ABANS GROUP SELLS FINANCE COMPANY TO LAUNDRY OPERATOR , LOSSES CONTROL & CAPITAL INFUSION FAILS TO SAVE ABANS FINANCE -
Abans Finance PLC profit declines to 55Mn From 78 Mn , after being downgraded to associate status -
Worse ever performance by a Company with Equity base of Rs 1.1 Bn.
-Non performing assets increased from 534 Mn to 805 Mn.
-Interest margin declined from 13.5 % to 11.2 %.
-Return on average assets declined from 3.4 % to 2.0%.
-Return on average Equity declined from 20.5 % to 8.0%.
CENTRAL BANK FINDS MAJOR MANIPULATIONS AND NON COMPLIANCE WITH DIRECTIVES TO REPORT FALSE PROFITS.
CEO is only a puppet and does not get involved in any business promotion and always on the computer preparing his assignments for studies.
Two staff members of Ironwood Investments , one of the major share holder works as full time employees and runs the business and gives directions to staff.
COO who knows nothing other than recoveries has also messed up and the Non performing assets increased from 534 Mn to 805 Mn. COO is also not allowing the recovery staff to check the payments on new loans which are in arrears.
Both are planning to collect some fictitious cheques from customers and manipulate the profits for December 2017.
The Chief Internal Auditor is also assisting the management to manipulate the profits.
The Chief Financial Officer has quit his job and the head of risk also has submitted his resignation after the CBSL Audit.
Small number of shares are traded at high prices to manipulate the market price.
Be cautious and don't get carried away and looses your money.
Abans Finance PLC share which was trading at Rs 69.90 has dropped after decline in profits. Independent Director Himubuldeniya's paper Company bought money from Cayman Island and bought at Rs 25.00 defrauding minority share holders
Trades are presently at Rs 22.00 levels but small quantities of 2 to 20 shares are trading at higher prices due to manipulation. Don't get cought to - "Pumping and Dumping".
“Ironwood Investment” , Abans group and proxies are manipulating the share price of Abans Finance PLC by “Pump and dump" (P&D) which is a form of microcap stock fraud that involves artificially inflating the price of an owned share through false and misleading trades. They undertook to reduce their holding to satisfy minimum float requirements.
SEC and CSE should investigate the trades of small number of shares traded at artificially high prices to mislead investors.