Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum
සිංහල පරිවර්තනය
Poll

SLEF Market Sentiment Indicator

73% 73% [ 1135 ]
27% 27% [ 423 ]

Total Votes : 1558

Latest topics
» RAL with Max Profit.....
by Be Rich Today at 12:24 am

» TAP TAP TAP .......9+++++++++
by ddrperera Yesterday at 11:38 pm

» KZOO WHO IS THE SELLER?
by ddrperera Yesterday at 11:30 pm

» My 6th year celebration in sri lanka equity forum
by ddrperera Yesterday at 11:25 pm

» ENTRUST SECURITIES PLC
by ddrperera Yesterday at 11:19 pm

» AINV............1.20
by wisdom79 Yesterday at 9:23 pm

» plantation shares.....
by Ran49 Yesterday at 9:12 pm

» Buy TKYO - will be 100
by sharemarket Yesterday at 8:11 pm

» AINV.N Starts again ?
by prabath Yesterday at 7:19 pm

» JKH - FOREIGNERS RESORT TO DUMP & PUMP!
by Teller Yesterday at 7:01 pm

» Palmgarden hotel
by gamagevidana Yesterday at 6:20 pm

» How 2 1/2 Years of increased taxation by 'Adooradarshipalanaya' has slowed down the Economy and how the new proposed taxation will further bring down our economy
by samaritan Yesterday at 11:47 am

» Dividend දෙන ශේයර්ස්
by saliya1000 Yesterday at 9:11 am

» CIFL.N flying
by fortuneteller Yesterday at 7:15 am

» CITH AMALGAMATION....
by dsam Fri Jul 21, 2017 11:22 pm

» AAF & CIFL.
by soileconomy Fri Jul 21, 2017 9:49 pm

» PCHH @ 0.90
by dow Fri Jul 21, 2017 6:02 pm

» AINV.N playing like crazy
by Neluka Karannagoda Fri Jul 21, 2017 10:31 am

» When Market drops higher foreign purchases
by prabath Fri Jul 21, 2017 8:11 am

» DONT SELL LIOC
by Ran49 Fri Jul 21, 2017 8:08 am

» CIFL......
by sameboy Thu Jul 20, 2017 9:55 pm

» REEF future
by Ran49 Thu Jul 20, 2017 9:21 pm

» CSEC and CFVF
by monash Thu Jul 20, 2017 2:37 pm

» Soy- nobody spoke about
by reyaz Thu Jul 20, 2017 2:07 pm

» What is the situation of PCP.N ?
by Neluka Karannagoda Thu Jul 20, 2017 10:21 am

» LLUB any news?
by thankrishan Thu Jul 20, 2017 8:56 am

» JKH Uptrend
by Teller Wed Jul 19, 2017 8:32 pm

» RICH share price is up from 4th July.
by Teller Wed Jul 19, 2017 8:07 pm

» MTD WALKERS (KAPI.N) TO HIT 40 OR HIGHER
by reyaz Wed Jul 19, 2017 7:09 pm

» Sri Lanka: HNB Bank Accidentally leaks out Priority Customers List in Email - Facebook Post form Official HNB Page
by reyaz Wed Jul 19, 2017 7:03 pm

» ASPI 7000 - VERY SOON
by reyaz Wed Jul 19, 2017 6:49 pm

» sirasa news 1st(16.09.2011)_Dr.Harsha_about manipulators
by reyaz Wed Jul 19, 2017 6:37 pm

» Good News regarding Dengue
by Neluka Karannagoda Wed Jul 19, 2017 1:30 pm

» SELL ALUM SHARES IMMEDIATELY..
by sakuni Wed Jul 19, 2017 12:43 pm

» asi going down.....
by nigma Wed Jul 19, 2017 12:35 pm

» මුංගෙ පවුල් පිටින් හෙණ ගහල මළත් මදී....
by kalu_mahaththaya Wed Jul 19, 2017 11:56 am

» Sri Lanka President battles to keep coalition, ultimatum backfires
by reyaz Wed Jul 19, 2017 9:11 am

» COTTON PRICES going down after the bullishness ..... GOOD For MGT/TJL
by kcrRanz Wed Jul 19, 2017 8:52 am

