CSE halts Singalanka trading
Chairman, accountant leave country:
The Colombo Stock Exchange (CSE) listed company, Singalanka Plc has
halted its trading at the floor due to issues pertaining to the audited
financial statements submitted by the company to the CSE, its sources
told the Daily News.
According to market sources, there were issues pertaining to the
audited financial report submitted to the CSE which has lead to the
suspension of its trading. The company is also believed to be liquidated
and the Chairman of the company has also left the country.
The company is a Sri Lankan based company engaged in the
manufacturing and sale of sulfuric acid and aluminum sulphate. It was
ordered to cease operations when the Additional District Judge Homagama
issued an injunction in 1996.
The company has not had many transactions as the only income is the
rental and the only out-goings have been the payment of the salary to a
few employees, legal fees and related expenses.
It is also said that a company accountant K. Keetheswaran, who
appears to have left for the USA, has been manipulating the company’s
accounts for the period 2001/2002 to 2007/08.
According to CSE sources the Board of the company was unaware of this
matter until it was brought to its notice by the CSE. The trading of
shares has been suspended due to issues pertaining to the questionable
financial statement and the annual report of the company.
Singalanka was incorporated as a Limited Liability Company and listed
in the 1982. The operational plant is located at Habarakada Road, Ranala
while the register office is at the Rio Building at Kumaran Ratnam Road,
Even though the company was not conducting any activities in the
aftermath, the Board decided not to close down the company and instead
continued renting its Ranala property of nearly five acres to a
warehouse to be used by Ceylon Biscuits Ltd.
The operations of the company has ceased and the Chairman and the
accountant have left the country.