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Madatory Offer –Abans Finance PLC - Will it be another ANILANKA?
1)When Abans Finance was formed no cash was put in. -Hire Purchase portfolio was transferred as share capital.(Source-Central Bank of Sri Lanka).
2)When listing was made shares were fraudulently transferred to employees namely MRS. H G S CHANDRAKANTHI, MRS. M V I F FERNANDO, MR. A H A JAYASINGHE, MR. D S KARUNAKARAN, MR. K KUNENTHIRAN, MR. N N PERERA, MR. P K PESTONJEE, MISS. C V SUMANADASA, Mr S C H GAMAGE and MISS. I N JALALDEEN to cheat the CSE/SEC on “Public float rule”.(Source-Annual Report –AFSL. 2011/2012.)
3)These employees have no means to buy the shares and FCID should investigate under money laundering act(Source-Employees of Abans PLC)
4)CDS accounts were opened for MRS. M V I F FERNANDO, MR. A H A JAYASINGHE, MR. D S KARUNAKARAN, MR. N N PERERA and Mr S C H GAMAGE and MISS. I N JALALDEEN with Acquity stock brokers and JB stock brokers and shares sold fraudulently without payment of money.(Source- Acquity stock brokers and JB stock brokers.)
4)When private placement was made shares were issued to Ironwood , company owned by independent director and audit committee chairman Hiran Embuldeniya at a discounted price of Rs 25.00 when the share was trading closer to 41.20 (highest 69.90) ,cheating the minority share holders(Source-stock exchange records)
5)Hiran Embuldeniya made application to buy shares even before the Company was incorporated on 13th August 2015 with 2 ordinary shares of Rs 10.00 each . One share is owned by Hiran Embuldeniya and one share owned by Mr.Chanaka wickramasuriya(Source-Central Bank of Sri Lanka)
6)Seylan bank offered 2 times the asset value to buy the shares but private placement was at 1.33 times asset price to Ironwood.(Source-Seylan Bank)
7)A company named Able Investment was set up in 2016 to buy and transfer shares of employees 617,130 shares (1.11%)and the price at which such company bought is around Rs 45.00. The mandatory offer price as Abans and Ironwood have acted in concert (Source-Registrar of companies)
Able Investment (Private) Limited, A B Cold Storage ( Private) Limited, Cleantech ( Pvt ) Ltd and Cleantech ( Pvt ) Ltd are connected parties to Abans PLC and Mr.K.Kunenthiran, Mrs.C.V.Sumanadasa and Mrs.S.C.Henagama Gamage are proxy employees holding shares. Mr.P.N.Pestonjee, Mr.B.Pestonjee, Mr.R.Pestonjeen ,Mrs S.Dubash and Mrs.A.Pestonjee are Directors of Abans PLC.As such the shares owned by them should not be counted under “Public Float”.(source-Financial Statement as at 31st December 2016.)
9)Poor CSE and SEC were cheated and taken for a ride(Source-Investors and General public.)
10)Mr Hiran Embuldeniya common Director of Abans and Ironwood continue to serve as Audit Committee Chairman and Independent Director(Source-Varners International-company secretaries)
1)When Abans Finance was formed no cash was put in. -Hire Purchase portfolio was transferred as share capital.(Source-Central Bank of Sri Lanka).
2)When listing was made shares were fraudulently transferred to employees namely MRS. H G S CHANDRAKANTHI, MRS. M V I F FERNANDO, MR. A H A JAYASINGHE, MR. D S KARUNAKARAN, MR. K KUNENTHIRAN, MR. N N PERERA, MR. P K PESTONJEE, MISS. C V SUMANADASA, Mr S C H GAMAGE and MISS. I N JALALDEEN to cheat the CSE/SEC on “Public float rule”.(Source-Annual Report –AFSL. 2011/2012.)
3)These employees have no means to buy the shares and FCID should investigate under money laundering act(Source-Employees of Abans PLC)
4)CDS accounts were opened for MRS. M V I F FERNANDO, MR. A H A JAYASINGHE, MR. D S KARUNAKARAN, MR. N N PERERA and Mr S C H GAMAGE and MISS. I N JALALDEEN with Acquity stock brokers and JB stock brokers and shares sold fraudulently without payment of money.(Source- Acquity stock brokers and JB stock brokers.)
4)When private placement was made shares were issued to Ironwood , company owned by independent director and audit committee chairman Hiran Embuldeniya at a discounted price of Rs 25.00 when the share was trading closer to 41.20 (highest 69.90) ,cheating the minority share holders(Source-stock exchange records)
5)Hiran Embuldeniya made application to buy shares even before the Company was incorporated on 13th August 2015 with 2 ordinary shares of Rs 10.00 each . One share is owned by Hiran Embuldeniya and one share owned by Mr.Chanaka wickramasuriya(Source-Central Bank of Sri Lanka)
6)Seylan bank offered 2 times the asset value to buy the shares but private placement was at 1.33 times asset price to Ironwood.(Source-Seylan Bank)
7)A company named Able Investment was set up in 2016 to buy and transfer shares of employees 617,130 shares (1.11%)and the price at which such company bought is around Rs 45.00. The mandatory offer price as Abans and Ironwood have acted in concert (Source-Registrar of companies)
Able Investment (Private) Limited, A B Cold Storage ( Private) Limited, Cleantech ( Pvt ) Ltd and Cleantech ( Pvt ) Ltd are connected parties to Abans PLC and Mr.K.Kunenthiran, Mrs.C.V.Sumanadasa and Mrs.S.C.Henagama Gamage are proxy employees holding shares. Mr.P.N.Pestonjee, Mr.B.Pestonjee, Mr.R.Pestonjeen ,Mrs S.Dubash and Mrs.A.Pestonjee are Directors of Abans PLC.As such the shares owned by them should not be counted under “Public Float”.(source-Financial Statement as at 31st December 2016.)9)Poor CSE and SEC were cheated and taken for a ride(Source-Investors and General public.)
10)Mr Hiran Embuldeniya common Director of Abans and Ironwood continue to serve as Audit Committee Chairman and Independent Director(Source-Varners International-company secretaries)