» Please give your comments
by deli Wed Jul 19, 2017 7:31 am

» MADU .......
by ru1ru1 Tue Jul 18, 2017 11:49 pm

» KZOO.N0000 Will Rise Up
by fortuneteller Tue Jul 18, 2017 8:58 pm

» The Finance Company ----TFC........???
by Teller Tue Jul 18, 2017 8:01 pm

» could the stock broker block my acc....
by Teller Tue Jul 18, 2017 7:58 pm

» HEXP next run
by anges Tue Jul 18, 2017 7:19 pm

» ABANS Unfair Offer Price
by Wimal Modawansa Tue Jul 18, 2017 6:51 pm

» CITW converted share
by Eugine Fernando Tue Jul 18, 2017 2:38 pm

» Top global fund manager upbeat on Sri Lanka’s future prospects
by worthiness Tue Jul 18, 2017 1:47 pm

» BFN DIVIDENT Announced !!!!!
by ruwan326 Tue Jul 18, 2017 1:09 pm

» Mr Saman vs HARI
by ruwan326 Tue Jul 18, 2017 10:55 am

» LIOC Future in AUGUST
by thankrishan Tue Jul 18, 2017 9:41 am

» IMF APPROVES $167.2MILLION
by Yahapalanaya Tue Jul 18, 2017 9:24 am

» TO ADMIN: How can unlock the login
by Ran49 Mon Jul 17, 2017 9:32 pm

» BFN 18+ guaranteed
by Maharaja Mon Jul 17, 2017 8:32 pm

» GEMS in AUGUST & SEPTEMBER
by Ran49 Mon Jul 17, 2017 8:25 pm

» BLI's wife - BFN
by Maharaja Mon Jul 17, 2017 5:02 pm

» LIOC - NAV Rs. 40/=
by thankrishan Mon Jul 17, 2017 2:58 pm

» Any news of trading halt or suspension of AINV.N ?
by Neluka Karannagoda Mon Jul 17, 2017 11:36 am

» TB Rates ....
by Vacations To Sri Lanka Mon Jul 17, 2017 9:03 am

» NEXT BOOM ODEL TRAGET PRICE 35..FOREIGN PARTY ATTRACTION...
by soileconomy Mon Jul 17, 2017 7:15 am

» Will HARRY JAYAWARDENA lose his entire business helm
by soileconomy Mon Jul 17, 2017 7:05 am

» CSE BULL UNDER YAHAPALANAYA
by predictor Mon Jul 17, 2017 12:02 am

» LEASING GIANT PLC WITH NEW MANAGEMENT...TARGET PRICE 20
by ddrperera Sun Jul 16, 2017 10:49 pm

» H. Port in the Queue now.......
by stockback Sat Jul 15, 2017 9:43 pm

» DPL..........WINNERS CAN buy............!
by Teller Sat Jul 15, 2017 4:44 pm

» ABANS FINANCE UNDER INVESTIGATION BY CSE AND SEC?
by fortuneteller Sat Jul 15, 2017 12:11 pm

» TILE Sector
by bonbon Fri Jul 14, 2017 8:55 pm

» Market 40 points up
by prabath Fri Jul 14, 2017 4:51 pm

» Commodities & Indices Trading In Sri Lanka made easy by forex4srilanka
by forex4srilanka Fri Jul 14, 2017 1:44 pm

» Sri Lanka Royal Ceramics increasing production of porcelain tiles
by Harry82 Fri Jul 14, 2017 12:07 pm

» LOFC Chart 28.04.2017 (weekly chart)
by stockback Fri Jul 14, 2017 10:23 am

» KZOO-Be Careful
by fortuneteller Fri Jul 14, 2017 9:56 am

» VONE will Hit Soon with Anual Report
by Elahara Fri Jul 14, 2017 7:42 am

» Super news for Market RUN
by Maharaja Thu Jul 13, 2017 11:12 pm

» Apla is very attractive
by predictor Thu Jul 13, 2017 9:32 pm

» Is Tess most benifited company under the GSP+ .
by buddikasmart Thu Jul 13, 2017 1:49 pm

» 1 GIGA data missing.
by buddikasmart Thu Jul 13, 2017 1:33 pm

» VEHICLE PRICE BUDGET
by D.G.Dayaratne Thu Jul 13, 2017 12:07 pm

» GRAN VS TELLER
by Deen79 Thu Jul 13, 2017 9:24 am

» WORLD BANK SUPPORT
by Maharaja Thu Jul 13, 2017 8:14 am

» What will happned to REEF after RESTRUCTURED
by Ran49 Wed Jul 12, 2017 8:50 pm

» TAFL future
by DS Wijesinghe Wed Jul 12, 2017 8:31 pm

» BOPL N future share price.................................................................................
by kjojo Wed Jul 12, 2017 8:26 pm

