Financial Times

Details of forcibly acquiring property of F&G revealed in court


Several depositors including prominent personalities have forcibly acquired property of F&G Property Developers (Pvt) Ltd valued at over Rs 1,959 million as a settlement for their deposits amounting to over Rs 744 million.

This was revealed when Deputy Solicitor General Yassantha Kodagoda made his submissions in the F&G case before Colombo Chief Magistrate Nishantha Hapuarachchi on Tuesday. He told the Court that according to lawyers of the directors of, F&G Property Developers (Pvt) Ltd these assets of the company had been vested in some depositors since the December 1, 2008 under duress, improper influence and unlawful means.

The court was informed that some depositors had threatened F&G directors at gunpoint forcing them to vest valuable property of the company in these depositors. Directors of F&G Property Developers have given an undertaking to the court that they will take action to re-transfer all former assets of the company which during the 3 ½- year period before June 30, 2009 were transferred or given by F&G to companies and other entities within the Ceylinco Group without security.

The Magistrate ordered to summon before the court six of these depositors who acquired property forcibly. He also directed these persons to make statements before the CID and to hand over relevant deeds and other documents on September 25.

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