PwC quits as auditors of On’ally Holdings

Chartered Accountants PricewaterhouseCoopers (PwC) has resigned as the auditors of On’ally Holdings PLC yesterday.

On’ally Holdings owns and operates the Unity Plaza building in Bambalapitiya.

A stock market filing by On’ally Holdings said PwC’s resignation is with effect from March 31, 2021 as stated in PwC’s letter dated September 7, 2022 to the company received by the company on September 8, 2022.

“…he reason for the resignation being disagreement with the management regarding fair valuation of investment property,” the filing said.“The company is in the process of appointing new Auditor to fill the casual vacancy created by the resignation aforesaid in term of Section 154(2) of the Companies Act, NO 07 of 2007,” the filing added.

As at March 31, 2022, Lanka Realty Investments PLC held 50.8 percent stake in On’ally Holdings while Urban Development Authority held 44.8 percent stake.