Lawsuit Against SKI Over Fraud Charges

The Securities and Exchange Organization has filed a lawsuit against Electricity Meter Manufacturing Company, known as SKI, for “refraining from disclosing critical information to the SEO” and other violations, said SEO’s head of legal affairs. The SEO has summoned SKI’s chief executive and chairman. “The SEO voted against the company for its violations and the court will soon render its verdict about the company,” Jafar Jamali added. Most violations occurred in the last fiscal year that ended March 2016. The company’s financial statements do not meet national accounting standards while it kept information from the public and disclosed them after much delay, Bourse Press reported, stressing that  SKI published unreliable statements. Details about the case have yet to be published.