Failure to Immediately Disclose Material Information

Type of enforcement action

Name of Party

Conduct and outcome


LOLC Holdings PLC

The Commission resolved to issue a letter of Warning to LOLC Holdings PLC for the reckless conduct related to disclosure of material information.

Warned on 08th April 2024


1. Miramar Beach Hotels PLC
2. D. Arjuna Dias (Director)
3. R. D. Gunapala (Director)

Consequent to action instituted by the SEC, the Colombo Fort Magistrate’s Court on 03rd March 2017 after conviction fined Miramar Beach Hotels Limited Rs. 1.3 million for the failure to release the Annual Reports of the Company for the financial years ended 2008 and 2009 to the Colombo Stock Exchange in a timely manner, in terms of the Rules of the SEC and the Listing Rules of the CSE.

Convicted on 03rd March 2017


1. K. Boralessa
2.A. Medonza
3.J. M. Alles

Failure to make immediate disclosure of material information relating to the financial crisis faced by Magpek Exports Ltd.

Kindly note that the names of certain personnel against whom enforcement action were taken in the past pertaining to this offence have been removed in accordance with the retention policy for publications.