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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka SEC probes Touchwood, trading suspended

Sri Lanka SEC probes Touchwood, trading suspended

+4
D.G.Dayaratne
Slstock
Arena
LSE
8 posters

Go down  Message [Page 1 of 1]

LSE

LSE
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sept 05, 2013 (LBO) - Sri Lanka's Securities and Exchange Commission said it had launched a probe in to Touchwood, a forestry investment company and suspended trading in its stock.
SEC said following a preliminary inquiry into the conduct of Touchwood Investment Plc, it had decided to launch a "fully-fledged investigation in to the affairs" of the company.

The Colombo Stock Exchange has been asked to suspend trading in the stock of the company for three day, the SEC said.

http://www.cse.lk/cmt/upload_cse_announcements/4531378354565_.pdf

http://www.lankabusinessonline.com/news/sri-lanka-sec-probes-touchwood,-trading-suspended/684884870

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
This should have been suspended When the preliminary inquiry started. Now the crooks are escaped from the seen.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Yeah check who dumped share in the last push up ;-)



@Arena wrote:This should have been suspended When the preliminary inquiry started. Now the crooks are escaped from the seen.

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Most important factor in the process of Economic Development is investment.To invest country need local savings in addition to foreign capital

In this country middle income groups do not have safety system to invest their hard earned money .
1.Bank interest very law

2.Financial institutions are manged by crooks with the support of regulators (Govt) CIFL, Touch wood etc

3 Stock market highly manipulated by high Authorities


Do not think nothing happen to you so far. IT will come to you also very soon

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Typical government regulator SEC.

Wait patiently for the crooks to escape. When the big crooks have safely cashed out, give hell to the lesser knowledgeable victims.

Sylvester1234


Senior Equity Analytic
Senior Equity Analytic
@gamaya wrote:Typical government regulator SEC.

Wait patiently for the crooks to escape. When the big crooks have safely cashed out, give hell to the lesser knowledgeable victims.

I think issue at TW is not a trading issue. Its all about bad management practices and over valuations of assets etc. These things should be observed by auditors. Reputed Auditor firms have approved company accounts over and over again. Still SEC went to courts challanging valuation methods adopted by TW about 3 years ago but the company challanged and courts favoured TW.  Investors should have known better not to invest in a company whose accounts were challenged by SEC . But I hear that new evidance about fraudulent related party transactions has emerged from recent investiagations. Hope they take culprits to courts as it will teach a lesson to crooks in other companies.

Balanced_Views


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@LSE wrote:Sept 05, 2013 (LBO) - Sri Lanka's Securities and Exchange Commission said it had launched a probe in to Touchwood, a forestry investment company and suspended trading in its stock.
SEC said following a preliminary inquiry into the conduct of Touchwood Investment Plc, it had decided to launch a "fully-fledged investigation in to the affairs" of the company.

The Colombo Stock Exchange has been asked to suspend trading in the stock of the company for three day, the SEC said.

http://www.cse.lk/cmt/upload_cse_announcements/4531378354565_.pdf

http://www.lankabusinessonline.com/news/sri-lanka-sec-probes-touchwood,-trading-suspended/684884870

Ive never bought TWOD but I think this sort of action is good to ensure that malpractices dont take place

This is also good for those who have bought shares since an SEC approval would mean that the company is somewhat stable - share price should go up considerably - perhaps even to 3-4 levels - if SEC gives the green light and it continues to trade

HOWEVER, if the SEC gives the red light and discontinues trading, the price will crash!

Its 50-50: I have no idea what will happen! Hopefully it will continue trading because so many people lost by buying at 10 levels

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@gamaya wrote:Typical government regulator SEC.

Wait patiently for the crooks to escape. When the big crooks have safely cashed out, give hell to the lesser knowledgeable victims.
Remind me the moto of UK Boy ... @ CSE තමාගේ ආරක්ෂාව තමා බලාගත යුතුයි

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Yes,
I remember few other shares, they did the same ( these inquiries) after the damage was done to retailers.

I can't say I am happy of what is happening.



@wiki wrote:
@gamaya wrote:Typical government regulator SEC.

Wait patiently for the crooks to escape. When the big crooks have safely cashed out, give hell to the lesser knowledgeable victims.
Remind me the moto of UK Boy ... @ CSE තමාගේ ආරක්ෂාව තමා බලාගත යුතුයි

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