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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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+4
balapas
Leon
serene
Sriranga
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    Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister

    Sriranga
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    Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister Empty Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister

    Post by Sriranga Sat Apr 11, 2015 8:24 am

    COLOMBO (EconomyNext) - The losses to Sri Lanka's National Savings Bank from being used to dump pumped up stocks during a bubble that broke in 2011 and 2012 was greater than previously imagined Finance Minister Ravi Karunanayake said.

    Karunanayake said NSB had so far lost 1,071 billion rupees from stock in 10 companies bought for 2,645 million rupees, mainly in 2011 and 2012, he said.

    The National Savings Bank hit the headlines during the last regime when it bought stock of The Finance Company, a troubled finance company.

    "The same people who were involved in selling The Finance Company to NSB appeared to be involved in these deals as well," Karunanayake told reporters.

    The stock included Browns, Renuka Holdings and Access, Karunanayake said.

    In the case of one stock a 500 million rupee loss had made it.

    NSB Chairman Ashwin de Silva would complain the anti-corruption commission on the matter, he said.

    "You cannot win on every share, that is for sure, but why do you want to buy stocks that are sure to fall?" Karunayake asked.

    During the stock market bubble, fired by low interest rates, which broke in 2011 and 2012, many shares were dumped on state-managed funds.

    The Employees Provident Fund came to be known in markets as the 'buyer of last resort' as it bought stocks at prices other investors in the market were not buying.
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    serene
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    Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister Empty Re: Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister

    Post by serene Sat Apr 11, 2015 1:47 pm

    Thanks Sri for sharing.
    1071Bn loss. You are kidding me. Evil or Very Mad Evil or Very Mad Evil or Very Mad
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    RPPA
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    Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister Empty Re: Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister

    Post by RPPA Sat Apr 11, 2015 11:50 pm

    PAISSU HADENAWA. 1,070Bn Shocked

    That much of loss. Can we find some more information.

    As I have expected i don't think SEC will be able to punish market manipulators.But as above some SEXY deals from the previous regime can be found. Very Happy
    Leon
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    Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister Empty Re: Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister

    Post by Leon Sun Apr 12, 2015 5:58 am

    I think this figure 1000b means 1 trillion. Surely another exaggerated finding from our Hon.RK.
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    balapas
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    Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister Empty Re: Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister

    Post by balapas Sun Apr 12, 2015 10:35 am

    If 2,645 million worth of shares were bought maximum loss theoretically can be only 2,645 million. Figure mix up is something to do with the media reporting this.

    Ravi K is the Pot calling others black. No action taken just talk about the past regime misdeeds.
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    Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister Empty Re: Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister

    Post by pathfinder Sun Apr 12, 2015 5:21 pm

    balapas wrote:

    Ravi K is the Pot calling others black. No action taken just talk about the past regime misdeeds.

    100 times agreed Twisted Evil
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    Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister Empty Re: Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister

    Post by RPPA Sun Apr 12, 2015 5:43 pm

    RPPA wrote:PAISSU HADENAWA. 1,070Bn Shocked

    That much of loss. Can we find some more information.

    As I have expected i don't think SEC will be able to punish market manipulators.But as above some SEXY deals from the previous regime can be found. Very Happy

    Karunanayake said NSB had so far lost 1,071 billion rupees from stock in 10 companies bought for 2,645 million rupees, mainly in 2011 and 2012, he said.

    1,071Bn surely can't be right.There might be marked to market losses.But can't be that much. Ravi is out of his mind. Mad

    If the loss is that much surely the bank can't survive.
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    Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister Empty Re: Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister

    Post by First Guy Sun Apr 12, 2015 6:13 pm

    Obviously it's a mistake. This is not the first instance new sites have made this error. If it was what the minister said, they should have clarified it before publishing or used common sense.
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    Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister Empty Re: Sri Lanka finds more 'pump and dump' stock losses at National Savings Bank: Finance Minister

    Post by Deegoda Gamage Sun Apr 12, 2015 7:25 pm

    Why cant take actions against Person and firms concern

    Now people think this type statement only a MEDIA SHOW


    Last edited by Deegoda Gamage on Sun Apr 12, 2015 7:25 pm; edited 1 time in total (Reason for editing : typing error)

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