» e-channeling price is very attractive
by Teller Wed Jul 12, 2017 7:48 pm

» DOCKYARD eka mokada wenne??
by Teller Wed Jul 12, 2017 7:39 pm

» CFVF Vs CSEC....
by kcrRanz Wed Jul 12, 2017 2:24 pm

» RHL HAS POTENTIAL FOR SUBSTANTIAL APPRECIATION
by samaritan Wed Jul 12, 2017 9:53 am

» RENUKA CAPITAL PLC-Fomer KZOO
by fortuneteller Wed Jul 12, 2017 9:33 am

» KZOO.N STAY AWAY TILL 13th JULY
by fortuneteller Wed Jul 12, 2017 9:32 am

» Net Foreign Inflows Hit a New High
by Investor1994 Wed Jul 12, 2017 6:56 am

» NDB Securities expects FMCG sector to continue to grow, albeit at a slower pace
by ONTHEMONEY Tue Jul 11, 2017 2:37 pm

» AINV.N starts its game
by Neluka Karannagoda Tue Jul 11, 2017 1:43 pm

» More money coming to CSE
by Elahara Tue Jul 11, 2017 9:09 am

» CITK TRADING SUSPENDED - WHY?
by Elahara Tue Jul 11, 2017 9:06 am

» NEXT WEEK RUNNING SHARES
by Elahara Tue Jul 11, 2017 9:05 am

» Net foreign inflows hit new record
by worthiness Tue Jul 11, 2017 7:29 am

» Banking sector growth forcast...
by Teller Tue Jul 11, 2017 12:46 am

» Rupee decline trend continues..
by Teller Tue Jul 11, 2017 12:38 am

» Any News on RICH........
by Teller Mon Jul 10, 2017 10:17 pm

» WAPO mokada idiriyata wenne kiyanna kauda danne?
by Teller Mon Jul 10, 2017 9:35 pm

REMOVING CORRUPTIONS

Post new topic   Reply to topic

View previous topic View next topic Go down

REMOVING CORRUPTIONS

Post by Yahapalanaya on Sun Feb 26, 2017 7:51 am

FCID, COMPLETES TWO YEARS OF OPERATIONS TODAY: THE FIRST STEP TO WIPE OUT CORRUPTION




26 February, 2017

0
Facebook Twitter Email
[size]
by Ranil Wijayapala
[/size]
Features


[size]
 
