Watchdog Action

Sept 23, 2009 (LBO) - The Securities and Exchange Commission of Sri Lanka (SEC) has filed charges against two senior executives of Singalanka Standard Chemicals for falsifying accounts and forging auditors' signatures.





They had committed an offence under section 51(1) (b) of the Securities and Exchange Commission Act, the statement said.

Singalanka Standard Chemicals said in a stock exchange filing that the SEC has filed charges in the Magistrate's Court against Singalanka chairman Ratnarajah Navaratnam and Kanepathipillai Ketheeshwaran, a key employee of the firm.

The charges were for the alleged submission of audited financial statements under false signatures in the annual reports of Singalanka Standard Chemicals to the Colombo Stock Exchange for the years ended 31st March 2002 to 31st March 2007.

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This was in contravention of the provisions contained in Rule 17 of the SEC Rules and in violation of the Continuing Listing Requirements of the CSE Listing Rules, the statement said.

"The accused are charged for the incorporation of false/fictitious audit reports in the annual reports, by allegedly committing acts of forgery and by impersonating signatures of the auditors on the purported audited financial re