AMBEON CAPITAL PLC (TAP.N0000)

Please have a look at the Top Shareholders list and the Group shareholding structure of Taprobane Holdings (TAP). According to the shareholders list Lexinton Financial Services (pvt) Ltd owns 36.34% of Taprobane Holdings PLC (TAP). But according to the group holding structure, Taprobane (TAP) owns 100% of Lexinton Financial Services (pvt) Ltd through Lexinton Holdings (pvt) Ltd. This is the newest fraud of Ajith Devasurendra and his henchmen!! Taprobane through its subsidiary had given a loan to Ishara Nanyakkara to purchase 36% of Taprobane.

So the share is already pumped by the henchmen, it only requires to be dumped on the the poor retailers.





Introductory Document
http://www.cse.lk/cmt/upload_report_file/1181_1337230069.pdf

What you can expect from 'King of Bond'?


Read this link.
http://www.thesundayleader.lk/2012/05/13/analysts-slam-conflict-of-interest-by-ajith-devasurendra/

Very good discovery. Looks like Taprobane through Lexinton Financial Services had given a loan to Ishara Nanayakkara to buy shares of Taprobane Holdings.

Taprobane Pussak Wage neda.

Taprobane Securities is a subsidiary of Taprobane Holding (TAP), who performed the shabby deal of TFC/NSB.
Also the MD/CEO of Taprobane Securities is Dinal Wijemanne who was one of the key shareholders who disposed his shares of TFC with the TFC/NSB deal.
This Taprobane group should be severely punished.

What is the role of the SEC? Aren't they the regulators who is supposed to safeguard the interests of all the stakeholders.
Do they blindly approve listings and introductions without conducting any study.
Or do they accept a big bribe and pretend to be blind?
These stupid regulators are doing an irreparable damage to this market.
Why couldn't they stop the introduction?
No wonder the market dwindling day by day.

Very good discovery. It's illegal and unethical to provide margin facilities to purchase own company or holding company shares.

SEC should have asked them to divest it before the listing. This is why I always say,

REGULATOR IS IMPOTENT!
Investors should avoid this kind of shady companies.

See the share split.1 in to 35 shares.Share is not worth even 50Cents.

Lexinton has transferred 700,000 shares to Nanya.. & asirwathan family at 0 cost.

Nice drama......

SRIAS wrote:

What a shocking revelation. At today's closing price of Rs.7/- they are making a massive 2,350% return or in other words they are multiplying their investment by 24.5 times. All these within three years.

Now they will gradually dispose their holding into retailers.

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This is the 1st time in history of CSE a company is listed within three days after releasing the prospectus. Normally prospectus should release at least two weeks prior to the listing date.

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WHERE IS OUR SHAMELESS REGULATOR WHO APPROVED THE LISTING

WHY CSE FIXED THE TRADING DATE AND ALLOWED TO TRADE THE SHARES WHEN COMPANY FAILED TO CIRCULATE THE PROSPECTUS WITH ADEQUATE TIME FOR THE INVESTORS STUDY.

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hariesha wrote:What a shocking revelation. At today's closing price of Rs.7/- they are making a massive 2,350% return or in other words they are multiplying their investment by 24.5 times. All these within three years.

Now they will gradually dispose their holding into retailers.

************************************************************
This is the 1st time in history of CSE a company is listed within three days after releasing the prospectus. Normally prospectus should release at least two weeks prior to the listing date.

************************************************************

WHERE IS OUR SHAMELESS REGULATOR WHO APPROVED THE LISTING

WHY CSE FIXED THE TRADING DATE AND ALLOWED TO TRADE THE SHARES WHEN COMPANY FAILED TO CIRCULATE THE PROSPECTUS WITH ADEQUATE TIME FOR THE INVESTORS STUDY.

************************************************************

No point of talking boss! All this is a total BS!
Is there any difference between LGL-EPF Deal n TFC-NSB Deal - No
How many listed companies r cheating on retailers/investors...We don't even know the number!
But we're havin high hope on foreign purchases!
Do we know the genuineness of them! Sometimes they can be offshore accounts of these crooks!

My worry is about all these interwoven PLCs with TAP and BIL as Free Lanka Capital Holdings | Sierra Cables | Agstar Fertilizers | LOLC, and so forth. Without having a good cooperate PR and policies, how can we trust these goons ? This would be the million rupees question that we all ask ..