Taking speedy action against those responsible for corruption, misuse, abuse of public assets and those who plundered public assets was the wish of the people of this country when they voted Maithripala Sirisena into power in January 2015 and subsequently, the present Yahapalana Government in August 2015.
The fulfilment of this pledge was the prime task entrusted on this Government and the establishment of the Financial Crimes Investigation Division (FCID) was the first step taken by the Yaha Palana government to fulfil that task through a democratically accepted way adhering to the law and order regulations.
The special gazette notification issued on February 13, 2015 with regard to the establishment of the Financial Crimes Investigation Division and the subsequent opening of this special Police Division on February 26, 2015 brought crime investigations in Sri Lanka towards a new dimension as it was the first time that Sri Lanka Police established a specialized Police division to investigate financial crimes committed in the country. The existing Fraud Bureau was limited in scope.
[/size]
Unauthorized projects
[size]
According to the special gazette notification, the new Police Division was established in terms of the Cabinet decision made on January 21, 2015 and on February 12, 2015 in accordance with the approval of the Minister in charge of Public Order.
Through this gazette notification, powers were vested in this Police Division to investigate grievous financial crimes, corruption and massive unauthorized projects, crimes against public funds and property, grievous crimes against national security, public finance, health and environment, unlawful enrichment and misuse of official powers, money laundering and funding of terrorists and illegal transactions.
The FCID which started its prime role of investigating grievous financial crimes referred to it from February 26, 2015, is completing two years of operations today (February 26) creating a major impact in Sri Lankan society.
[/size]
Political witchhunt
[size]
The prime task before them is to recover all public assets plundered by politicians and the unlawfully earned assets of individuals.
Though these efforts by the FCID have been criticized by certain elements as a political witch hunt it has proven beyond any doubt that it has no political agenda behind the investigations and they are conducting investigations only on complaints referred to this Division by the Inspector General of Police, considering the validity and the relevance of the complaint.
Even the complaints directly received by the FCID are investigated after getting approval from the IGP. The FCID has become a Police Division specialized in resolving and investigating financial crimes but not a Division that conducts investigations after going behind people.
In its two years existence the legality of the FCID was also challenged before the court saying that it was established by the IGP without the approval of Parliament.
But this argument on the FCID was dismissed by the Fort Magistrate, Lanka Jayaratne on October 24, 2016 giving a landmark judgment saying that IGP has the authority to form a separate investigative body under the Police Ordinance, for special purposes.
[/size]
Legal framework
[size]
This landmark judgment on the legality of the formation of the FCID cleared all barriers created by critics of the FCID to take action against those responsible for grievous financial crimes committed in the country. But, like any other Police Division it too has to act within the legal framework of the country.
The due legal process it has to follow also proves beyond any doubt that it has to function within the legal framework.
Like the way complaints are referred to the FCID with the approval of the IGP any legal action against any respondent of any crime has to be filed by the Attorney General’s Department after the respective case is referred to the IGP upon completion of investigations by the FCID. Only the Attorney General decides how to proceed with the case in the High Court after the IGP refers that case to the Attorney General.
FCID records indicate that out of the 322 cases referred to it for investigations they have completed investigations into 74 cases and indictments have been filed on 12 cases. They are being heard at different High Courts in the country.
Only 38 people have been arrested during investigations into these complaints.
Among the cases now being heard in the High Court include the case against former Minister Johnston Fernando for the fraudulent use of the Rs.5.2 million from the Cooperative Wholesale Establishment and the case against former Economic Development Minister Basil Rajapaksa for using Rs.2.99 billion for Divineguma Isurumath Housing project without due approval.
The FCID during its first year in operation had received 230 complaints and had completed investigations on 35 cases.
This is a clear indication that FCID has firmly established its roots systematically, within the legal framework of the country and has earned the confidence of the people for conducting investigations within the legal framework.
According to a senior FCID official who spoke to the Sunday Observer on condition of anonymity, due to the complex nature of investigations that require excessive documentary evidence, unlike in other crime investigations, the FCID has not been able to show the progress expected by the people.
“Justice hurried is justice buried. To do justice we have to investigate properly and do it within the legal framework of the country and in most of the instances we need to get the support of other countries to complete these investigations.
When we seek assistance from other countries for our investigations some countries respond speedily, some countries respond slowly and some do not respond at all.
The completion of these investigations also depend on their assistance. But we make sure that these investigations are done properly and also speedily,” the official added.
He said that those who complain about the efficiency of FCID investigations have to consider those factors too when criticizing the slow progress of the investigations.
[/size]
Public assets
[size]
Though the FCID investigations have not been able to see an end at court hearings or put any person in jail, it has made a huge impact in the society with regard to the use of public funds and legal framework.
Public officials handling state funds now think twice when allocating funds for any project or other activity, as they are now aware how much they would have to suffer if they make any mistake when using public funds, or misuse public assets without following stipulated procedures.
Therefore, these public servants are compelled to think twice when releasing public funds or assets on the directive of politicians.
The politicians in turn, have to follow proper procedures when making any request for the use of public funds or assets for any project or event.
This situation has created a sense of accountability among public servants as well as politicians.
The extensive nature of the investigations by the FCID officials into complaints referred to it, not only help unravel the people behind those financial irregularities and crimes, but also help to unravel many more irregularities, misuse and abuse of public money and assets.
The investigations conducted into the CSN TV channel is one such, which could unravel many more assets relating to these transactions running into billions of rupees.
Through these investigations the FCID has been able to confiscate assets running into billions of public funds misused or abused during the previous regime. For instance, three houses and the three lands which were said to be owned by former Economic Development Minister Basil Rajapaksa have been confiscated.
The house and land in Oruthota, Gampaha, worth more than Rs. 50 million, the house and land in Browns Hill, Matara, worth Rs.50 million and the land and house in Malwana worth Rs.200 million have already been confiscated, and the Pugoda Magistrate has directed the property said to be owned by former Economic Development Minister Basil Rajapaksa and Thirukumar Nadesan to be sold by public auction and the income remitted to the Treasury. Apart from this, more than Rs.1 billion assets belonging to the CSN TV channel have been identified to be frozen when investigations are completed in this regard.
The FCID makes use of certain sections of the Penal Code, including, sections 386, 389,390 and 400, the Money Laundering Act, Terrorism Financing Act of 2006, and Suspicious Transaction Reporting Act, to file action against those found responsible for fraud, misuse and abuse of public assets.
According to FCID officials, these Acts and sections of the Penal Code are being effectively used against the people responsible for these crimes and no new laws were introduced to take any action against them.
The FCID considers each and every case referred to them for investigations, irrespective of the amount of public money or assets misused or abused, and investigations are conducted based on documental evidence and through the interrogation of suspects involved in these cases.
Cases such as, the MiG deal running into US $ 14 million involving former Defence Secretary Gotabaya Rajapaksa are still under investigation, and the FCID, through the Fort Magistrate’s Court has obtained a warrant order to issue an INTERPOL blue notice to arrest Udayanga Weeratunga, former Sri Lankan Ambassador to Russia, who is evading arrest by the law enforcement authorities.
Like seeking Interpol assistance to arrest suspects in the MiG deal investigation, the FCID is also seeking Mutual Legal Assistance (MLA) from many other countries to ensure that the investigations are conducted properly.
The FCID has asked for Mutual Legal Assistance from 23 countries so far, in support of ongoing investigations.
The Attorney General’s Department, Justice Ministry and the Police Department are involved when taking MLA from other countries, after entering into agreements with those countries to utilize their support to fulfil those investigations, while teams from the FCID have visited several countries to conduct their investigations.
Since the subject of conducting investigations into financial crimes needs expertise knowledge on the subject, it has utilized the service of the officials with good international exposure to direct the officials and the Police officers conducting the investigations on the proper lines. Their knowledge on financial crimes investigations are regularly updated and improved by giving them international exposure and training.
The FCID, now functioning under Senior DIG Ravi Waidyalankara, under the direct supervision of the IGP, has a staff of 120 including, a Senior Superintendent of Police, two Superintendents of Police and two Assistant Superintendents of Police.
They are making a collective effort to complete these investigations referred to them, fully and fulfil public expectations by bringing to book those responsible for grave financial crimes committed against public funds and the country’s assets
[/size]
avatar
Yahapalanaya
Vice President - Equity Analytics
Vice President - Equity Analytics

