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| Tuesday, 28 September 2004 |
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Gunawardane, Mack settle insider dealing cases Representations were made to the Securities and Exchange Commission (SEC) on September 24 by the Attorney-at-Law for H.N. Gunawardena reiterating his innocence of any wrongdoing in relations to the offence of Insider dealing in the trading of shares in Aitken Spence and Company Limited in 2002 and seeking to conclude the outstanding matter. The Commission at its meeting on September 24 decided that the matter can be compounded if Gunawardena made a payment of Rs. 2.5 million to the Compensation Fund established under the SEC Act. The SEC Act provides for any offence to be compounded for a sum of money not exceeding one-third of the maximum fine imposable for such offence. Gunawardena accordingly made the payment. The action instituted by Gunawardena in the Court of Appeal against the SEC and the Commission Members will therefore be withdrawn. In terms of the SEC Act, compounding does not entail a finding of guilt. Meanwhile, representations were also made to the Securities and Exchange Commission (SEC) on September 24 by the Attorney-at-Law for Mack reiterating his innocence of any wrongdoing in relation to the offence of insider dealing in the trading of shares in Aitken Spence and Company Limited in 2002 and seeking to conclude the outstanding matter. The Commission at its meeting on September 24 decided that the matter can be compounded if Mack made a payment of Rs. 3.3 million to the Compensation Fund established under the SEC Act. The SEC Act provides for any offence to be compounded for a sum of money not exceeding one-third of the maximum fine imposable for such offence. Mack accordingly made the payment. The action instituted by Mack in the Court of Appeal against the SEC and the Commission Members will therefore be withdrawn. |
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