Nalaka Godahewa to address the commission members of the SEC last week.
Aritta is the main partner of Nithya Partners law firm which provide legal assistance to many companies listed on the Colombo Stock Exchange (CSE). He also provides legal assistance and appears for some of the alleged players on the CSE. While providing such services for people who are accused by the SEC, he provides consulting services to the SEC is a clear case of ‘Conflict of Interest’.
Aritta had been the main architect of drafting the SEC Act in 1987 and became the first director general of the SEC. He again plans to mislead the SEC commission members in bringing new amendments to the SEC Act. His main proposals for amending the SEC Act would pave the way to legalese some of the breaches under the existing SEC Act. The market analysts are of the opinion that the so called “big Players” of the CSE are behind this move.
In the mean time the director-investigation (newly appointed deputy director general) Dhammika Perera deliberately delays some investigations against the so called big players until the amendments to the SEC Act are brought in, the SEC senior officials said.
This move is another improper and corrupt act of the SEC chairman Nalaka Godahewa.