The SEC had filed action against W K H Wegapitiya, U K Tilak N de Silva and T I Hulangamuwa on the purchase by EPF of 33 million shares of Laugfs Gas Plc on October 10, 2011.

An application was made by counsel to the charged to compound the offence.“Having considered the loss caused to the Employees’ Provident Fund (EPF), the time since the said offences were committed, accused agreeing to settle the loss caused to the EPF, other pending litigation connected to this case, and the absence of previous convictions…” the SEC said it decided to compound the offences.

The three had paid 6.6 million rupees to the Compensation Fund of the SEC and 231 million rupees to the EPF as agreed at court on July 19, the statement said. (Corrected-date of stock sale 2011-