Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka cable manufacturer Sierra Cables requests a trading suspension
Wed, May 14, 2014, 10:01 pm SL Time, ColomboPage News Desk, Sri Lanka.

May 14, Colombo: Sri Lanka's leading cable manufacturer Sierra Cables has requested from the Colombo Stock Exchange (CSE) to suspend the trading of its shares.

A similar request has been made to the market regulator Securities Exchange Commission (SEC), the company said in a disclosure to CSE.

The Board of Directors of the company announced that they have been informed of significant misstatements in the financial statements of the company for the years from 2010/2011 up to 2013/14.

The Board said subsequent to the suspicions raised, an inquiry was initiated and the preliminary report by the auditors, KMPG, indicates a discrepancy tentatively amounting to approximately Rs. 172 million between the value of work in progress as reflected by the accounts up to 31 March 2014 and the amounts physically verified.

The auditor has informed that it needs to conduct further investigations into other areas of relevance.

Meanwhile, the Board believes that there could be other significant matters in the accounts, especially, relating to the recording of stocks.

Under the circumstances the Board has requested the CSE to immediately suspend trading until the Company is able to issue a more definitive disclosure on the extent to which the Company's financial statements need correction.

The Board said it will vigorously take all requisite action against those responsible for any improprieties if revealed in the investigation and pledged to keep the shareholders informed.

Sierra Cable, an ISO 9001 certified company, located near Kaduwela manufactures armoured and unarmored cables.

ColomboPage - Recent 10 Stories
Veteran Sri Lankan cricketers appointed as brand ambassadors for National Kidney Fund
Sri Lanka plans to achieve an economic growth beyond 8 percent next three years
Sri Lankan government to establish a standard for imported fertilizers
Catholic Bishops urges Sri Lankans to choose worthy candidates
Van rams into UPFA Minister's supporters killing one
UN to provide an assistance package to Sri Lanka on the request of Northern Province CM
President inaugurates luxury bus service for pilgrims to Atamasthana in Anuradhapura
Prime Minister reveals development plans for north and east
Sri Lankan PM instructs IGP to immediately arrest the suspects of election rally shooting
Notice issued for Sri Lanka's Deputy Justice Minister to appear in court

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.