Financial Times

Stassen and Milford status quo unchanged

The situation at Stassen Exports Limited (SEL) and Milford Exports Limited (MEL) hasn’t changed a week after its three founders went to court against Harry Jayawardena, who now controls the companies, to either buy him out or sell out (to him).

V. P. Vittachi, R.K. Obeysekere and Zaki Alif a week ago on Monday, filed action in the Colombo Commercial High Court against Mr. Jayawardena, Managing Director of SEL, saying they have lost confidence in him and sought to exit the company or buy out his shares and followed a similar action the next day with regard to MEL.

Mr. Jayawardena has not filed any action to counter sue the directors or sought to vacate the petition filed by them as yet. Mr. Jayawardena returned to the country this week and is reportedly consulting his lawyers. The case is coming up on August 29.

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