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» ජීවිතය පටන් ගන්නේ 60න්
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» මිලියන 4,000 ක අකිලගේ ටැබ් කොන්ත්‍රාත්තුව අබාන්ස්ට
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» Dhananath Fernando wins $ 10,000 for Sri Lanka in Think Tank Shark Tank in Asia
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» උදයංග වීරතුංග රැගෙන ඒමට පොලිස් නිලධාරීහු ඩුබායි වෙත
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» ධම්මික පෙරේරා කෝටි 16 ක කාරයක් ගෙනෙයි
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» SAMP.N0000 (SAMPATH BANK PLC)
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» APLA.N0000 (ACL PLASTICS PLC)
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» විගණකාධිපතිගේ 2016 වාර්තාව මෙන්න
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» Boost for foreign investment in Govt. securities
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» CCS.N0000 ( Ceylon Cold Stores)
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» ලෝක ආර්ථිකය කඩා වැටෙද්දී එහි බලපෑම කොළඹට දැනුන හැටි
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» තෙල් මිලේ වැඩිවීමෙන් ගුවන් ටිකට් මිල නගී
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» ජනාධිපති පරීක්ෂණ කොමිෂන් සභාවෙන් ලද, සිංහල භාෂාමය වාර්තා තිස් හතර (34)
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» TPL.N0000 (TALAWAKALE PLANTATIONS )
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» ජනශක්ති ගනුදෙනුව තීන්දුයි. වටිනාකම රුපියල් බිලියන 16 යි
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» BBC කණ්ඩායමක් තාලිබාන් පාලන කලාපයකට ඇතුල් වෙති
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Thu Feb 01, 2018 4:51 pm by Ethical Trader

» තවත් කොටස් තැරැව්කාර සමාගමක් වසා දමයි
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Wed Jan 31, 2018 6:59 pm by soileconomy

» Bank of Ceylon divests stake in Janashakthi Insurance
Tue Jan 30, 2018 3:58 pm by TraderCSE

» වෛද්‍ය වර්ජනය: රජයේ වෛද්‍ය නිලධාරීන්ගේ සංගමයේ ඉල්ලීම් මොනවාද?
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» නිවුන් අලි උපත්: මේ කරුණු දැන සිටියාද?
Mon Jan 29, 2018 12:14 pm by Ethical Trader

» Perpetual Treasuries
Mon Jan 29, 2018 7:43 am by Danidu

» කලා කෘතියක් ඉල්ලූ ජනාධිපති ට්‍රම්ප් වෙත 'රන් වැසිකිලියක්' - වාර්තා
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» TJL.N0000 (Textured Jersey Lanka PLC.)
Fri Jan 26, 2018 6:32 pm by Ethical Trader

» සේවා ස්ථානයේ අරියාදු සහ අඩන්තේට්ටම් : 'බුලි' වුණොත් මොකද කරන්නේ?
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» RULES ON ALL OR NONE (AON) BLOCKS
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» Time is of essence in dealing with dengue:Expert, Recent deaths could be due to patients "coming in late" for treatment
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» නියම බුදු දහම
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» "දූෂණය" ගැන මහින්ද රාජපක්ෂට නඩු පවරන්න - ජනාධිපති කොමිසම
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» හිඟයක් වැළැක්වීමට ලේ දන් දෙන්න: ජනතාව වෙත ඉල්ලීමක්
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» බලාගෙනයි, 'ගුවනින් අසූචි'!
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» සිව් හෙලයේ ඉතිහාසය නිවැරදි කිරීම
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» China offers best chance for SL development: CB
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Scandal at Thai shareholder of Sri Lanka's Commercial Credit takes new turn

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Scandal at Thai shareholder of Sri Lanka's Commercial Credit takes new turn

Post by Backstage on Fri Oct 20, 2017 12:39 pm

Scandal at Thai shareholder of Sri Lanka's Commercial Credit takes new turn
Oct 20, 2017

- Group Lease Public Company Ltd, which owns a third of Sri Lanka's Commercial Credit Plc, has been asked to re-do its accounts by Thailland's stock exchange days after its Chairman was charged with fraud by the regulator.

Thailands stock exchange said it was suspending trading in the stock, which has plunged in recent days for the second time pending the re-filing of corrected accounts.

Group Lease's chairman was charged with securities fraud over executing concealed deals, mis-appropriating assets, permitting false accounting and preparing incorrect accounts.

The exchange in a notice said the firm's loan book was exaggerated.

"Since the loan’s interest rate is approximately 14-25% per year, the interest revenue from operation is also overstated," the notice said.

The scandal blew up after a group of anonymous analysts released a detailed report on the firm and its boss was charged almost at the same time.

Group Lease hit Sri Lanka's headline after it bought a 29.9 percent stake in Commercial Credit Plc, at a steep premium to market price. A 22.7 percent stake was bought from Creations Lanka, a company which had a director in the main board of the Group Lease the auditor noted.

The stake was acquired at 2,462 million Thai Bhat and acquisition costs of 26 million Bhat, but the stock had a market value of only 1,391 million in Colombo. An independent valuer had assessed the stake at 1,600 to 1,700 million Bhat, the auditor noted. T

The auditor also said that 40 percent of the company's assets were made up of loans given to a Singapore based subsidiary, who had in turn loaned them to other parties. The interest was 38 percent of the revenue, the auditor said.

Creations Lanka, a foreign firm which had a common director with Group Lease, started buying into Commercial Credit in 2014. Commercial Credit which has been growing its loan book and deposits aggressively from arrund 2010.. (Colombo/Oct20/2017)
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Re: Scandal at Thai shareholder of Sri Lanka's Commercial Credit takes new turn

Post by Hybrid on Mon Oct 23, 2017 6:57 pm

Is the Buzz word these days is about COCR.N

The Thai Investor Company is still active though they tried to let a stooge director be appointed on the board.

Unfortunately for that company, the stooge had UDDER plans and tried another game in Thailand. Seems that hell went loose and the wise analysists there got a sniff of the scent. They let the cat out of the bag and the hurricane ‘Kunumalu’ blew towards Lanka.

Apparently, the loan collections are not performaing well and they do have some Management mismanagement. The provisions for Tax in the qtr 3/2017 is sky high. Have. A look at the financials.
Also look at the previous qtr.

We need to keep an eye on this entity!
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