Business

URGENT- Defiant Sri Lankan stock regulator chief stays on despite Govt. directive to quit

22 January 2015 - 726   - 0

 

Controversial Securities and Exchange Commission (SEC) Nalaka Godahewa is maintaining a defiant stand, refusing to step down despite an order by the Sri Lankan Government, official sources said a while ago.

"He is in the office even today (Thursday)," one official source said. This the first time under President Maithripala Sirisena's new administration where the head of a state agency has refused to quit after being ordered to.

On Wednesday night, Finance Minister Ravi Karunanayake told the Business Times that Godahewa had sent in his resignation on Tuesday, which the latter is denying. Former SEC chairman Thilak Karunaratne who quit under duress some years ago is expected to be recalled to the position.

The sources quoted Godahewa as telling some staff members that he hasn’t tendered his resignation because the SEC comes under the Ministry of Economic Development and not the Finance Ministry.

The SEC was placed under Prime Minister Ranil Wickremesinghe’s purview according to a list of subjects of ministries gazetted on Tuesday. - ENDS -

 

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