Avinash wrote:Please have a look at the Top Shareholders list and the Group shareholding structure of Taprobane Holdings (TAP). According to the shareholders list Lexinton Financial Services (pvt) Ltd owns 36.34% of Taprobane Holdings PLC (TAP). But according to the group holding structure, Taprobane (TAP) owns 100% of Lexinton Financial Services (pvt) Ltd through Lexinton Holdings (pvt) Ltd. This is the newest fraud of Ajith Devasurendra and his henchmen!! Taprobane through its subsidiary had given a loan to Ishara Nanyakkara to purchase 36% of Taprobane.

So the share is already pumped by the henchmen, it only requires to be dumped on the the poor retailers.





Introductory Document

This is simillar to a situation in which father and son are the same person.

ARC Capital (pvt) which is the other owning company of Taprobane (TAP) is represented by two under-aged directors who are the 2 sons of Ajith Devasurendra. Looks like the God loving Rajan Asiriwarthan and Rohini Nanyakkara have become the two guardians for these under-aged directors.

As a shareholder of LOLC I was keen to find out the reasons for Mr. Ishara Nanayakkara’s name being mentioned in this story. It is said that he has taken a loan from a subsidiary of Taprobane Holdings itself to buy the shares of Taprobane Holdings. I checked up from LOLC and they confirmed that Mr. Ishara Nanayakkara has not obtained such a loan from any subsidiary of Tarpobane to purchase the holding he has in Taprobane Holdings PLC. They said he is not even a director of this company as some blogs have stated but is only a shareholder of Taprobane Holdings. They also confirmed that he or LOLC has had no involvement with this TFC transaction and expressed disgust about their names being unfairly dragged in to this scandal. LOLC or Mr. Nanayakkara has not sold TFC shares. However as it is stated on the Taprobane prospectus that Mr. Nanayakkara has taken a loan from a company called Lexington, which is a subsidiary of Taprobane, I checked up with Taprobane holdings and they confirmed that it is printed by mistake and that he has not taken any such loan. These companies have to act with more care on such matters.
Ishara is young and dynamic businessman leader under whose able leadership LOLC Group is performing exceptionally well. It is not fair to drag his name unnecessarily in to such articles.
I appreciate blogs like this bringing out information on any wrong doers or people engaged in unethical practices but dragging the names of people who had no involvement just to tarnish their reputation is not fair.
Ishara Nanayakkara happens to be the one of the few promising young Sinhalese business leaders. I sincerely hope this is not an effort by some persons with ulterior motives to discredit the few Sinhalese business leaders in the country using this scandal as a scape goat.

Typical example for White washing...!

Machang collect&dump!
We're not babies & no hard feelings on ur effort!
I don't wanna waste my time on checking out the truth!

collect&dump wrote: As a shareholder of LOLC I was keen to find out the reasons for Mr. Ishara Nanayakkara’s name being mentioned in this story. It is said that he has taken a loan from a subsidiary of Taprobane Holdings itself to buy the shares of Taprobane Holdings. I checked up from LOLC and they confirmed that Mr. Ishara Nanayakkara has not obtained such a loan from any subsidiary of Tarpobane to purchase the holding he has in Taprobane Holdings PLC. They said he is not even a director of this company as some blogs have stated but is only a shareholder of Taprobane Holdings. They also confirmed that he or LOLC has had no involvement with this TFC transaction and expressed disgust about their names being unfairly dragged in to this scandal. LOLC or Mr. Nanayakkara has not sold TFC shares. However as it is stated on the Taprobane prospectus that Mr. Nanayakkara has taken a loan from a company called Lexington, which is a subsidiary of Taprobane, I checked up with Taprobane holdings and they confirmed that it is printed by mistake and that he has not taken any such loan. These companies have to act with more care on such matters.
Ishara is young and dynamic businessman leader under whose able leadership LOLC Group is performing exceptionally well. It is not fair to drag his name unnecessarily in to such articles.
I appreciate blogs like this bringing out information on any wrong doers or people engaged in unethical practices but dragging the names of people who had no involvement just to tarnish their reputation is not fair.
Ishara Nanayakkara happens to be the one of the few promising young Sinhalese business leaders. I sincerely hope this is not an effort by some persons with ulterior motives to discredit the few Sinhalese business leaders in the country using this scandal as a scape goat.

