The Securities and Exchange Commission (SEC) is carrying out an investigation pertaining to John Keells Holdings (JKH) share transactions that has taken place before and after the landmark judgment on their subsidiary Lanka Marine Services Ltd (LMSL), according to SEC sources.
"A complete investigation is being done at SEC with regard to this," a SEC source told The Sunday Times FT. The source also said that the Sri Lanka Accounting and Auditing Standard Monitoring Board (SLAASMB) has also been notified by the SEC to check whether JKH's disclosure on the financial impact on LMSL submitted by the company for the quarter ended 30th June 2008 is 'adequate'. "But SLAASMB has still not come back to us." A SLAASMB source confirmed SEC's request adding that they are in the process of looking at it.