Touchwood management to face civil, criminal action
Touchwood Investments PLC management’s both present and past directors would face civil and criminal action filed against them following the Commercial High Court judgment to wind up the company.
Touchwood CEO Lanka Kiwlegedera (second from right) seen with his lawyers outside the courthouse. Pic by Athula Devapriya
Touchwood Investments’ assets will be taken over by a liquidator following Thursday’s Commercial High Court to wind up the company since it was unable to settle debts and pay back its dues to a large number of its investors.
Counsel for the Petitioner in the Touchwood winding up case, Avindra Rodrigo told the Business Times they would be filing action against the present and former management of Touchwood Investments PLC. In his order, Commercial High Court Judge Amendra Seneviratne found the company unable to pay its debts as it had not made any attempt to secure or settle the debts despite claims of having assets worth billions. The fact that the company’s continuous failure to settle the debts owed to the Petitioner and other creditors have also been made note of when delivering the order. Touchwood Investments present Chairman/CEO Lanka Kiwlegedara opened a new office on Monday at Pelawatta, Battaramulla, days before the judgment in the winding up case was delivered.
Mr. Rodrigo noted that these physical premises could continue to remain open but would be taken over by the liquidator once appointed.
It was noted that since the petition was against Touchwood Investments those investors that have agreements with this company would be able to get their dues if they had matured according to the agreement or upon maturity. During the case it was revealed that most investors in these plantations were the younger population and professionals who were lured through the eco-friendly concept of the company in terms of investments.