The Sunday Leader

President Asked Me To Quit Says Tilak Karunaratne

For the first time since announcing his resignation as Chairman of the Securities and Exchange Commission, Tilak Karunaratne has named the person who pressurised him to resign.
In an exclusive interview with The Sunday Leader Karunaratne  said he was ‘pressured’ by the Minister of Finance, which portfolio is held by President Mahinda Rajapaksa, to resign from his post. He said Rajapaksa though not having spoken with him directly, got the message across to him. “I got the message through those quarters who are very close to him as well as guys whom I also know quite well,” Karunaratne said.
It was the President who persuaded Karunaratne to take the job after he had declined offers from the President on  three earlier occasions. Karunaratne is a long time personal friend of President Rajapaksa. “I thought about it – discussed with my wife and family and decided this is a challenge… and then I said yes to the President,” Karunaratne said.
“I thought that between the two of us we would be able to clean up the bourse and get rid of this mafia.  That is what I thought,” he said.
He however refused to name on the record those whom he believes are part of a ‘Mafia’ that has, according to Karunaratne, been consistently engaged in Insider Dealings, Market Manipulation, Front Running and various other violations of SEC Regulations.
Dilith Jayaweera, an advertiser turned high value investor in the Colombo Stock Exchange (CSE) through his investment vehicle Divasa Equity, addressing a press conference last week, denied that he had any involvement in the resignation of Tilak Karunaratne.
Jayaweera was one among a dozen or so  names speculated to be a member of the so called ‘Stock Market Mafia’ who Karunaratne told this newspaper call themselves high net worth investors.
It is this group, Karunaratne told The Sunday Leader, that was responsible for influencing the President to push for Karunaratne’s resignation.
Karunaratne, a highly respected businessman and one time politician is the second head of the SEC to be forced to resign within nine months. His crime is that he was taking steps to clean up the share market of manipulators and speeding up investigations into various market manipulations by members of the ‘Mafia’.
Indrani Sugathadasa, a highly respected public servant with an unblemished record of integrity, was forced to resign as head of the SEC on December 1, 2011. The same ‘Mafia’ was held responsible for forcing her resignation as well.

31 Comments for “President Asked Me To Quit Says Tilak Karunaratne”

  1. GonNamal

    Its a clear indication that this fellow does not want anyone to clean SEC and trap the mafia. Good governance. Jayawewa…..

  2. Rabid Lokkah

    Nothing surprises we Sri Lankans with the antics and corrupt ways of the Boss and his very corrupt stooges.
    There are many cases, that usually would have had serious impact on the country and the credibility of the President and the governemnt , which should have had usual enquiries and resignations, if not prosecutions, commencing right from the Top…That would have been the case in any normal and proper Democracy…Guess, our county is different.Until we RIGHT these WRONGS, the people and the country will continue to suffer and plunge towards oblivion.

    • Rubert Vanderkoon

      What democracy are you talking about? We lost it during that famous week they drafted the constitution in 1978 (or was it just a weekend?). The 1982 referendum (or wa it 83?) was the pinnacle of the show to prove we have gone far beyond democrcy into anarchy. The one man rule, ever since has eaten up the country, bit by bit every minute. All the mafia and terrorists got their positions made permanent and well established when Preamadas and CBK ran the country. This guy is only enjoying the legacy of his predecessors. He has balls in the place where other people have brains so he believes he could con the masses everyday, he has wings, he can fly anywhere, he has horns, can harm anybody, he has multiple genitalia that he uses to screw up the whole of the country.

      • King Kekille

        I agree with you to an extent, however no point blaming the past leaders now since two are dead and the other two are redundant. People knew UNP was wrong so they elected this regime since they promised miracles. But they failed to deliver anything so far which had been promised in public. This weak foolishly arrogant president is making blunders after blunders on daily basis like his kiribath dansel at the TT., without failing on our expense. He has no clue how important SEC is. Why is he holding the Finance portfolio when he has no knowledge how to run that unit? There can be only one answer, and thats to manipulate the funds they way he pleases. Rogues and family lovers appointed to every important top positions/posts. Just take a lok at the cabinet ministers? Do we deserve them? What a pathetic bunch of uneducated lethargic clumsy rogues. Isnt he taking the entire country to the gallows? Its time for a change. We need a government not a regime.
        Lets see how long he can fool the peasants with his muffler.

  3. Makuluwa

    Everybody who is involved in the stock market knows who are MR’s fund managers are. One is Dilith Jayaweera and many more to be exposed. This country is going to a worse country in 2 to 3 years. Yet to be seen under Rajapakse regime.

    • Seedantha

      By the way dilith Jayaweera has not sold any of his shares to EPF , ETF or NSB. Even though he may be part of mafia we all know he did direct market transactions. Very unlikely that he had access to any of MR’s funds. ( to give the devil the credit )

    • Malli

      I think not fair to say Jayaweera was involved in any of these . We know him well. He is a well respected professional .

    • Truepicture

      Dilth is an entrepreneur and not a trader. Check out his history and the contribution his companies have made to the development of this country.

      • Ian D.S

        To those who are trying to get their tongues up this thief Dilith Jayaweeras posterior check this humbugs history. This rogue started with Triad which handled MR’s election media campaigns. Triad is headed by Varuni Amunugama who is the daughter of that Kandy rogue Sarath Amunugama. The money invested by these set of thieves are all Kick backs earned by the First clan of thieves. Dilith J is merely the Laundrer, the front man, the fence, whatever way you look at it Dilith J is nothing but a thief.

    • Makuna

      Unfortunately his portfolio of 1.2 billion is on margin from pan asia and Seylan . Where is MR’s money ?

