SEC goes to court against Asia Capital

The Securities and Exchange Commission (SEC) has instigated court action against Asia Capital PLC due to non submission of accounts for financial years 2008 and 2009, according to informed sources.

“The commission has decided to go to courts against Asia Capital as they have lapsed in submitting their accounts to the Colombo Stock Exchange (CSE),” a source told the Business Times. The new owner of the company is V. Vijayaratnam of the controversial multi-level pyramid marketing scheme with nearly 87% of the issued capital, buying another stake in February 2010 to add to 58.99% which he had earlier.