We all know Mr Ishara Nanayakkara is honest and a hardworking businessman. We also know that he has nothing to do with the TFC deal. We have lot of respect for Mr Nanyakkarra. He has built a great business conglomerate setting a great example for up and coming young entrepenuers how to succeed in business.

But it is not fair to blame the people who had analyzed Introductory document of Taprobane in which his name is clearly mentioned in more than one place as a shareholder with a margin account with Lexinton Financial Service which is fully owned company of Taprobane.

Instead of blaming innocent bystanders for disclosing facts given in the introductory document, Ishara Nanyakkara should take appropriate action against Taprobane Holdings and its directors for wrongfully including his name in the introductory document with the intention of discrediting him.

It is strange that todate Taprobane had not issued a statement relating to this mistake. I hope there are no mistake relating to the assets and liabilities of Taprobane. If there is any, I am sure, Taprobane Directors being fit and proper directors will make a immediate disclosure of the same to the CSE.

Avinash wrote:

collect&dump wrote: As a shareholder of LOLC I was keen to find out the reasons for Mr. Ishara Nanayakkara’s name being mentioned in this story. It is said that he has taken a loan from a subsidiary of Taprobane Holdings itself to buy the shares of Taprobane Holdings. I checked up from LOLC and they confirmed that Mr. Ishara Nanayakkara has not obtained such a loan from any subsidiary of Tarpobane to purchase the holding he has in Taprobane Holdings PLC. They said he is not even a director of this company as some blogs have stated but is only a shareholder of Taprobane Holdings. They also confirmed that he or LOLC has had no involvement with this TFC transaction and expressed disgust about their names being unfairly dragged in to this scandal. LOLC or Mr. Nanayakkara has not sold TFC shares. However as it is stated on the Taprobane prospectus that Mr. Nanayakkara has taken a loan from a company called Lexington, which is a subsidiary of Taprobane, I checked up with Taprobane holdings and they confirmed that it is printed by mistake and that he has not taken any such loan. These companies have to act with more care on such matters.
Ishara is young and dynamic businessman leader under whose able leadership LOLC Group is performing exceptionally well. It is not fair to drag his name unnecessarily in to such articles.
I appreciate blogs like this bringing out information on any wrong doers or people engaged in unethical practices but dragging the names of people who had no involvement just to tarnish their reputation is not fair.
Ishara Nanayakkara happens to be the one of the few promising young Sinhalese business leaders. I sincerely hope this is not an effort by some persons with ulterior motives to discredit the few Sinhalese business leaders in the country using this scandal as a scape goat.

We all know Mr Ishara Nanayakkara is honest and a hardworking businessman. We also know that he has nothing to do with the TFC deal. We have lot of respect for Mr Nanyakkarra. He has built a great business conglomerate setting a great example for up and coming young entrepenuers how to succeed in business.

But it is not fair to blame the people who had analyzed Introductory document of Taprobane in which his name is clearly mentioned in more than one place as a shareholder with a margin account with Lexinton Financial Service which is fully owned company of Taprobane.

Instead of blaming innocent bystanders for disclosing facts given in the introductory document, Ishara Nanyakkara should take appropriate action against Taprobane Holdings and its directors for wrongfully including his name in the introductory document with the intention of discrediting him.

It is strange that todate Taprobane had not issued a statement relating to this mistake. I hope there are no mistake relating to the assets and liabilities of Taprobane. If there is any, I am sure, Taprobane Directors being fit and proper directors will make a immediate disclosure of the same to the CSE.

yes.. why then Taprobane is not issue a statment of their mistakes.. They are doing many mistakes now... same time collect&dump well come to the forum and in your first post you checked many things and ... seems to be a good friend of Mr Nanyakkarra. As i also heard Mr Ishara Nanayakkara is a hardworking businessman.

