SEC files charges against Singalanka Chairman

The Securities and Exchange Commission of Sri Lanka (SEC) filed charges in the Fort Magistrate’s Court against Ratnarajah Navaratnam, Chairman and Kanepathipillai Ketheeshwaran, a key employee of Singalanka Standard Chemicals PLC (SING).

They are alleged to have submitted Audited Financial Statements under false signatures in the Annual Reports of Singalanka Standard Chemicals PLC to the Colombo Stock Exchange for the years ended March 31, 2002 to March 31,2007, in contravention of the provisions contained in Rule 17 of the SEC Rules and in violation of the Continuing Listing Requirements of the CSE Listing Rules, the SEC said in a press release.

The accused are charged for the incorporation of false fictions audit reports in the Annual Reports, by allegedly committing acts of forgery and by impersonating signatures of the Auditors on the purported Audited Financial Reports and for submitting same to the Colombo Stock Exchange thereby committing an offence under Section 51(1) (b) of the Securities and Exchange Commission Act, statement further said.