Accordingly, fines have been imposed on the Chairman of the ERI Lalith Heengama and Executive Directors Dr. Kosala Heengama and Gregory Scott Newsome.
Chairman of the ERI Lalith Heengama has been fined a sum of Rs. 500,000.
Dr. Kosala Heengama and Gregory Scott Newsome both have been asked to pay respectively Rs. 3.3 million, each.
A fine of Rs. 3.3 million has been imposed on the ERI while two other Board Directors namely G. S. Munasinghe and H. B. Dissanayake has been given a warning by the Commission.
A Release issued by the regulators Thursday evening said “The above mentioned sums of money were credited to the Compensation Fund of the SEC, and thereafter the offences against the Company, the Chairman and the two Executive Directors thereof were compounded”.
SEC says the said non-disclosures and dissemination of misleading information were particularly in respect of certain related party transactions as well as cross border investments of ERI PLC.