Sri Lankan firm writes down its results following fr - leatherbiz: Lea Leatherbiz

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Sri Lankan firm writes down its results following fraud at tannery

07/05/2015
Sri Lankan tanning and finished leather products group Ceylon Leather Products has informed the stock exchange in Colombo that alleged theft that it suspects its own workers have carried out at its tannery in Mattakkuliya means it needs to make an adjustment to its reported financial results.

It said an independent consultancy had placed a value of more than $175,000 on unauthorised sales of rejected and scrap leather. It said it was carrying out an investigation and would pursue any employees that the investigation finds to have played a part.


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