Chris Nonis tells SEC not to interfere with Mackwoods internal matters

In a rather brazen move, Mackwoods Plantations Chairman Dr. Chris Nonis has written to the country’s capital market regulator, Securities and Exchange Commission (SEC), urging them not to interfere with the internal matters of Mackwoods Plantations Pvt Ltd.

In a strongly-worded response to the directive issued by the SEC last week regarding the sale of 60.8 percent shares of Agalawatte Plantations PLC held by Mackwoods Plantations Pvt Ltd, Dr. 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,” Dr. Nonis said, issuing a media 
statement yesterday. 

He pointed out the sale of Agalawatte shares was completed on July 14, 2016 and it was after six days the SEC 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 and that the instructions received were not only from Dr. Chris Nonis but also from Mrs. Shelendra Ranaweera and Mr. Lalith Fonseka,” Dr.Nonis said. 

The media statement further said in his letter, Dr.Nonis requested from the SEC to withdraw its allegations.