Financial Times

Details of foreign companies of Ceylinco Chief revealed

By Bandula Sirimanna

Details of 33 overseas companies of Ceylinco Chief Lalith Kotelawala have been revealed. Out of this, 16 are operating in Australia, three in Singapore, two in Malaysia, two in UK, two in India, two in Dubai, and one each in Canada, Mauritius, and Thailand Sixteen companies in Australia had been registered as proprietary companies of the Golden Key. Asia Global Investments Ltd in Malaysia is the largest company being used by the Ceylinco Chief to invest massive sums of money sent from Sri Lanka from time to time.

He is also operating three companies --Abisares Ltd, Visirate Ltd and Gold Lada Ltd in Zurich through his representative C. Harris of Price WaterHouse, Zurich since 2000. The Sunday Times FT is in possession of a letter written by Kotelawala appointing A.D. Jegasothy, Attorney at Law and K.M.A.T. B Tittawella, Attorney at Law as his lawyers to represent him at the EGM’s of these companies.

The Central Bank will conduct investigations into the operations of these banks soon after the declarations of assets by Kotelawala and directors of the Golden Key in accordance with the Supreme Court directive, Attorney General’s Department sources said. The transactions and investments overseas should be investigated by the Monetary Board of the Central Bank and other authorities to find out whether thae money of the depositors have been used illegally in setting up these overseas companies, these sources added .

Secretary of the Golden Key Depositors Association Dushanthi Hapugoda told The Sunday Times FT that foreign customers numbering 2,000 had invested over Rs. 2 billion with the company and they normally do not collect their interest monthly and the interest was being accumulated to the capital. She urged the Central Bank authorities to probe this matter as well.


Picture shows the official opening of Ceylinco Property Development office in Melbourne by Lalith Kotelawala and Sicilee Kotelawala on August 28, 2007.


 
Top to the page  |  E-mail  |  views[1]
 
Other Financial Times Articles
> Sri Lankan vehicle sales tumble
> Bidding process questioned in Colombo Port project
> VRS. temporary lay-offs being considered
> CB 2008 report next week
> Mind your own business
> Jetwing - Hayleys ties under strain over Lighthouse hotel
> Dumpyard for GK documents?
> Running for cover – in investments
> SC orders list of assets from GK and Kotelawala
> Exporters told to apply for the 5% export rebate
> People's Bank restructuring drive pays off
> Norway to prop up IMF's bailout package
> Sinhaputhra Finance Ltd says growing cautiously
> ADB initiatives in SL
> Marks & Spencer's contribution to help disabled
> Sri Lanka lacks funds to stimulate economy - ADB
> Some EPF claims delayed for 20 years
> Small producers get access to micro finance
> 20 Ceylinco Life policy-holders enjoy luxury ocean cruise
> Most investors prefer state banks- STFT poll
> IMF makes comeback as it wields $1 trillion for global rescue
> Forum on Next Generation Network will attract BPO operators here
> Arpico Finance rights issue oversubscribed
> Ceylon Tea output continues downwards in February
> Samaposha MD for top meeting on Corn and Sorghum Research
> Supply of school furniture
> Fresh look in Singer annual report but revenues flat
> Nokia expects market growth to slow in 2009
> DFCC to help Oman Development Bank boost deposits
> ODEL’s ‘Backstage’ debuts on international stage
> On the CCC Code of Ethics
> Keeping up with the stockmarket
> Details of foreign companies of Ceylinco Chief revealed
> GK staff creates a furore inside office
> Electronic clearing bank payments system by mid May
> ETI opens four new pawning centres, more soon
> SriLankan Airlines launches tourism drive in Italy
> SriLankan Airlines flights ‘Go Green’
> Credit card terminals come to Sri Lanka
> Four new Deputy Governors of the Central Bank
> Ceylinco Shriram Securities renamed Entrust Securities
> Fonterra commissions new yoghurt plant

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution