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ABANS Unfair Offer Price

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ABANS Unfair Offer Price

Post by Investor1994 on Thu May 18, 2017 4:31 pm

Ironwood Holdings paid ABANS 3 lkr for the rights to buy the shares with which they crossed the mandatory offer mark. This 3 lkr should be part of the price that Ironwood paid to obtain the shares and as such should be included in the offer price. It is incredibly unfair that two major shareholders can work together to gain control of a company in this regard and blatantly bypass the regulation surrounding mandatory offers. We should also look to see why ABANS did not sell any shares at a higher price to other investors who were willing to purchase it at that price. That would show that they had colluded with Ironwood Holdings in a pre-meditated move.

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Ironwood and ABANS cheating minority share holders!

Post by fortuneteller on Fri May 19, 2017 11:52 am

Abans has always manipulated.
 -When the company was formed no cash was put in. -Hire Purchase portfolio was transferred as share capital.(Central Bank pf Sri Lanka).
 -When listing was made shares were fraudulently transferred to employees to cheat the CSE/SEC on free float rule.(CSE/SEC)
-Those employees have no means to buy the shares and FCID should investigate under money laundering act(Employees of Abans)
-If the initial share holder list is checked these employees could be identified(Varners International-company secretaries)
-CDS accounts were opened with Acquity and JB stock brokers and shares sold fraudulently without payment of money.(Acquity and JB stock brokers.)
-When private placement was made shares were issued to Ironwood , company owned by independent director and audit committee chairman Hiran Embuldeniya at a discounted price of Rs 25.00 when the share was trading at 69.90 ,cheating the minority share holders(stock exchange records)
-Hiran Embuldeniya requested approval to buy shares even before the Company was incorporated(Central Bank of Sri Lanka)
-Seylan bank offered 2 times the asset value to buy the shares but private placement was at 1.4 times asset price to Ironwood.(Seylan Bank)
-A company named Able Investment was set up to buy and transfer shares of employees and the rate at which such company bought the shared should be the mandatory offer price as Abans and Ironwood have acted in consort(Registrar of companies)
-Poor CSE and SEC , They were cheated and taken for a ride(Investors and General public.)
-Mr Hiran Embuldeniya common Director of Abans And Ironwood continue to serve as Audit Committee Chairman and Independent Director(Varners International-company secretaries)
-WHAT A MANUPULATION OF CORPORATE GOVERNANCE !!!
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THE ONE WEEK DIRECTOR at "A FINANCE COMPANY"?

Post by fortuneteller on Mon Jul 10, 2017 1:16 pm

DOES THIS NEWS ITEM ON EXCHANGE CONTROL FRAUD HAVE ANY RELEVANCE TO  THE FAMOUS ONE WEEK DIRECTOR @ "A FINANCE COMPANY" (and his deputy) FOR WHICH MANDATORY OFFER IS MADE?  Embarassed Embarassed Embarassed Embarassed Embarassed                                                                                                 
+Customs probe continues into luxury car undervaluation.                                                                                                      +Sri Lanka Customs is still to complete an investigation into a massive vehicle racket of importing 1500 undervalued luxury cars in 2015 causing a loss of billions of rupees to the country, officials alleged. 
+investigations are yet to be completed due to the complex nature of the racket involving a private vehicle firm and a leasing company (which changed its name after the fraud was detected) which is a subsidiary of a bank, Customs spokesman Dharmasena Kahandawa reported.                                                                      +This private vehicle importer had registered a company overseas and the luxury cars were imported through this company for several local car dealers, he said, adding that a leasing company which (changed its name after fraud was detected) is a subsidiary of a bank has provided loans to import those vehicles.                                                                                                                 +The modus operandi of the racket was to open Letters of Credit (LCs) for a value less than the actual value under the name of the overseas company and brought down those vehicles without directly importing from the manufacturing company in Germany.                                                                                                              +Racketeers have imported those vehicles using duty free and duty slashed permits issued to Ministers, MPs, provincial councilors and senior government officials, a Customs trade union leader said.                                                                                                                     +He noted that a senior official of customs has lodged a complaint at the Bribery or Corruption Investigation Commission claiming that this custom duty fraud had taken place with the knowledge of a top politician in the country.                                                                                                                +Already the Government has forfeited a staggering Rs. 57 billion in revenue granting duty free concessions for import of vehicles for public servants, Treasury data revealed.                                                                                                               +The duty free permit only allows a senior official to import a vehicle valued at less than US$35,000. Most officials sell those permits as they don’t have money to import a vehicle even on a permit.                                                                                                                  +Some motor traders purchase these permits and use the permits to import luxury vehicles, he said.                                                                                                                     +He said these companies also receive a tariff relief on the declared value of less than US$35,000 when importing the vehicles.                                                                                                                +He said the companies pay about 0.45 per cent tax to the Customs instead of the actual taxes of 352.12 per cent.                                                                                                                     +At least Rs 13.9 million per vehicle was being lost by not levying the actual duty, levies and other charges, he disclosed.
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Re: ABANS Unfair Offer Price

