Fresh row at Hunter’s over misleading statement

Another row broke out on Tuesday at Hunter’s whose auditors quit in a dispute over disclosures, after a shareholder opposed a statement issued by the company this morning to the Colombo Stock Exchange (CSE).

According to letters sent to the CSE, Hunter’s said at the Extraordinary General Meeting (EGM) on July 23 called by a shareholder to discuss two resolutions in a dispute over a cheque issue and directors remuneration, that, “… with the consent and agreement of the shareholders present at the meeting the said two resolutions were not voted upon at the meeting.”

Soon, after shareholder Talib T. Al. Nakib, who called for the EGM, wrote to the CSE saying the Hunter’s position was misleading, as “it omits the main point agreed upon by the Board of Directors, namely, the EGM was incomplete in the absence of the auditors.”

He said the Board agreed to reconvene to enable it to call upon the auditors (Ernst & Young) to be present, adding that the resolutions proposed required the explanation of the auditors covering the relevant period. Ernst & Young resigned as auditors some weeks back after being asked by the company to explain why some information was including in the 2007 annual report. The auditors were not present at the July 23 meeting.