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Thu, 24 April 2014 14:51:27
Sri Lanka PCH Holdings reveals guarantee to chairman
20 Nov, 2012 15:03:08
Nov 20, 2012 (LBO) - Sri Lanka's PCH Holdings Plc, has revealed that it had guaranteed a margin trading loan of its chairman S Rishan, but it had not been disclosed when the firm was listed "due to an oversight".
"Also we would like to inform you that, management would take appropriate steps to revoke the above guarantee in the future," the firm said in a stock exchange filing.

The firm said the guarantee had been given before PCH Holding s was listed.

The firm was listed through an introductory document.

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READER COMMENT(S)
2. solly Nov 22
According the companies act - shareholders can sue the independent directors for not been vigilent and not being responsible for minority shareholder interest
1. mussail Nov 21
SEC Should fine and fine heavy on such companies. When there is a financial pain only, the relevant officers will become more vigilant.

SEC needs to review the fine amounts and increase it to current levels. the Government only seem to be interested in increasing poor mans traffic fines.