Financial Times

Commercial Bank drama
Jayawardena effort fails for second time
Another effort by business tycoon Harry Jayawardena to speed up plans to take control of the embattled Commercial Bank failed after a court refused a plea to advance a case that had stalled the march towards control of the bank.

On Thursday the Appeal Court refused a motion filed by Jayawardena and his related companies asking permission to support the case relating to Commercial Bank shareholding prior to the scheduled date of the next hearing.
The case was filed last week by the Ceylon Bank Employees Union seeking to restrain Jayawardena-led companies from seizing control of the bank after ousting its chairman Mahendra Amarasuriya at a extra-ordinary general meeting.

When the union was refused an enjoining order to restrain the connected parties in using more than a 10 percent stake for any vote at the meeting, the petitioners moved the Appeal Court for a ruling which held in their favour.

The stake was limited to 10 percent and the case put off for November 16. However last week Jayawardena’s lawyers moved to advance the hearing of the case for November 11 as November 16 was the eve of presidential elections. The Appeal Court refused the motion and fixed the case for December 8 and also extended the stay order.

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