Finally i am agree with stumpy only Thing is collect&dump! when you have the chance...

collect&dump wrote: As a shareholder of LOLC I was keen to find out the reasons for Mr. Ishara Nanayakkara’s name being mentioned in this story. It is said that he has taken a loan from a subsidiary of Taprobane Holdings itself to buy the shares of Taprobane Holdings. I checked up from LOLC and they confirmed that Mr. Ishara Nanayakkara has not obtained such a loan from any subsidiary of Tarpobane to purchase the holding he has in Taprobane Holdings PLC. They said he is not even a director of this company as some blogs have stated but is only a shareholder of Taprobane Holdings. They also confirmed that he or LOLC has had no involvement with this TFC transaction and expressed disgust about their names being unfairly dragged in to this scandal. LOLC or Mr. Nanayakkara has not sold TFC shares. However as it is stated on the Taprobane prospectus that Mr. Nanayakkara has taken a loan from a company called Lexington, which is a subsidiary of Taprobane, I checked up with Taprobane holdings and they confirmed that it is printed by mistake and that he has not taken any such loan. These companies have to act with more care on such matters.
Ishara is young and dynamic businessman leader under whose able leadership LOLC Group is performing exceptionally well. It is not fair to drag his name unnecessarily in to such articles.
I appreciate blogs like this bringing out information on any wrong doers or people engaged in unethical practices but dragging the names of people who had no involvement just to tarnish their reputation is not fair.
Ishara Nanayakkara happens to be the one of the few promising young Sinhalese business leaders. I sincerely hope this is not an effort by some persons with ulterior motives to discredit the few Sinhalese business leaders in the country using this scandal as a scape goat.

Dear collect&dump if you carefully analyse LOLC financials and group structure you would see whether he is doing a genuine business or not...he is sinhala that it true even i am proud being a Sinhala to have great sinhala businessmen in our country.but have a look how ishara's company even Lanka Orix Finance (LOFC) shares were appreciated up to Rs.22.50 in when India Focus Fund dumped shares when shares are not even worth Rs.5 9the introductory price)...people advertise in large ways as philanthropist...remember Alan Stanford,Bernie Madooff, are a few...I remember in 2009 soon after the war was end when Ishara led Kapila Jayawardena of LOLC in a prestigious financial newspaper in the country -then Daily Mirror Financial Times- in an article said they are going to get 20,000 acres from north and east to plant Teak behalf of Touchwood PLC when they were the largest shareholders of the company...but it was a fake story...it never happened and but touchwood share appreciated and Ishara led people dumped the shares...story was written by a connection of Kapila Jayawardene- Deepal V. Perera of Daily Mirror who is now the Laugfs Gas PLC Corporate Communications Head who is also Director Media Hambantota 2018 who is good contact of Central Bank Governor...some argue whether this Deepal was connected as a middleman with LGL-EPF deal too...even if you analyse Seylan Bank Shareholders since 2009 ever since seylan raised funds ...you will see LOLC owned Browns owned Ishara's quantity of Seylan had been changing hands time to time in the same group companies. it is called creative accounting... and if you carefully analyse you will see when Seylan share was nearly Rs.100 and non voting was over Rs.60 The Ishara's quantities had changed...according to financials...people could where a tie and showcase themselves and give a big talk and present a good smile...but but many Sri Lankans need to analyse a person and realise what is the background..

ah BUSINESS BASIL,after long time,nowadays we see some old guys in action

and collect&dump! does not understand that margin trading means ishara is trading with money of lexington.May be ishara would have deposited some money to the account but not fully.

From the companies Act 2007......

FINANCIAL ASSISTANCE IN CONNECTION WITH PURCHASE OF SHARES

70. (1) A company shall not give financial assistance directly or indirectly for the purpose of or in connection with the acquisition of its own shares, other than in accordance with this section.

(2) Notwithstanding the provisions of subsection (1), a company may give financial assistance for the purpose of or in connection with the acquisition of its own shares, if the board has previously resolved that —

(a) giving such assistance is in the interest of the company;

(b) the terms and conditions on which the assistance is given are fair and reasonable to the company and to any share holders not receiving that assistance; and

(c) immediately after giving the assistance, the company will satisfy the solvency test.

(3) Where the amount of any financial assistance approved under subsection (2) together with the amount of any other financial assistance given by the company which is still outstanding, exceeds ten per centum of the company’s stated capital, the company shall not give the assistance unless it first obtains from its auditor or if it does not have an auditor from a person qualified to act as its auditor, a certificate to the effect that—

(a) he has inquired into the state of affairs of the company; and
(b) he is not aware of anything to indicate that the opinion of the board that the company will, immediately after giving the assistance satisfy the solvency test, is unreasonable in all the circumstances.

(4) The giving of financial assistance under this section is not a distribution for the purposes of section 56.

(5) Where a company acts in contravention of the provisions of this section, every officer of the company who is in default shall be guilty of an offence and be liable on conviction to a fine not exceeding one million rupees or to a
term of imprisonment not exceeding five years or to both such imprisonment and fine.

