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Ex envoy and Mackwoods Chairman hits back at SEC directive

24 Jul, 2016

In a strongly worded response to the directive issued by the Securities and Exchanges Commission, regarding the sale of 60.8% shares of Agalawatte Plantations PLC, Chairman of Mackwoods Plantations Pvt Ltd, Dr Chrishantha Nonis pointed out that the transaction was carried out with due authorization and instructions being issued to the stock broker.

The action by the SEC in issuing a directive on a complaint made by non-shareholders, without making any formal inquiries into the matter, is highly questionable, he says. The sale of Agalawatte shares was completed on 14^th July 2016 and six days after the share transaction was concluded, the SEC on 20^th July issued a directive stating that shareholder approval had not been obtained.

The stock broking firm has informed the SEC that the contents in the directive are incorrect in that the instructions received were not only from Dr. Chris Nonis but also from Mrs. Shelendra Ranaweera and Mr. Lalith Fonseka, which information was available to the SEC.

The letter further states that the SEC should not interfere with the internal affairs of Mackwoods Plantations (Private) Ltd, and has requested that the SEC withdraw its allegations.?(Colombo Gazette)

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