High positions in capital market questioned
Sri Lanka’s capital markets industry is waiting with bated breath as to what the market operator will do about the CEO position at the Colombo Stock Exchange (CSE) after the Securities and Exchange Commission (SEC) placed its Director General, Chinthaka Mendis, on compulsory leave, a decision that has been ratified by Finance Minister President Anura Kumara Disanayake.
Mr. Mendis, who formerly served as the Litigation Director before becoming Director General in 2019, has recently been involved in a controversy about the undisclosed familial relationship with Vindhya Jayasekera, the CEO of the CSE, raising concerns about potential conflicts of interest and the integrity of both positions, informed sources said.
This escalated into a significant integrity issue, with whistleblowers reportedly possessing more information related to the case. The implications of this situation could severely dent public trust and confidence in the governance and operations of the capital markets.
This relationship was not disclosed in her application for the CEO position, prompting the SEC to seek an opinion from the Attorney General’s Department.
Apart from this, Mr. Mendis is also charged with leaving the country without prior approval from the ministry, as well as the SEC, violating administrative regulations.
Neither the SEC nor CSE officials were contactable. Last month, part of the stockbroking industry criticised Mr. Mendis for suspending three stockbrokers over misconduct allegations, leading to a stay order against the Capital Market Regulator.
The CSE in the meantime is awaiting the Attorney General’s opinion, as sought by the SEC, on the CEO appointment at the CSE.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!