A Singalanka Standard Chemicals PLC accountant has been found to have manipulated the company accounts for the financial period 2001/2002 up to 2007/2008.
A circular by the company to its shareholders recently says the employee, 'appears to have spirited away to the United States of America.' Singalanka said an investigative audit will be launched to look into the fraudulent activities of the accountant. The Securities and Exchange Commission (SEC) has already begun an investigation, having brought the matter to the attention of the Board of Directors.
The company said it is 'perturbed' and that the accounts prepared by this accountant and purportedly audited by BR De Silva and Company with signatures were most probably forged. However, Singalanka said it is very likely that the figures in the accounts will not vary much after a through investigation. A fresh set of accounts for the periods in issue will be circulated to the shareholders after a proper audit is carried out.
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