Not Firms

Sept 06, 2012 (LBO) - Sri Lanka's Securities and Exchange Commission said there were no investigations into companies themselves that were named in recent media reports as being probed by the regulator in relation pump and dump frauds. "The SEC wishes to categorically mention that there are no ongoing or pending investigations at present in respect of any of the companies disclosed in the above mentioned articles," the regulator said in a statement.

Media reports listed a series of firms including illiquid listed finance companies, some hotels and property stocks where suspicious trades were being probed.

The SEC said in a statement that there was an impression created that the companies themselves were probed.

"It should also be mentioned that any investigation conducted by the SEC pertaining to trades executed by any investor in the secondary market should not be construed as an investigation against the establishment whose securities are involved in such investigation," SEC said.
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SEC former regulator Tilak Karunaratne has said that he was forced resign as 17 investigations were coming to a close.