Securities Exchange Commission of Sri Lanka asks John Keells for disclosure in price sensitive information related to Lanka Marine Services

 Securities Exchange Commission (SEC) of Sri Lanka has asked John Keells Holdings (JKH) to make timely disclosures after a court order on its bunkering unit, Lanka Marine Services (LMS), seeking legal advice on what it could do to help implement the order.

SEC said in a statement that JKH had to disclose material information relating to the deal, and failure would result in an offence.

Sri Lanka has a disclosure regulation framework where the SEC relies on timely release of pertinent information for investors to make decisions, rather than going to the merits of companies and their performance.

Following the Supreme Court decision that ordered the LMS to handover its bunker farm land to Sri Lanka Port Authority, the Sri Lankan authorities have asked LMS to pay 750 million rupees in back taxes.