Vallibel One addresses misinformation circulating online

Vallibel One PLC yesterday set the record straight on the misinformation circulating on social media.

The company, in a filing to the Colombo Stock Exchange (CSE) clarified what is said are inaccuracies, following the spread of an anonymous message titled “Vallibel One’s Rs. 163 Billion Conundrum: A Financial Thriller Unfolds Amidst Political Ambitions.”

“We regret to note that the message appears to have been published with mischievous intent. The author of the publication, resorting to verbiage and a blatant distortion of facts has twisted a prudent application of policies by the company to cast sinister aspersions on the ultimate majority shareholder of the company, for political purposes,” it said.

The circulated message states that the company is faced with a serious crisis referring to a “Rs. 163 billion set aside for expected credit losses”.

Stating the statement is false, the company said the figure, Rs.163 billion represents the Net amount of Loans and Advances of the Group.

The circulating message also implies that provisioning has been made following intervention by “financial watchdogs”. 

“This is also false and we wish to highlight that the Group has consistently followed a prudent and conservative application of provisioning policies in accordance with the regulatory requirements and there was no intervention or compulsion whatsoever by any external pay,” it said.