LTL Holdings Clarifies COPE Findings on CEB Links & Audits ⚖️

LTL Holdings Ltd. (LTLH) issued a Right of Reply addressing COPE findings regarding its ownership and audit practices linked to the Ceylon Electricity Board (CEB). • Audit Compliance: LTLH asserts it is not an "auditee entity" for the Auditor General (AG) under the National Audit Act. However, LTLH and subsidiaries are audited twice yearly by shareholder-appointed auditors, and the AG has the right to inquire through the CEB on any related matter. • Share Dilution: The reduction of CEB's shareholding (from 63% to 35%) via transfer to West Coast Power Ltd. was part of a Government-initiated CEB debt restructuring program, not an LTLH decision. West Coast Power is also majority government-controlled. • Employee Trust: The 10% Employee Trust (later Teckpro Investments) was a decision by the original shareholders (CEB and ABB, Norway) to solve a foreign regulatory issue. CEB employees were not entitled to, nor did they receive, shares or dividends from this entity. • Power Projects: LTLH subsidiary Lakdhanavi obtains all power plants (including renewables) projects through competitive bidding tenders within the CEB's approved Long-Term Generation Expansion Plan (LTGEP), consistently offering the lowest price. • CEO: The current CEO resigned from CEB in 1997 and held no LTL shares prior to joining LTLH. He subscribed to only one subsidiary share in 2000, denying any conflict of interest.