Securities and Exchange Commission of Sri Lanka (SEC) yesterday said that it will be taking legal action against five investors who have allegedly engaged in actions that falls under insider dealings provisions.
According to the SEC media statement, the five investors to whom notices of action were issued are SMB Leasing PLC employees.
The evidence following an investigation conducted by SEC has suggested that the aforesaid employees cum investors had allegedly purchased shares of SMB Leasing prior to information pertaining to rights issue of shares with attached warrants relating to SMB was disseminated to the Colombo Stock Exchange.
“The evidence elicited during the course of the above investigation suggested that the aforesaid investors, being employees of SMB, had been privy to the unpublished price-sensitive information pertaining to the Rights Issue of shares with attached warrants or at least regarding a new issue of shares relating to SMB at the time purchases in the said shares had been executed in their respective securities accounts,” the SEC statement said.
“As a result, a decision was reached that the purchase of SMB shares by the aforesaid investors as referred to above, fall within the Insider Dealing provisions contained in Section 32 of the SEC Act as amended,” it further noted.
source - www.dailymirror.lk
No comments:
Post a Comment