Post by Quibit on Mon Jul 10, 2017 4:38 pm

Never trust abans and Prestongies. They will never leave anything to the minority shareholders. boycott them..
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Re: ABANS Unfair Offer Price

Post by worthiness on Mon Jul 10, 2017 7:52 pm

@Quibit

There is a speculation that a possible risk for short term Fixed deposit holders with Abans Finance. What is your opinion of the risk factor on short term (3 -6 months) deposits.

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ABANS FINANCE IS THE BEST EMPLOYER TO WORK

Post by fortuneteller on Mon Jul 10, 2017 9:14 pm

The Following staff members were allocated free shares-MRS. H G S CHANDRAKANTHI, MRS. M V I F FERNANDO, MR. A H A JAYASINGHE, MR. D S KARUNAKARAN, MR. K KUNENTHIRAN, MR. N N PERERA, MR. P K PESTONJEE, MISS. C V SUMANADASA,  Mr S C H GAMAGE and MISS. I N JALALDEEN.(Source-Annual Report –AFSL. 2011/2012.)
These employees have no means to buy the shares.(source-Employees of Abans PLC)

They have sold the shares and are multi millionaires now!
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Re: ABANS Unfair Offer Price

Post by fortuneteller on Tue Jul 11, 2017 10:17 am

@Quibit wrote:Never trust abans and Prestongies. They will never leave anything to the minority shareholders. boycott them..
Don't assume things! They loook after the staff well.

The Following staff members were allocated free shares-MRS. H G S CHANDRAKANTHI, MRS. M V I F FERNANDO, MR. A H A JAYASINGHE, MR. D S KARUNAKARAN, MR. K KUNENTHIRAN, MR. N N PERERA, MR. P K PESTONJEE, MISS. C V SUMANADASA,  Mr S C H GAMAGE and MISS. I N JALALDEEN.(Source-Annual Report –AFSL. 2011/2012.)

These employees have no means to buy the shares.(source-Employees of Abans PLC)




Most of them  have sold the shares and are multi millionaires now! Very Happy Very Happy Very Happy
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Re: ABANS Unfair Offer Price

Post by fortuneteller on Sat Jul 15, 2017 12:14 pm

@Quibit wrote:Never trust abans and Prestongies. They will never leave anything to the minority shareholders. boycott them..

Caution-
Abans Finance downgraded to associate company of Abans Group and lose it's subsidiary status.
Ironwood Investment Holdings (Private) Limited which successfully concluded the Mandatory offer of Abans Finance PLC is likely to replace the Chairman by an independent Professional Shortly?
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Re: ABANS Unfair Offer Price

Post by worthiness on Sat Jul 15, 2017 7:29 pm

Now Ironwood investments holds 41.89%..Correct?

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Re: ABANS Unfair Offer Price

Post by fortuneteller on Tue Jul 18, 2017 10:13 am

CAUTION-KEEP AWAY FROM AFSL

 MAJOR CHANGES AFTER ABANS GROUP PARTLY EXITING ABANS FINANCE

Senior most staff member recruited by one of the major shareholder Ironwwod Investment without the knowledge of Abans group for recoveries told to quit after the bad loans and provisions increased substantially?


Profits for the three months up to JUNE 2017 has droped to below Rs 10 Mn mark from Rs 35.3 Mn?
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Re: ABANS Unfair Offer Price

