Aug 30, 2011 (LBO) - Sri Lanka's securities watchdog has fined Environmental Resources Inc and several officers, over a disclosure related offence, market sources said.
Sri Lanka's Securities and Exchange Commission earlier sent the firm a notice of action, over a disclosure related matter.
Under Sri Lanka's securities law, a person charged with securities fraud can agree to pay a 'compound fee' and avoid going to court.
Market sources said the company and three directors had been fined close to 10 million rupees.
A company official confirmed that it had settled with the SEC.
The SEC had earlier been probing the firm's filings that it owned stock in a platinum mine and other securities of unlisted firms. ERI late said it had sold the mining stock and remitted cash to the firm.
source - www.lbo.lk
No comments:
Post a Comment