Financial Times

Three Ceylinco Directors remanded, 3-member committee appointed to value GK assets


Three top directors of the Ceylinco Group - Ms Padmini Karunanayake, Daniel Jegasothy and Bandula Ranaweera - were remanded by the Mount Lavinia Chief Magistrate Harsha Setunga on Thursday in connection with the Golden Key (GK) fraud case.

In other GK developments this week, three chartered accountants – Prof Lakshman R. Watawala, Nelson Nagasinghe and Mahendra Panditha – were endorsed by the Supreme Court on Monday as a committee to re-value assets of the Golden Key (GK) Company, and its present and past directors.

The three persons remanded on Thursday were Deputy Chairpersons of different segments of the Group that has been under fire since the collapse of the GK group. Defence counsel objecting to the application to remand them said there was no fresh evidence against them and that they have not broken their bail conditions. Two others, Shehara Fernando and Anita Casim, were ordered to appear in Courts when noticed. Shehara Fernando was ordered to make a statement to the CID. The Magistrate ordered that the passports of the suspects be surrendered to Courts.

Ceylinco Chairman Lalith Kotelawala, former GK Deputy Chairman Khavan Perera and several others are already in remand in connection with the fraud which led to the collapse of the company and a string of failures in the group. Deputy Solicitor General Sarath Jayamanne told court that there was sufficient evidence to show the three suspects had been involved in the misappropriation at GK.

So far the CID has examined 47 files out of more than 1000 files found at a Ceylinco warehouse which has valuable details of GK. In his submissions he said that Shehara Fernando knew the whereabouts of the third suspect Sicile Kotelawala, who is absconding. Mr Jayamanna also told court that travel documents found in Kotelawala’s office revealed that the latter was planning to go abroad on December 30, several days after the GK crashed.

Top to the page  |  E-mail  |  views[1]
Other Financial Times Articles
> Econ boom in the north soon
> Calling all Sri Lankans to rebuild
> Jetwing must make mandatory offer-SEC
> Finance industry now stable
> IBSL to discuss Janashakthi at next board meeting
> UN donor meeting end-June
> ‘At last …we can make money’
> COMMENT- Developing the north
> Right of reply - MBSL Chairman clarifies Computer Island cas
> CB rejects S&P report, reviews relationship with rating agency
> Three Ceylinco Directors remanded, 3-member committee appointed to value GK assets
> Sri Lanka tourism cashing in on peace
> Singha Cement producer helps IDPs
> Business and trade chambers hail victory over LTTE
> Commercial Bank supports IDPs
> Tourism gearing up for good winter
> WB suggests revitalising pension system
> HNB net in 1Q2009-10 fell but income grew by 14%
> GSK donates medicines for Sri Lanka's displaced
> Entrepreneurship issues at the ST Business Club
> Institute of Town Planners Sri Lanka offers expertise
> Letter- Plantation workers get reasonable pay-EFC
> BOC 1Q09 net profit soars by 107%
> International trade issues impact on Hayleys profits
> Aeturnum gets major US award
> Top business persons get special airport lounge
> GK issue - where the government went wrong
> Maliban Milk shows 100% sales in last 12 months
> Discussing power conservation measures in AC comfort
> More foreign exchange flowing in-CB
> Australia provides Rs 3.2 bln assistance to Sri Lanka
> Intel's Sri Lankan partners at Asia summit
> Some US$250 bln cost of lost opportunities in war
> F&G directors to disclose assets
> Promising future for Lankan economy-CB
> Serendib CEO Srilal to retire
> Entrust Investments not viable
> Sri Lanka at a disadvantage from global TRIPS agreement
> ICTA awards Rs 21 million in grants for rural projects
> Mobitel aids YouthMax to enhance IT skills of rural youth
> CIMA World President speaks at The Bankers Club meeting
> Seminar on 'how to win friends'
> Maldives, new member of ILO


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2009 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution