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The Securities and Exchange Commission (SEC) has launched an investigation into the share transaction of Aitken Spence and Company, according to a press release issued by the SEC yesterday. The investigation concerns the trading of Aitken Spence shares in May and June 2002.

The SEC said that its Chairman, M.L.Mack who is allegedly implicated in this deal and also a former chairman of Aitken Spence and Company has taken leave of absence, in view of continuing investigations.

It involves Mack and former Aitken Spence directors Manil de Mel and Norman Gunewardene (a former chairman of the firm) and his son Ajit Gunewardene who is chairman of the Colombo Stock Exchange and other family members of the Gunewardene family who had shares in the conglomerate. "The members of the SEC met on Tuesday and are considering the matter with the utmost seriousness and are proceeding with their deliberations," the release said.

When contacted by the Daily News, Director General, SEC, Dr. Dayanath C. Jayasuriya declined to make any comment apart from the press release.

Current Chairman of Aitken Spence Ltd, Prema Cooray was not available for comment as he was attending a major tourism event in Europe. Several other industry people whom the Daily News contacted declined to make any comment.

Meanwhile the SEC inquiry against Ajit Gunewardene who is also a senior director of the conglomerate John Keells Holdings is proceeding with the SEC awaiting an opinion from the Attorney General on the probe.

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