Post by Wimal Modawansa on Tue Jul 18, 2017 6:51 pm

DOES THIS NEWS ITEM ON EXCHANGE CONTROL FRAUD HAVE ANY RELEVANCE TO TWO SENIOR OFFICIALS OF "A FINANCE COMPANY" FOR WHICH MANDATORY OFFER WAS CONCLUDED?                                                                                               
•Customs probe continues into luxury car undervaluation. •Sri Lanka Customs is still to complete an investigation into a massive vehicle racket of importing 1500 undervalued luxury cars in 2015 causing a loss of billions of rupees to the country, officials alleged. •These investigations are yet to be completed due to the complex nature of the racket involving a private vehicle firm and a leasing company (which changed its name after the fraud was detected) which is a subsidiary of a bank, Customs spokesman Dharmasena Kahandawa reported. •This private vehicle importer had registered a company overseas and the luxury cars were imported through this company for several local car dealers, he said, adding that a leasing company which (changed its name after fraud was detected) is a subsidiary of a bank has provided loans to import those vehicles. •The modus operandi of the racket was to open Letters of Credit (LCs) for a value less than the actual value under the name of the overseas company and brought down those vehicles without directly importing from the manufacturing company in Germany. •Racketeers have imported those vehicles using duty free and duty slashed permits issued to Ministers, MPs, provincial councilors and senior government officials, a Customs trade union leader said. •He noted that a senior official of customs has lodged a complaint at the Bribery or Corruption Investigation Commission claiming that this custom duty fraud had taken place with the knowledge of a top politician in the country. •Already the Government has forfeited a staggering Rs. 57 billion in revenue granting duty free concessions for import of vehicles for public servants, Treasury data revealed. •The duty free permit only allows a senior official to import a vehicle valued at less than US$35,000. Most officials sell those permits as they don’t have money to import a vehicle even on a permit. •Some motor traders purchase these permits and use the permits to import luxury vehicles, he said. •He said these companies also receive a tariff relief on the declared value of less than US$35,000 when importing the vehicles. •He said the companies pay about 0.45 per cent tax to the Customs instead of the actual taxes of 352.12 per cent. •At least Rs 13.9 million per vehicle was being lost by not levying the actual duty, levies and other charges, he disclosed.
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Re: ABANS Unfair Offer Price

Post by fortuneteller on Tue Aug 01, 2017 8:01 pm

Abans has always manipulated.
 -When the company was formed no cash was put in. -Hire Purchase portfolio was transferred as share capital.(Central Bank pf Sri Lanka).
 -When listing was made shares were fraudulently transferred to employees to cheat the CSE/SEC on free float rule.(CSE/SEC)
-Those employees have no means to buy the shares and FCID should investigate under money laundering act(Employees of Abans)
-If the initial share holder list is checked these employees could be identified(Varners International-company secretaries)
-CDS accounts were opened with Acquity and JB stock brokers and shares sold fraudulently without payment of money.(Acquity and JB stock brokers.)
-When private placement was made shares were issued to Ironwood , company owned by independent director and audit committee chairman Hiran Embuldeniya at a discounted price of Rs 25.00 when the share was trading at 69.90 ,cheating the minority share holders(stock exchange records)
-Hiran Embuldeniya requested approval to buy shares even before the Company was incorporated(Central Bank of Sri Lanka)
-Seylan bank offered 2 times the asset value to buy the shares but private placement was at 1.4 times asset price to Ironwood.(Seylan Bank)
-A company named Able Investment was set up to buy and transfer shares of employees and the rate at which such company bought the shared should be the mandatory offer price as Abans and Ironwood have acted in consort(Registrar of companies)
-Poor CSE and SEC , They were cheated and taken for a ride(Investors and General public.)
-Mr Hiran Embuldeniya common Director of Abans And Ironwood continue to serve as Audit Committee Chairman and Independent Director(Varners International-company secretaries)
-WHAT A MANUPULATION OF CORPORATE GOVERNANCE !!!
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Abans group to divest further shares to comply with continuous listing requirements(Source-CSE)

Post by fortuneteller on Wed Aug 02, 2017 6:56 pm

Abans group to divest further shares in Abans Finance PLC to comply with continuous listing requirements(Source-CSE)
-Abans Finance was recently  downgraded to associate company of Abans Group and lost it's subsidiary status.
-Ironwood Investment Holdings (Private) Limited which successfully concluded the Mandatory offer of Abans Finance PLC is likely to replace the Chairman by an independent Professional Shortly?
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Re: ABANS Unfair Offer Price

Post by Wimal Modawansa on Sun Aug 06, 2017 6:37 pm

Dirty Abans Group has shown their ugly face again by releasing profit figures to the media before releasing to Stock Exchange.

Helpless CSE and SEC is silent?
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Abans Finance downgraded to associate company

Post by Wimal Modawansa on Tue Aug 08, 2017 12:46 pm

Abans Finance PLC (member of troubled Abans group) profits for the quarter ended June 2017 has been Rs 9 Mn dropped from 35Mn the previous year same quarter?

This is despite stated capital increasing from Rs 382 Mn to Rs 1,121 Mn  by private placement and Abans group downgrading to associate status?

Is this why the buyers are at Rs 22.00 which is lower than mandatory offer price of Rs 25.00?
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