CSE told of director resignation, 18 months later
View(s):The resignation of a board director of a listed Sri Lanka company has been announced to the Colombo Stock Exchange (CSE), more than a year after he stepped down, probably the first instance where there has been a long delay in such a disclosure.
AFA Corporate Services Ltd, secretaries to troubled Blue Diamonds Jewellery Worldwide PLC, said Xia Liqland, a former chairman, resigned as board director with effect from September 30, 2016. “We apologise on behalf of previous company secretaries for the delay in forwarding the announcement,” it said in an April 27 communication to the exchange.
CSE officials said no action was being taken against the company for the delayed disclosure as it has explained the reasons for the delay.
The company is currently under investigation by the SEC over mismanagement and the misuse of Rs. 165.25 million raised through a rights issue. Mr. Xia stepped down from the chairmanship in June 2016 to take up the mantle as Deputy Chairman/Managing Director of Blue Diamonds Jewellery Worldwide PLC. Dr. Dayanath Jayasuriya, PC was then appointed as chairman with effect from June 20, but in less than 24 hours after the appointment he tendered his resignation.