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Two former Aitken Spence Chairmen challenge SEC

Two past Chairmen and shareholders of the Aitken Spence and Co Ltd., yesterday filed two separate petitions before the Court of Appeal challenging the decision of the Securities and Exchange Commission of Sri Lanka to prosecute the petitioners in consequence of the sale of their shares in the company.

When the case came up before Justice K Siripavan the Court ordered to issue notice on the respondents returnable on February 19.

H. Norman Gunewardene and Michael Mack in their petition cited ten respondents including the SEC, the Governor of the Central and the Secretary to the Treasury.

Mack is a former Chairman of the SEC.

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