Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය
Submit Post
Submit Post

Latest topics

» FUTURE GEMS.....
by Saman12 Yesterday at 6:08 pm

» ALHP WILL MOVE UP SOON
by rasikagamage Yesterday at 11:05 am

» SINGHE HOSPITALS- GEM OR DIAMOND?
by anges Mon May 21, 2018 7:17 pm

» HVA 50 cents profit for the year NAV 8.50 market 6.60 Good potential to go up
by anges Mon May 21, 2018 7:11 pm

» SFIN going up
by worthiness Sat May 19, 2018 9:36 pm

» VFIN Share
by worthiness Sat May 19, 2018 9:30 pm

» Short Sell instead of Bill and Bond
by lakshanbandara Fri May 18, 2018 5:07 pm

» janashakthi shares
by DS Wijesinghe Fri May 18, 2018 1:48 pm

» CALF doubled price genuine?
by DS Wijesinghe Thu May 17, 2018 4:13 pm

» Will CRL.N000 rise?
by ravindu93 Thu May 17, 2018 1:29 pm

» JINS Share Repurchase
by Ranil Ranasinghe Wed May 16, 2018 10:03 pm

» No news from LAUGFS GAS (LGL). for more than one month??
by gdid Wed May 16, 2018 9:26 pm

» LLUB - TRADING @ 2008 PRICE LEVELS
by reyaz Wed May 16, 2018 5:17 pm

» FLCH 4.30 Next BIL ....
by Eugine Fernando Wed May 16, 2018 2:09 pm

» Warning sounded over China’s Debtbook diplomacy,16 countries identified loan billions that they can’t afford to repay
by bhanu Wed May 16, 2018 6:50 am

» MOBITEL Sri Lanka new company to be listed in the CSE
by lakshanbandara Wed May 16, 2018 12:22 am

» China approves funds for Central Expressway
by Miss-Sangeetha Tue May 15, 2018 10:42 pm

» Any idea why RCL.N000 and COMB.N000 is falling?
by DS Wijesinghe Tue May 15, 2018 3:37 pm

» China approves loan for Central highway
by TuTanKaman Tue May 15, 2018 1:53 pm

» Loan And Finance,SBLC Monetization,SBLC/Bank Guarantee(BG) Lease/
by capitalfinance Tue May 15, 2018 11:52 am

» REEF PRICE
by Ahcha Tue May 15, 2018 11:28 am

» ATL WILL MOVE UP SOON
by dilshangac Tue May 15, 2018 9:55 am

» PAN ASIA POWER
by dilshangac Tue May 15, 2018 9:54 am


You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » Abans group failed to comply with corporate governance Rule 7.10

Abans group failed to comply with corporate governance Rule 7.10

Go down  Message [Page 1 of 1]

fortuneteller

avatar
Senior Equity Analytic
Senior Equity Analytic
Troubled Abans plc Profit for 9 months to Dec 2017 dropped by 85% from 320 mn to 50 mn.profit for 3 months to Dec 2017 dropped by 84% from 17 mn to 2 mn.Diversion funds to sister companies has resulted in 105 mn loss mainly related to the joint venture property development Colombo City Centre.

Due to One of the non independent director and audit committee chairman namely Hiran Embuldeniya (common director of Abans plc and Abans finance plc) , The group has failed to comply with corporate governance requirements set out in Rule 7.10 of listing rules.

Embuldeniya is the shareholder director of Ironwood Investment which holds major shares in Abans Finance . Due to this conflict of interest their shareholding (49.67%)in Abans Finance PLC along with Ironwood Investment(41.89.%) , sister companies (Able investment, A B Cold storage , A B Securitas , Cleantech)51.54% , directors (2.57%)and proxy employees (2.04%) is 98.04% resulting in public holding of 1.96% .

They have fraudulently declared to CSE as 8.10%.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum