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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » SEC files motion to Touchwood case

SEC files motion to Touchwood case

+2
D.G.Dayaratne
K.Haputantri
6 posters

Go down  Message [Page 1 of 1]

1SEC files motion to Touchwood case Empty SEC files motion to Touchwood case Fri Sep 20, 2013 5:48 pm

K.Haputantri

K.Haputantri
Co-Admin
SEC files motion to Touchwood case
Friday, 20 September 2013 16:01
Daily Mirror E paper

The capital market regulator, Securities and Exchange Commission (SEC) has filed a motion in the Commercial High Court Colombo that’s hearing the winding up application of agro-forestry investment firm Touchwood Investment PLC filed by a creditor of the company, Mirror Business learns.

The SEC in its motion has inter-alia informed the court on the steps it has taken in connection to Touchwood Investments and the motion will be supported on October 3, 2013, the same day the winding up petition will be taken up for hearing.

Touchwood in a stock exchange disclosure said it had already filed an affidavit of opposition to the said winding up application and would take all further steps to defend and oppose this action.

In the meantime the SEC announced that it had launched a fully-fledged investigation into the business affairs of Touchwood Investments to ascertain whether any securities law has been violated by the company and also imposed a freeze on its non-current assets.

The regulator is believed to have launched the investigation upon the findings of a preliminary investigation conducted into the company on receiving several allegations against the Chairman, CEO and the board of directors of Touchwood Investments.

The SEC also imposed a 6-day trading ban on the company’s shares which lapsed last Wednesday. However, an SEC official who talked to Mirror Business on the grounds of anonymity said neither the freeze of the non-current assets nor the ongoing investigation had not prohibited the company to carry out its day-to-day operational activities.

Meanwhile, touchwood also has an ongoing legal battle with the SEC and Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) in the Supreme Court with regard to its accounting methods.

In the financial years 2004/2005 and 2005/2006 Touchwood Investments PLC adopted the fair value method as explained in International Accounting Standard 41 for the preparation of its accounts. However, a decision was made by SLAASMB that the fair value method adopted by the Company was “unreliable”.
The company challenged this decision of the SLAASMB in a writ application (case No.CA (Writ) 323/2007) in the Appeal Court and on January 25, 2010.

The Appeal Court quashed the decision of the SLAASMB along with the SEC directive issued to the company dated 9 March 2007 through which the company was directed to prepare financial statements for the years ended 31 March 2005 and 2006 on a cost basis in terms of IAS 41. The SLAASMB has appealed to the Supreme Court against the Court of Appeal judgment and the matter is pending before the Supreme Court.

As a result, the order prevailing in the case No.CA (Writ) 323/2007 which was given against SEC has been extended by the Supreme Court until determination of the Appeal case No.SC/ Appeal/100/2011.The case involving SLAASMB has been postponed until 11 December 2013 for arguments.

Touchwood Investments, according to its 2012/13 annual report, has over Rs.8 billion assets, an increase from 6.8 billion in the previous financial year. However the group liabilities stood at Rs.4.68 billion as at end of 2013/13, up from 3.76 billion in the corresponding year.

2SEC files motion to Touchwood case Empty Re: SEC files motion to Touchwood case Fri Sep 20, 2013 9:47 pm

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
SEC has taken correct decision

We hope they will continue  and take professional decisions independently

I hope the real appointment Authority also will allow them to work independently



Last edited by D.G.Dayaratne on Fri Sep 20, 2013 9:50 pm; edited 1 time in total (Reason for editing : typing error)

3SEC files motion to Touchwood case Empty Re: SEC files motion to Touchwood case Tue Sep 24, 2013 4:28 pm

Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics
wonder what will happen now that Silva has been appointed to the board?Very Happy Very Happy Very Happy 

4SEC files motion to Touchwood case Empty Re: SEC files motion to Touchwood case Tue Sep 24, 2013 7:11 pm

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
In the courts,

Godahewa and silva may forget all about the case

Wayne Abbott


Senior Equity Analytic
Senior Equity Analytic
@K.Haputantri wrote: SEC files motion to Touchwood case
Friday, 20 September 2013 16:01
Daily Mirror E paper

The capital market regulator, Securities and Exchange Commission (SEC) has filed a motion in the Commercial High Court Colombo that’s hearing the winding up application of agro-forestry investment firm Touchwood Investment PLC filed by a creditor of the company, Mirror Business learns.

The SEC in its motion has inter-alia informed the court on the steps it has taken in connection to Touchwood Investments and the motion will be supported on October 3, 2013, the same day the winding up petition will be taken up for hearing.

Touchwood in a stock exchange disclosure said it had already filed an affidavit of opposition to the said winding up application and would take all further steps to defend and oppose this action.

In the meantime the SEC announced that it had launched a fully-fledged investigation into the business affairs of Touchwood Investments to ascertain whether any securities law has been violated by the company and also imposed a freeze on its non-current assets.

The regulator is believed to have launched the investigation upon the findings of a preliminary investigation conducted into the company on receiving several allegations against the Chairman, CEO and the board of directors of Touchwood Investments.

The SEC also imposed a 6-day trading ban on the company’s shares which lapsed last Wednesday. However, an SEC official who talked to Mirror Business on the grounds of anonymity said neither the freeze of the non-current assets nor the ongoing investigation had not prohibited the company to carry out its day-to-day operational activities.

Meanwhile, touchwood also has an ongoing legal battle with the SEC and Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) in the Supreme Court with regard to its accounting methods.

In the financial years 2004/2005 and 2005/2006 Touchwood Investments PLC adopted the fair value method as explained in International Accounting Standard 41 for the preparation of its accounts. However, a decision was made by SLAASMB that the fair value method adopted by the Company was “unreliable”.
The company challenged this decision of the SLAASMB in a writ application (case No.CA (Writ) 323/2007) in the Appeal Court and on January 25, 2010.

The Appeal Court quashed the decision of the SLAASMB along with the SEC directive issued to the company dated 9 March 2007 through which the company was directed to prepare financial statements for the years ended 31 March 2005 and 2006 on a cost basis in terms of IAS 41. The SLAASMB has appealed to the Supreme Court against the Court of Appeal judgment and the matter is pending before the Supreme Court.

As a result, the order prevailing in the case No.CA (Writ) 323/2007 which was given against SEC has been extended by the Supreme Court until determination of the Appeal case No.SC/ Appeal/100/2011.The case involving SLAASMB has been postponed until 11 December 2013 for arguments.

Touchwood Investments, according to its 2012/13 annual report, has over Rs.8 billion assets, an increase from 6.8 billion in the previous financial year. However the group liabilities stood at Rs.4.68 billion as at end of 2013/13, up from 3.76 billion in the corresponding year.

6SEC files motion to Touchwood case Empty Re: SEC files motion to Touchwood case Mon Sep 30, 2013 12:21 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Wayne,
There's Deepthi on the following thread;

http://forum.srilankaequity.com/t30949p25-deepthi-perera-available-to-comment-in-equity-forum

I wonder how you missed him since no comments from u..

7SEC files motion to Touchwood case Empty Smallville Tue Oct 01, 2013 4:38 am

Wayne Abbott


Senior Equity Analytic
Senior Equity Analytic
@smallville wrote:Wayne,
There's Deepthi on the following thread;

http://forum.srilankaequity.com/t30949p25-deepthi-perera-available-to-comment-in-equity-forum

I wonder how you missed him since no comments from u..
I have stated a section of what is necessary about Mr Deepthi Perera on his open forum,he is a criminal who has defrauded thousands for his personal gain,he has recently sold all out to another criminal Roscoe Maloney for all companies he formerly owned and controlled
Now good people ask him what does he evaluate the current market for touchwood and so forth WHY??? Deepthi Perera is not transparent or concise in decisions were they affect others he is concise for himself only is there any doubt this man has not controlled illegal business transactions/accountancy sheets and so forth when all is quite evident NOW
Roscoe Maloney companies illegally controlled and affiliated with Deepthi Perera this is 100% correct! recently when purchasing from Deepthi his controlling interests? Paying money? for the control of a company and finance company on the Sri Lankan stock exchange what did he pay Deepthi ?????????????

Deepthi Perera has small holding sprinkled throughout Sri Lanka all should be confiscated and paid to Investors and depositers as all has been procured by illegal means and channels

SEC BOI and other authoritive bodies within Sri Lanka should now make this person accountable for his wrongdoings and not let him simply walk away free of any consequences

Foreign Investor wayne steven abbott waynestevenabbott@gmail.com

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