Rupees 172 million discrepancy in Sierra Cables

May, 13, 2014

The board of directors of Sierra Cables Plc has informed the Colombo Stock Exchange that a discrepancy of Rupees 172 million has been noted in its accounts further investigations are being made.

Hence, the Sierra Cables board of directors has requested the Colombo Stock Exchange to temporarily suspend its share trading.
The board has also notified the company’s auditors KPMG of this discrepancy.

Sierra Cables adds that if anyone is roved to have committed any frauds regarding this discrepancy tough action would be taken against them.

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