Ranel Wijesinghe a first cousin of Ranil Wickremasinghe PM of Sri Lanka is about to be appointed as the chairman of the SEC.
As per the 2003 annual report page, 37 ex-commission member Ranel was entrusted to prepare a strategic plan for the SEC at a cost that was not properly procured according to the Auditor Generals Report of 2004 Annual Report of the SEC.
The SEC commission rejected his report and refused to pay the balance as the report lacked depth and did not comply with the TOR.
The SEC by this time had paid approximately Rs. 1.2 and the auditor General Mayadunne in his report qualified this expenditure and stated a fruitless expenditure made by the commission.
Strangely the SEC contains all annual reports from 2001 up to now except the 2004 Annual Report that has the Auditor General qualifying this particular payment. Very strange and the 2004 Annual Report is missing.
Furthermore when this info was out now the SEC website has been blocked.
What a mockery.
This does not speak well for the yahapalana government and trust that the president will take corrective measures.
Strategic Review The Unit coordinated the Strategic Review Process for the SEC with the
assistance of Mr. Ranel Wijesinha as the consultant.
The objective of the assignment are to enhance the effectiveness of the Commission in regulation
and facilitation of market development and to address in detail plans for April 2004 to
June 2005 and a general plan till December 2006.
In order to facilitate the assignment the following activities will be undertaken by the Consultant
- Study identified regulatory agencies and regulatory environments in two countries
to draw lessons for Sri Lanka. - Study the available material on proposals for market development/ regulatory reforms
and government policies. - Assess the adequacy, effectiveness or shortcomings of internal systems and processes
for regulation and market development and reasons therefore. - Identify focus areas, specific action and time-bound plans to increase effectiveness of
regulatory and market development initiatives. - Identify the required resources and skills.
- Develop forecast financial statements and identify the expected surplus or deficit and
means of recouping same. - Prepare a comprehensive strategic plan, which incorporates the above-referred information.
2003 Annual Report Page 37
