Hotelier George L A Ondaatjie compounded his case with the securities watchdog for an alleged insider dealing offence by paying up a Rs. 2 mn fine, the regulator said Friday. Hotelier George L A Ondaatjie compounded his case with the securities watchdog for an alleged insider dealing offence by paying up a Rs. 2 mn fine, the regulator said Friday. He is believed to have been privy to unpublished price sensitive information on Kandy Hotels & Company Ltd, relating to a proposed offer to be made by an international hotelier to the minority shareholders at Rs. 60 per share.
Ondaatjie is believed to have traded on price sensitive information and the Securities & Exchange Commission issued a notice to him on December 28, 2004.
"SEC received written comments from him… requesting SEC to compound the offence, while denying that he had any knowledge of the unpublished price sensitive information," Officer-in-Charge of SEC Lasinee Serasinghe said in a statement.
The SEC Commission that met on February 15 decided to compound the case with a Rs. 2 mn fine, which was credited to the Compensation Fund on February 21.
-LBO Newsdesk:
