Sri Lanka media should not use the term stock market 'mafia': SEC chief
Nov 17, 2012 (LBO) - Sri Lanka's media should refrain from using the word 'mafia' in relation to the stocks market, because no such organized movement exists, Securities Exchange Commission chairman Nalaka Godahewa said. Godahewa told reporters during a media conference this week, that rather than the stock market players, the 'mafia' was involved in 'negative' media reports aimed at bringing the market down. Godahewa was appointed to the position by the state in controversial circumstances after the previous boss, who was cracking down hard on stock market fraud resigned saying he was under pressure. Mafia The so-called 'stock market mafia' was a reference by some critics to politically powerful market players who 'cornered' illiquid stocks and pumped them up or engaged in other questionable activities such as chop stock trading or creating false markets. Questionable trading activities - especially t...