Yaddehige’s statement recorded by SEC over Kegalle Plantations issue
View(s):Richard Pieris Group Chairman Dr. Sena Yaddehige, who was asked to report to the capital market regulator over securities fraud a few months ago, has finally given his statement to the Securities and Exchange Commission (SEC) late last month.
His statement was recorded in relation to a matter pertaining to the group’s subsidiary, Kegalle Plantations, , a source close to Richard Pieris told the Business Times. Dr. Yaddehige had said earlier that he was in the UK and indisposed and medical records were submitted sometime ago saying that he would be available at a later date.
The source said that lawyer Paul Ratnayake, a director at Kegalle Plantations, had given a statement to the SEC a couple of months ago in the same connection.
The company had got a strong warning in 2009 from the SEC over alleged insider trading with regard to Kegalle Plantation. The SEC’s probe on this matter have been concluded and the regulator will intimate the findings in due course to the company, according to the source.
Recent resignations by three independent Non-Executive Directors – Prof. Lakshman R. Watawala, Prof. Kapila Goonasekera and Dr. Anura Ekanayake were also over the company’s failure to accept their advice on these issues and other matters at the company, the source said.
All three had served on the Audit Committee, Related Party Transactions Review Committee and Nominations Committee while two of them also served on the Remuneration Committee.