Lankapage Logo Recent Top Stories
Go Home Home Serving the Sri Lankan community globally since 2000
go to

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
All-party discussion on delimitation scheduled for December 11th
-- [1 hour and 27 minutes ago]
Sri Lankan asylum seeker on Nauru jailed after attempting suicide
-- [1 hour and 42 minutes ago]
AmCham Sri Lanka, top corporate aim to combat counterfeits
-- [3 hours ago]
Sri Lanka government to unveil megapolis 'Master Plan' in January
-- [3 hours ago]
Sri Lanka President arrives in Paris for UN climate conference
-- [3 hours ago]
Tamil Nadu Chief Minister seeks immediate release of fishermen arrested by Sri Lanka Navy
Pakistan Naval Ship to arrive in Sri Lanka on Monday
EU acknowledges Sri Lanka's encouraging measures to get GSP+, requires to resolve fishery ban first
Indian Army Chief arrives in Sri Lanka to review bilateral defense ties
President invites IOM to host a global consultation in Sri Lanka on health of migrants

Copyright © 2000, 2014 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, 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, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.