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The members of the Securities and Exchange Commission of Sri Lanka (SEC) met last week and are considering investigations into the share transactions of Aitken Spence and Company Limited with the utmost seriousness and are proceeding with their deliberations.

In view of the continuing investigations, M.L. Mack, SEC Chairman has taken leave of absence. Meanwhile, a press notice from the Colombo Stock Exchange said: "Reference is made to the recent newspaper articles in respect of sales of shares of Aitken Spence and Company Ltd. by the Chairman of the Colombo Stock Exchange (CSE) A.D. Gunewardene.

"Gunewardene has informed the CSE that he has not been notified by any authority of any misdemeanour on his part regarding the above sales.

The SEC has confirmed in writing to Gunewardene that they have at no stage informed Mr. Gunewardene of any investigation concerning the above sales.

"Gunewardene has further stated that in these circumstances, he could not have been and in fact has not been asked for an explanation whatsoever regarding such sales."

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