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Sri Lanka Equity Forum » The Prison » Colombo Stock Brokers Association - No Ethics At All - Facts & Figures !

Colombo Stock Brokers Association - No Ethics At All - Facts & Figures !

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Barren Wuffete


Stock Analytic
Stock Analytic
All though Colombo Stock Brokers launched their official website highlighting that they want to build an ethics code and want to act according to a standard code meeting the highest standards of the industry...many of the present brokers are a set of unprofessionals when you really investigate and consider..Following are the Facts & Figures for that.

1. Mohammed Riyaz former Acting Chief Executive Officer of Heraymila Securities (former Amana Securities) was warned and suspended from industry by SEC for front running Orient Garments (OGL) 500,000 shares (When PCH bought OGL from Finco and Weerasooriya family later after SEC advise the transaction was shown as a separate Directors Transaction to market under disclosures) and under his own account. Funny thing is that time Ravi Abeysuriya was still the head of Heraymila at the time and he is the main presenter who presented the Best Practice Code and New Year Resolution for Stock Brokers. Ravi Abeysuriya that time said to have begged several times from a National Newspaper not to carry the news about Riyaz's story..(Reference follow articles about Riyaz's Frontrunning in Daily Newspapers even googling in this forum)

2. Heraymilla is already partly in the hands of another investor and finding some more investors very soon brand Heraymila will change...(Reference google newspaper,electronic media)

3. Roshan Nova – Acuity Stockbrokers (Pvt) Ltd. who is a Committee Member of CSBA - Market Development- was suspended by SEC long time ago (temporarily) and famous for manipulation. (Reference google search)

4. Lawrence David – is also a Committee Member of CSBA -Market Development- is famous for pushing up Lakshapana Batteries shares for The United National Party Parliamentarian Dayasiri Jayasekara's account way back in 2010-2011 period.

5. Four stock brokers of Lanka Securities got Four Audi's from Mannapperuma Traders free for Manipulation of Swarnamahal Financial Services shares (From Rs.100-200) and to make profit for Deputy Speaker Chandima Weerakkody who was also under investigation by SEC at Thilak Karunaratne's period. (Reference Sunday Times articles)

6. Nadun Jayatillake – SMB Securities (Pvt) Ltd. CEO (Member of CSBA Rules and Compliance Committee) still manages a Rs.23 million account (Debt- Margin Trading Account with a less margin interest charged compared to industry norms) for an exclusive client of him where's as client has not put (credited) any money for the account while client has withdrawn Rs.1 million while the account has made losses exceeding a million.There are few more accounts that Nadun manage similar to this. (SEC is into an investigation of this now and Nadun) -(references investigate in to SMB Securities accounts)

7. Krishan Balendra (Chairman CSE) son of Ken Balendra (former JKH Chairman) who is under fire by Vasudeva for unethically doing a deal to acquire Lanka Marine Services and South Asia Gateway Terminals (SAGT) from the government of Sri Lanka.And Krishan has once managed the funds of World's famous alleged inside trader -Raj Rajaratnam as junior fund manager. Krishan has also given a deal to indian branch of Mickinsey Company (whose company head Rajat Gupta was jailed (2012) for trading along with Raj Rajaratnam in USA) to develop a development plan for CSE for Rs.150 million. (References google search and Newspaper Articles -print media and electronic)

8. Non-Member of CSBA - Murtaza Jafferjee - CEO of Jafferjee Brothers Securities and a Group including Ajit Damon (Otara's Brother) of JKH was under investigation by SEC in 2012 for insider trading in Odel shares when Parkson's of Singapore was negotiating the deal to buy a major stake.(2-3 days before transaction)...Don't know the progress of this Investigation now.

Anybody please add more facts and figures I will also keep adding more malpractices and unethical events of CSBA and its members and non-members.

For Information of Retailers and Ethical Stock Investors at Colombo Stock Exchange.

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
All are in the same Boat

Is no 5 correct

5 Four stock brokers of Lanka Securities got Four Audi's from
Mannapperuma Traders free for Manipulation of Swarnamahal Financial
Services shares (From Rs.100-200) and to make profit for Deputy Speaker
Chandima Weerakkody who was also under investigation by SEC at Thilak
Karunaratne's period. (Reference Sunday Times articles)

Barren Wuffete


Stock Analytic
Stock Analytic
@D.G.Dayaratne wrote:All are in the same Boat

Is no 5 correct

5 Four stock brokers of Lanka Securities got Four Audi's from
Mannapperuma Traders free for Manipulation of Swarnamahal Financial
Services shares (From Rs.100-200) and to make profit for Deputy Speaker
Chandima Weerakkody who was also under investigation by SEC at Thilak
Karunaratne's period. (Reference Sunday Times articles)

Yes! (Swarnamahal Finacial shares were splitted later 1 is to 10 ratio so Rs.100 - 200 means Rs.10-20 according to present levels.

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
My problem is this person is the Deputy speaker of this country
Parliament

I think the stock Brokers are comparatively good people

Barren Wuffete


Stock Analytic
Stock Analytic
Not only that even Manapperuma traders owner was involved with activity.

K.Haputantri

K.Haputantri
Co-Admin
අන්තෝ ජටා බහි ජටා! කවදා මේවා සුද්දවෙයිද?

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
Many of those are just mud slinging. for example, JB securities case, I still remember they have advised their clients to buy Odel. I know you try to infer the connection Sanjay Kulatunga to M. jafferjee

Krishna link to Rajaratnam was much before the 2009 bul run. Further, Mckensey Indian Hans nothing to do with Rajat Gupta.

I know much better than this writer the names of big manipulators. If you have known Riyas, he is a nice guy and one such incident in very competitive industry. There are big names, writer has been intentionally silent.

This writer has hidden agenda. Stop mud slinging innthe forum

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
I totally agree with you SALT.
I PM to the Moderators on this issue in the past.
He/She writes these with hidden agendas. Obvious.
May be He/She dancing for the tune of the forum owners.

knockknobbler


Manager - Equity Analytics
Manager - Equity Analytics
@ RedBull

Your comment is interesting and.......... revealing another aspect !

Fresher


Moderator
Moved to prison.

Appreciate if you can post those "google references" here

Thank You.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Though there might be some true facts here , any time a post does not carry links or proof it needs to be treated as gossip or mudslinging.

Btw, as for something I can check, I was looking for Dayasiri Jaya name in LITE top 20 in 2010/2011, but could not find it.

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
It's be known for sometime that Heraymilla is underperforming. The unit price has increased by 10% in LKR value (10/= to 11/= similar to a TBill yield). The bulk of the units are owned by the UAE promoter. They invested just before the LKR was depreciated in full and hence they have lost a lot!!!!! Razz The buyer is eagle investments UAE.


Point (4) and (5) are definitely wrong since these people were never involved with the market. Politicians don't have much interest in the CSE. I don't know about the rest of his points!




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