Failure to Immediately Disclose Material Information

Type of enforcement action

Name of Party

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

Conduct and outcome

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


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. Kim Seiw Tee
2. Zukri Bin Samat
3. Hizamuddin Bin Jamalluddin
4. Dato Azmil Khalili Bin Khalid
5. Leong Yow Lee
6. Dato Nik Faizul Bin Nik Hussain
7. Keith George Cowling
8. Jehan Prasanna Amaratunge
9. Albert Rasakantha Rasaiah
10. Niranjan De Silva Deva – Aditya
11. Hewawasamge Ravindranath Srilal Wijeratne
12. Mr. R. B. M. Salleh

Upon a request made to the SEC, the SEC compounded as provided for under section 51A of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 the offence of failure to make an immediate disclosure of rating downgrades in listed debentures of MTD Walkers PLC and for the misleading disclosures made in the company’s corporate announcements, which amounted to acting in breach of the Listing Rules of the CSE, and the SEC Rules, by 12 Directors of MTD Walkers PLC, upon the payment of an aggregate sum of Rupees thirty six million three hundred thousand to the Compensation Fund of the SEC.

Compounded on – 20th November 2020

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.