COMMERCIAL CREDIT AND FINANCE PLC (COCR.N0000)

Teller wrote:I have 58,953 shares average cost of 14.67 per share. This is called investment.   If we can see a company,s future in advance, one day you can have a sure win . Same way I hold some investment BLI,BFN,AAF in finance sector.
When LFIN was trading  32 levels I am so lucky to have it and still hold.
That's the reason I am enjoying my life. I trust on my investment rather than others.
GL

Gainer wrote:AGs Opinion Sought on NSB/TFC Deal– SEC Chief
 

Securities and Exchange Commission of Sri Lanka SEC Chairman Thilak Karunaratne
Sri Lanka’s capital market watchdog –  Securities and Exchange Commission (SEC) has sought the opinion of the Attorney General on the infamous The Finance Company (TFC) / National Savings Bank (NSB) share deal, SEC Chairman Thilak Karunaratne told a good governance forum recently.
“… the findings of the SEC investigation on the matter is still pending with the Attorney General for his opinion,” the SEC Chief said.
Karunaratne made this remark at the keynote address delivered by Chief Guest Securities and Exchange Commission of Sri Lanka (SEC) Chairman Thilak Karunaratne Certification Ceremony of Board Leadership Director Certification Programme conducted by the Sri Lanka Institute of Directors (SLID) on 28 July 2015.
According to him, a stock broker, perhaps acting in concert with sections of the top management of both NSB and TFC … sold approx 7.8 million TFC shares at highly inflated price of Rs 50.00 to NSB.“The share price of TFC was around Rs 30.00 at that time. After the deal went through the then Chairman of TFC told the media that the deal was completely value driven and an investment for the future of both corporate entities breaking all codes of good governance. On 27 July 2015, the share price of TFC was Rs 14.00 and according to the latest Annual Report the Net Assets value per Share was Rs 51.44.”
He added that the SEC was able to reverse this deal which saved NSB Rs 390 million then.
Corporate governance holds a balance between economic and social goods as well as individual and communal goods and as such lack of good governance is detrimental to economic growth, opined Karunaratne.
“It is disheartening to note how certain listed entities have not fully understood the importance of good governance. Negligence on their part not only exposes these companies towards greater risk but the effect also trickles down to the capital market.”
“For those who believe in hell I would say with apologies to Dante, ‘the hottest places in hell are reserved for those who commit such offense in the corporate world”.
On April 27, 2012, a 13% stake of TFC was bought by the NSB at around Rs. 50 a share via four separate transactions involving two TFC directors and then NSB Chairman Pradeep Kariyawasam.
Along with a few others, Dinal Wijemanne a Director for both The Finance and also Taprobane Securities- which was the stockbroker for NSB that facilitated the deal were called before the SEC. Asia Broadcasting Corporation Managing Director Raynor Silva, Vehicle Importers’ Association of Sri Lanka (VIASL) President Yoga Perera and another investor were slated to be the other three sellers.
Country’s banking watchdog – the Central Bank of Sri Lanka (CBSL) too issued a statement to the effect that TFC-NSB was a sound financial deal in the interest of the country.
With mounting public outcry, Kariyawasam was forced to step down on May 21 same year whilst four more NSB directors resigned over the TFC saga two days later.
Following its inquiry, the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) ruled that no pecuniary (financial) transaction in the deal would amount to a bribe and as such sought further advice from the AG on closing the matter.

Gainer wrote:I thing 20% Range

Gainer wrote:COCR High Risk Because of No Takeover No Mandatory Offer

Who Know About this Deal ? Why they are Purchase at High Price ?

COCR Few days before traded at 40.00 Levels

COCR Net Asset Value Per Share 27.00 only

High Risk at High Price and Very Dangerus 

troy wrote:nothing to worry, Ruwan326 is IN THE HOUSE!

kapifm wrote:Collecting >>>>>??????

Gainer wrote:I thing 20% Range

troy wrote:So for that transaction to happen at 111, it should trade around 90 level. Cool. That answers the price drop.
Intentionally droping the price to collect more by creating panic, since reaching 90* is the ultimate target. Good collection going on.

kapifm wrote:Ruwan.... you are wrong...  i am not promoting any of the stock here in the forum... i just share my thoughts dear...machannnn