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Falsified accounts and financial misrepresentation at Arpico Insurance PLC (AINS)

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DeepFreakingValue

DeepFreakingValue
Manager - Equity Analytics
Manager - Equity Analytics

 Falsified accounts and financial misrepresentation at Arpico Insurance PLC (AINS) Ains_m10

Accumulated Net Profits of LKR 189mn turns to a loss of LKR 625mn by the year end in a startling financial misrepresentation by Arpico Insurance PLC , listed insurance company, controlled by ill reputed Dr Sena Yaddehige through Richard Pieris & company despite stringent regulations of the Colombo Stock Exchange (CSE) and Insurance board of Sri Lanka (IBSL).

QUARTERLY DISCLOSURES Vs YEAR END RESULTS
As can be seen from the table below, there appears to be significant difference between the accumulated quarterly results against the year end results for 2023. Positive outlook and the profitability falsely portrayed by the company through the quarterly accounts has suddenly turned into unprecendent loss at the year end.

 Falsified accounts and financial misrepresentation at Arpico Insurance PLC (AINS) Scree461

QI FY2023 - Profit LKR 42.66mn
https://cdn.cse.lk/cmt/upload_report_file/1405_1684146776633.pdf
Q2 FY2023 - Profit LKR 46.89mn
https://cdn.cse.lk/cmt/upload_report_file/1405_1691748765079.pdf
Q3 FY2023 - Profit LKR 43.37mn
https://cdn.cse.lk/cmt/upload_report_file/1405_1700048853766.pdf
Q4 FY2023 - Profit LKR 56.90mn
https://cdn.cse.lk/cmt/upload_report_file/1405_1712227194027.pdf
FY 2023- Loss LKR (625mn)

Insurance Regulators and Securities and Exchange Commission of Sri Lanka should look into this immediately and provide an explanation to the shareholders who had been misled by the falsified accounts.

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