71. (1) The provisions of section 70 shall not apply to the giving of financial assistance by a company for the purpose of or in connection with the acquisition of its own shares, if—

(a) the company’s principal purpose in giving the assistance is not to give it for the purpose of that acquisition or the giving of the assistance is an
incidental part of any other larger purpose of the company; and

(b) the assistance is given in good faith in the interest of the company.

(2) The provisions of section 70 shall also not apply in respect of—

(a) a distribution to a shareholder approved under section 56;
(b) the issue of shares by the company;
(c) a repurchase or redemption of shares by the company;

(d) anything done in terms of a compromise reached under the provisions of Part IX or a compromise or arrangement approved under the provisions of Part X;

(e) the lending of money by a company in the ordinary course of business, where the ordinary business of the company includes the lending of money;

(f) the provision by a company in good faith in the interest of the company, of financial assistance for the purposes of an employees’ share scheme;

(g) the granting of loans by a company to its employees other than directors in good faith in the interest of the company, with a view to enabling those persons to acquire beneficial ownership of shares in the Company.

THANKS GREEDY..

(5) Where a company acts in contravention of the provisions of this section, every officer of the company who is in default shall be guilty of an offence and be liable on conviction to a fine not exceeding one million rupees or to a
term of imprisonment not exceeding five years or to both such imprisonment and fine.

5 years not enough!!!

It is bit tricky here.... read this;

"(2) The provisions of section 70 shall also not apply in respect of—

(e) the lending of money by a company in the ordinary course of business, where the ordinary business of the company includes the lending of Money;"

One can see from the introductory document that;

"Lexinton Financial Services (Pvt) Ltd, a fully owned subsidiary of Lexinton Holdings (Pvt) Ltd and eventually a sub subsidiary of Taprobane Holdings, offers Margin Trading facilities to investors. Future plans of Lexinton Financial Services (Pvt) Ltd include increasing its lending capacity via margin trading facilities..."

So... is that lending to IC Nanayakkara not from the ordinary course of business of Lexinton Financial Services (Pvt) Ltd which is providing margin trading Facilities to investors??

Just a question to think!!

(My Point here is that granting Margin Loan to IC Nanayakkara may be in compliance with companies Act 2007.... there may not be any violations of the Act.)

Please read below the link and the guideline to the Margin Providers issued by the SEC. Lexington is in violation of it by providing facility to Ishara Nanyakkara exceeding 15% of its loan portfolio. SEC should cancel the license Lexington and reverse the transaction.
http://www.sec.gov.lk/?page_id=411&lang=en



Also Look at this News Article and see how Lexington Financial Services have violated Central Bank Regulations too.

Leading News from Sri Lanka::

* Sri Lanka Central Bank restricts use of 'finance' on titles
Mon, Mar 19, 2012, 11:07 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 19, Colombo: Sri Lanka's Central Bank today issued a notice restricting the use of the words 'finance,' financing' or 'financial' as part of the names of institutions only to the licensed financial entities.

"Under the Finance Business Act, no entity other than a licensed finance company shall use the words 'finance', 'financing' or 'financial' as part of its name or description," the Central Bank notified in a statement.

It also ordered the entities which currently use the words 'finance', financing' or 'financial' or any of its derivatives or its transliterations or their equivalent in any other language as part of its name or description to remove those words from their name and description on or before 09 May 2012.

http://www.colombopage.com/archive_12/Mar19_1332178676CH.php

How many listed companies are cheating on retailers/investors? Do we have a count?
Most Importantly, have we care a damn abt it? All of us were interested in knowign whether we could make a quick buck, right?

As far as I could remember, IPOs of Access, PLC, SHL, eTc...... All came up with abnormal pricing and were failures.. We've given early warning to members but still I could see some have vested their interest and were doomed due to market down scenario..

Good revelation BTW. .and we should do this to every company that come out with an IPO or intro to know whether its fruitful to invest in.. I guess the same guys would be here to do that

smallville wrote:
How many listed companies are cheating on retailers/investors? Do we have a count?
Most Importantly, have we care a damn abt it? All of us were interested in knowign whether we could make a quick buck, right?

Not quite right!!
I am sure there are few who would care about it more than just making a quick buck!! Money is not everything, honesty and integrity may stand well above money. As seen recently, many would break thousand rules to make a quick buck. I am sure we all care about that!