LVL Energy Fund fined by CSE for delayed market disclosures

The Colombo Stock Exchange (CSE) has imposed an enforcement penalty on LVL Energy Fund PLC after the listed company repeatedly failed to promptly disclose directors’ share transactions.

In a market announcement yesterday (25), the CSE said LVL Energy Fund had delayed disclosing a series of share disposals in Lanka Ventures PLC by directors who held related interests in those transactions by virtue of serving on the company’s board. The disclosures were required under Rule 7.8(c) of CSE Listing Rules.

The bourse said it had initially issued the company with a letter of warning for the first instance of non-disclosure. However, subsequent instances of delayed reporting resulted in the imposition of a financial penalty under Rule 7.8(f)(ii) of the Listing Rules for failing to ensure compliance with the disclosure requirements.

Neither the CSE nor the company disclosed the value of the penalty, the number of transactions involved or the period over which the disclosure breaches occurred.