Lankan regulator gets tough with LRA and EAP, suspends debenture issue

Business

EAP Broadcasting Co Ltd has said that it would seek another rating for its forthcoming debenture issue after Sri Lanka’s Securities and Exchange Commission (SEC) suspended the activities of Lanka Ratings Agency (LRA) which had provided a rating for this debenture issue. In a statement on Thursday, EAP said the debenture issue, due to debut on Thursday June 11, has been postponed until a new rating, as directed by the SEC, is obtained. The SEC last week suspended the LRA pending an inquiry and on Tuesday pointed to a conflict of interest between EAP directors and LRA directors and directed EAP to get a fresh rating. LRA Chairman Prithi Jayawardene is a director at LRA while EAP directors Dayanath Jayasuriya (chairman) and Russel de Mel are on the LRA Ratings Committee. – Ends -

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