Posts : 1175
Equity Stars : 2075
Reputation : 34
Join date : 2015-06-07
Location : North America

Back to top Go down

Re: REMOVING CORRUPTIONS

Post by jayathu on Tue Feb 28, 2017 8:37 am

@Yahapalanaya we all voted for the current regime cause of there corruptions and so called good governance to govern our country. Look what has happened? From one scam they have outwitted all of these scam has minor crime. This is only one scam, how about other scams happening rite now.


Finance Ministry presented a document with MR name regarding bond issue, which now proven false document.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=161070


jayathu
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Posts : 933
Equity Stars : 2353
Reputation : 22
Join date : 2014-03-02

Back to top Go down

Re: REMOVING CORRUPTIONS

Post by Mohamed Siraj on Tue Feb 28, 2017 12:55 pm

Dear Sir/ Madam,
I am a Student of Master of Business Administration (MBA). As a partial requirements of MBA in Finance degree, I am conducting a research titled, “The influence of behavioral factors in investment decision making. A survey study on individual investors in Colombo Stock Exchange”.
The objective of this questionnaire is to collect your views on investment pattern in general. You are kindly requested to make your opinion on the questions appear in the questionnaire via the link below.
https://goo.gl/forms/Z9hFCcgnwPy40pUf1
I shall treat your views as highly confidential and the information will be only used for the purpose of writing the thesis.
I shall be extremely grateful to you for your valuable views and kind concern extend to me in this regard.
Thank you for your time and positive action.
avatar
Mohamed Siraj
Equity Analytic
Equity Analytic

Posts : 21
Equity Stars : 268
Reputation : 0
Join date : 2016-11-29

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum
Statistics
We have 20021 registered users
The newest registered user is CooperOr

Our users have posted a total of 325926 messages in 50079 subjects
Who is online?
In total there are 74 users online :: 1 Registered, 1 Hidden and 72 Guests

MRBRAVO

Most users ever online was 541 on Mon Sep 19, 2011 11:29 am
Forum Disclaimer

The information contained in this forum have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein.

www.srilankaequity.com its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever.

Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, www.srilankaequity.com its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.