More companies in default board for delaying financials

A number of companies were moved to the default board of the Colombo Stock Exchange yesterday for failing to submit their financial statements.
Agalawatte Plantations PLC of the Mackwoods Group had not submitted its annual report for the year ended December 31, 2015.

Entrust Securities PLC and Blue Diamonds Jewellery Worldwide PLC, two entities who are in trouble for mismanagement were transferred to the Default Board for not submitting the interim financial statements for the quarter ended March 31, 2016.

Investigations are underway on Blue Diamonds Jewellery Worldwide for mismanagement and dumping of shares, while directors of the state-owned National Savings Bank have been appointed to run Entrust Securities.

 Mackwoods Energy PLC managed to submit its interim financial statements within 24 hours of being transferred into the Default Board, and was transferred back to the Diri Savi Board. (CW)