Sri Lanka’s Securities and Exchange Commission in a while ago officially confirmed that it has carried out an investigation into Environmental Resources Investment PLC and compounded the company, its chairman and the two executive directors.
The offences committed by the company were contravening the Listing Rules of the CSE as well as certain SEC rules pertaining to non-disclosures and dissemination of misleading information to the CSE relating to certain material information concerning the company.
The statement by the SEC said that the two executive directors, Dr.Kosala Heengama and Scott Newsome were fined Rs.3.3 million each while the company paid another 3.3 million. ERI chairman Lalith Heengama was also fined Rs.500, 000.
“SEC has imposed the maximum fine it can inflict upon ERI under the present rules and regulations, which is Rs.10 million” a SEC spokesman said.