Tilak Speaks Out: ‘Petroleum – A Den Of Rogues And Thieve’, ‘Share Market Mafia – I Thought MR Would Support Me To Clean Up’
By Colombo Telegraph -
Tilak Karunaratne, the former Chairman for the Securities and Exchange Commission says that President Mahinda Rajapaksa as the Minister of Finance brought pressure on him to resign from his post as chairman SEC.. Tilak Karunaratne is interviewed bt the Sunday Leader editor Frederica Jansz and below we published the Sunday Leader interview;
FJ: Your predecessor Indrani Sugathadasa was forced out despite being a senior highly regarded public servant and wife of President’s Secretary Lalith Weeratunga. In those circumstances why did you accept the appointment as Chairman of the SEC?
TK: Good question. There were two things. I knew what was happening. I had also been a long term investor in the bourse. And I have also been a keen student of what was happening in the SEC. Indrani, in my view, was at a disadvantage because her husband is Secretary to the President so whatever moves she would probably have also made would embarrass her husband. Therefore she obviously would not want to do certain things which would embarrass Lalith. So she was at a disadvantage. I did not have those disadvantages.
I also got clearances from the president that I would have a free hand. Prior to this he offered me three other posts. One was as Ambassador in Japan which I politely turned down saying I am not a diplomat. I call a spade a spade and I am not suited to be a diplomat. He then asked me to take over as Chairman of the Petroleum Corporation. I said that is a den of rogues and thieves and I don’t want to get involved in that. Again thereafter Lalith called and told me, “HE thinks you’re the best man to go as ambassador to London.” But I told Lalith I have previously also turned down his offer as a diplomat so I don’t want to go anywhere. So I had been turning down all these offers the president had been making to me. Then when he came to Ananda College on my invitation to celebrate its 125th anniversary of the College, that was in November last year, he said “Tilak you have been saying no to everything but now there is a job that is suited for you. I know that you have been an investor in the stock market and you know what is happening there. Don’t say no this time, accept it.” I wanted 48 hours to think about it I consulted my wife and my family and friends. They all advised me against it saying this is a real hot seat. You should just relax and go play your bridge and go to the jungles and spend quality time with your grandchildren. But I said no, I must take up something this is a challenge… and then I said yes to the President.


Former Securities and Exchange Commission (SEC) Chairman Thilak Karunaratne whose resignation caused a storm said he was willing to come forward one day and reveal facts and figures of the alleged malpractices in the Colombo Stock Exchange.
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The President is angered by the statement made by JHU Leader, Ven. Omalpe Sobitha Thero that the police after conducting an investigation for five months following theft at the National Museum located in a high security area had only managed to arrest a group of drug addicts, sources from temple Trees said.








By Prof. Jayadeva Uyangoda