  4. suren soysa

    It is crystal clear that MR does not want to clean anything & he does not fear it either! Who will punish him for all these, someday? No one! With all corruption see how well Chandrika lives! what about the other utterly corrupt lesser politicians of this country? Has any one being punished since independence; Other than Sirima. It is the media & writers, that glorify public servants as unblemished etc.etc. Honest & unblemished public servants can not be found in a country where dishonest & blemished politicians rule the roost. We must have leaders of the caliber of Sir John & not genetically inferior drop-outs to rule this country. Mafia’s are every where in the country,but the politicians,Police,& the public servants turn a blind eye as it is a sure source of income.

    • Y.T. Dissanayake

      Cant agree with you more Suren. MR is the worst ever leader that came to power with no knowledge of politics or good governance. His many years in politics is not really his experience thats just he happened to be there ans lived on people money. There is nothing he leant from anyone (except some crap from Sirima Bandaranayake) and there is nothing one can learn from him except that how to Rob, steal, cheat, mislead, manupulate, others.
      he thinks that copying R. Premadasa style is enough to fool the public though R. premadasa never fooled the public. Prema, had his drawbacks but he was a people’s president whatever said and done. This man the self-made King (kong), who related to King Dutugemunu and Suddhodhana according to that nitwit licker Jackass Anthony, cant run a barber shop.

      • Wimal

        Dissanayake, you are exactly right. MR is a pathetically sick political garbage.
        He fool naive Sri Lankans with his sarong and towel around his neck. He is the worst enemy Sri Lanaka ever had. His entire family is living on peoples money. Shameless family is woe money to beggar on the street as well. This family even rob the blind too if they have to.

        However, they brought the country to that low level.

  5. Wimal

    ‘Stock Market” is for civilized country with business ethics.
    Unethical animals like in Sri Lanka what good Stock Market do. Absolutely nothing. We are still in stone age. It is better to shut down the bourse now than later to have a natural death.

    • Walakulu

      You are right and wrong . This is an emerging market. That is why we need not just so called honest but efficient people at the right places. Non executive chairman of SEC was trying to archive his lost political aspirations and to build a name for himself by betraying not just SEC, stock market in Sr Lanka but the country at large. He ruined the reputation of the country by just making statement to the press. No President who loves a country will tolerate this nonsens from a looser like this.

      • Wimal

        You don’t find honest and efficient people any more in Sri Lanka. They have already migrated to better countries.

  6. Rubert Vanderkoon

    This is a non-story. Everybody knows the president has lost it now and his mafia mates are running the show. But the last tiny para of the article is funny. Why don’t you write the full name of the lady and her powerful family link. Of course you are playing games as well, like in the white flag case. This Indrani is the wife of Lalith Weerathunga, the President’s notes reader. Did she do a good job at the SEC? I doubt! She was so confused as to what was going, so she had to go.

  7. good

    Who has plundered poor investers money is finally revealed

  8. Kasunsiri guarantee

    Every press says thylakoids is a highly respected businessman. What business is ihe respected for ? He is a retired bankrupt politician how refused to go to daladha maligawa and worship the priests.

  9. sanathbaby

    President pokes nose into every important issue in this country. He runs this country as if it is a black market and his ministers follow him nicely by exhibiting their full potentials in various issues such as Z score, substandard petrol/diesel, Norochchole power plant, Hedging, daylight robbery(ransom), commission taking from every project etc.

  10. Lanka Kolla

    In US ordianry people have no faith in the stock market, It is long understood that the market is run by a selected few. There was a case where a prominent Sri Lankan (from well knwon family) was convicted of inside trading and severly punished. So at least there are laws to deal with corruption.

    I don’t know what qualification TilakK had to be the head of the SEC. His background is Chemistry and he may also have a MBA.He also ran a successful business. So are these qualification adequate in the logner run? Readers can judge.

    On the other hand lets see the so called replacement Nalak G,. He is as Engineer/cost accountant Marketer. He is close to Kings Co.. In the past he has being involved with stock trading so he has confilct of interest. He has been involved with lot of unethical acts in business. It is unfortinate that the professional organiztion in SL and UK are not concerned when their members act unethically. So this is his CV. He wil use use marketing skill to provide a rosy picture of SEC and further misguide the masses. We can expect the final death blow to the SEC.

  11. n.c.wijeratne

    First you are appointed to the job-then you are asked to leave the job!
    By the same person who appointed !

    The Sinhala story: Baduth ho………………….Naduth….Ho…

    Happiyang AnGAY!

  12. Alisten


  13. Jayantha Jayaweera

    I am very surprised that @tilak k gave up. I never thought he was a quitter…

  14. Sudath Sri

    corruption is only item very cheap in Sri Lanka

  15. kvn

    very sad, we have forgotten him!!!
    Major Gen. Sooriyabandara dies prematurely : afflicted by the curse of the shawls- pension delayedThere is some significant historical information which many do not know. Sooriyabandara ‘s father was not only an officer of the Army , but he was the first recruit soldier of the SL Army after the whites left . He was the proud soldier with No. 0001 as his SL Army registration Number.

  16. The big boss already had planned what he is going to do and keeping his time until the war was over. When he got down from the plane and kissed the airport tarmac, I vaguely thought he is up to something and everything happened thereafter including imprison of Gen.Sarath Fonseka, getting around Buddhist monks , appointing commissions etc..etc, were part of the plan. This may be his style of double life, showing one to the world and doing complete different…but people are more smarter to evaluate

  17. Newton

    No wonder country suffers due to lack of any significant growth in the foreign investments

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