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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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»  බැඳුම්කර වාර්තාව
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» "මිසයිල් අනතුරු ඇඟවීම වැරදි බොත්තමක් එබීමෙන්"
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» ඉන්දියාවේ ශ්‍රේෂ්ඨාධිකරණ විනිසුරුවෝ අගවිනිසුරුට එරෙහිව ප්‍රවෘත්ති සාකච්ඡාවක
Mon Jan 15, 2018 2:06 pm by Ethical Trader

» එක්කෝටි විසි ලක්ෂයකට අධික ළදරු කිරිපිටි ඇසුරුම් ආපසු කැඳවයි
Mon Jan 15, 2018 2:00 pm by Ethical Trader

» ට්‍රම්ප්ගේ "ජාතිවාදී" භාෂාව ගැන කෝපය පළ වේ
Sun Jan 14, 2018 5:32 pm by කිත්සිරි ද සිල්වා

» විශ්මිත නිර්මාණ එළිදැක්වූ ලෝකයේ විශාලතම තාක්ෂණික ප්‍රදර්ශනය
Sat Jan 13, 2018 12:12 pm by Ethical Trader

» CCTV මගින් රථවාහන දඩ: අත්හදා බැලීම පෙබරවාරියේ
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» ලෝකයේ රටවල් දෙකක මහා දේශගුණික වෙනස
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» බැඳුම්කරය: මහින්දගෙන් ප්‍රශ්න කරන්න ජනමාධ්‍ය බයද? - රනිල්
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» ලංකාවේ සුපිරිම දුම්රිය ස්ථානය
Sun Jan 07, 2018 5:33 pm by spw19721

» බැඳුම්කර කොල්ලයේ හෙළි වූ හොරු මෙන්න
Sun Jan 07, 2018 11:07 am by Ethical Trader

» අගමැති නිදොස් යයි කීම "ස්වයංවින්දනයක්ද?"
Sun Jan 07, 2018 10:51 am by Ethical Trader

» නව බදු : සෞදි බලධාරීන්ගෙන් තවත් පියවරක්
Sun Jan 07, 2018 10:48 am by Ethical Trader

» දුප්පත්කමින් එතෙරවීමට ඉනිමං බඳින චීනය
Sun Jan 07, 2018 10:45 am by Ethical Trader

» "නාන්න අවසර විනාඩි දෙකයි"
Sun Jan 07, 2018 10:39 am by Ethical Trader

» බැඳුම්කර කොමිසමේ නිර්දේශ ක්‍රියාත්මක කරන්න - අගමැතිගෙන් උපදෙස්
Sat Jan 06, 2018 7:24 pm by කිත්සිරි ද සිල්වා

» "Politically Black": බ්‍රිතාන්‍යයේ ජාතිවාදයට එරෙහිව සටන් වැදුණු ශ්‍රී ලාංකිකයා
Sat Jan 06, 2018 12:26 pm by Ethical Trader

» 'ෆයර් ඇන්ඩ් ෆියුරි' බොරුවෙන් පිරිලා - ට්‍රම්ප්
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» සුනඛයෙකුට කළ ප්‍රතිකාරයකින් බිම් බෝම්වලට ගොදුරුවූවන්ට "නව බලාපොරොත්තුවක්"
Fri Jan 05, 2018 7:51 pm by කිත්සිරි ද සිල්වා

» රවිට නඩු, රනිල්ට තරවටු, සියලු පාඩු අයකර ගැනීමට පියවර- ජනපති කියයි..
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» සෞදි අරාබිය සහ එක්සත් අරාබි එමීරය පළමු වරට බදු හඳුන්වා දෙති
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» ඉරානය- මරණ විසි ගණනක්; සිය ගණනක් අත්අඩංගුවේ
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» ස්වර්ණමහල් සහ ඊටීඅයි ෆිනෑන්ස් සමාගම් මහ බැංකුවේ නියාමනයට
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» Ouch !
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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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