Financial Times

F&G directors meet in Welikada prison on payment plan

By Bandula Sirimanna

Directors of two companies F& G Real Estate Co Ltd and F&G Property Developers (Pvt) Ltd held board meetings inside the Welikada Magazine Prison this week and unanimously adopted two separate resolutions to repay a sum of around Rs.8.3 billion to 5,600 depositors.

The meetings were held on Thursday and Friday. Court permission at the request of Deputy Solicitor General Yasantha Kodagoda, was given to hold these meetings, the first time-ever in the world where a court has sanctioned such a meeting.

One of the resolutions, a copy of which was obtained by The Sunday Times FT, said: “We the directors of the company hereby resolve to take all necessary action in good faith and diligently and make every possible endeavour to settle the afore-stated deposit liabilities towards the depositors …, by conducting an appropriate lawful business enterprise in accordance with the applicable laws and procedures, and thereafter vest such assets too to the trust referred to herein.”

At Thursday’s meeting, Kotelawala – in remand since February 25 – was casually dressed wearing a light blue shirt and a blue tie and conducted the meeting at the prison’s main hall in a relaxed frame of mind. All the directors were in casual dress but they were in a ‘sad’ mood when Kotelawala moved the resolution for adoption, according to others present. The directors in a one voice said ‘yes’ approving the resolution unanimously.

Those who attended were Mervyn Jayasinghe, K.A.S Jayatissa, Mohan Perera, Chalaka Perera and Ranga Nanayakkara (all in remand), and Mala Sabaratnam, Samanthika Jayasekara and P.K Dharmasiri. Company Secretary, Attorney at law Indunil Bandara was also present.

Friday’s meeting was attended by the same directors excluding Perera and Nanayakkara who are not directors of this company (F&G Property Developers).

Top to the page  |  E-mail  |  views[1]
Other Financial Times Articles
Lanka’s forex reserves surge
F&G directors meet in Welikada prison on payment plan
Top investor Jim Rogers visits Sri Lanka
SLIC board's random decisions irk staff
Police caught flat-footed on public-smoking arrests
SLT facing an internal crisis
Kotelawala, GK directors meet at Central Bank
COMMENT - Jim Rogers was here!
Fallacy and the reality of IMF Standby Arrangement for Sri Lanka
CIMA/ICMA - Accounting qualification battle rages on
‘Small Miracle’ Tagline is no more
HNB opens commercial operations for remittances from Canada
Terminations, VRS and workforce restructuring on the rise
Developing nation consumers prefer mobiles for Internet access
Call for more engineers to be produced
Distilleries profits drop sharply
Summa Navaratnam ends mercantile career of over five decades
Managing properties in Sri Lanka and overseas as local industry takes off
The new silver frosted proof coins
Pakistan Civil Aviation hires MTI Consulting
Improved agricultural knowledge access through IT
Sri Lanka's banking technology leads region
SIA to fly to Melbourne with A380
Textured Jersey to supply fleece fabric for Pink, the No.1 lounge wear brand
New war strategies succeeded against LTTE
Dispute once again over SLT Tariffs
Lalith W wants the Public Service to be courteous
Seven judge SC bench to hear PBJ case
Garment exports down for second month in a row
Garment factories invited to go North
Bilingual education system showing good results – Education Ministry
Fewer students attracted to marketing field this year
EFC study on training needs of SMEs
Education opportunities in New Zealand
UK Sri Lankan Business Directory launched
Micro Cars to manufacture container trucks and tractors for the North and East
Upcoming IT park: Orion City ties up with Suntel
‘Garments without Guilt’ campaign gets another global award
A wise call on Colombo South Port
Competitors threaten to stop interconnect to Airtel
Sukuk certificates to attract Muslim millions for post-war development
HNB shows slight increase in profits
CCC receives applications for this year’s CSR awards
Allianz Lanka continues growth performance into 2Q09
SriLankan Airlines saves Rs. 6 billion through cost restructuring measures
Privatisation: Myth and reality
Singer net profit down for 1H09 and 2Q09
Lankan entrepreneur nominated for biz award
400 stalls at 2009 Colombo International Book Fair
NDB an attractive option for a merger
Local companies yet to face true global competition
LankaClear net profit drops in 2008/09 Financial Year
Huge remittances through Seylan Bank


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