Business Times

Kotelawala pulls out of Ceylinco Insurance re-election bid

Disgraced Sri Lankan businessman Lalith Kotelawala on Thursday pulled out of a bid to be re-elected director of Ceylinco Insurance at the company’s AGM on May 26, after a chorus of protests over his plan.
In a statement to the Colombo Stock Exchange, the company said Kotelawala had advised that he was not seeking re-election and would thus cease to be a director after the AGM.

Despite last year’s drama over the Ceylinco Group-related, Golden Key fiasco, he has remained as the company’s chairman/managing director but has not been involved in its affairs, company officials said.

Kotelawala was listed in the agenda of the May 26 AGM as seeking re-election, but the Business Times in a recent report quoted several analysts as expressing shock over the move, saying it was a case of ‘impropriety’ for the Ceylinco Group chairman to do so having been accused of misusing billions of rupees worth of depositors’ funds in the Golden Key scam.

Several cases including Golden Key are before court. Kotelawala, who was in remand for several months and is now out on bail, is yet to be charged as prosecutors continue to collect evidence against the once-powerful businessman, his absconding wife, and directors. Focus is primarily now on the recovery of his and the company assets, and its sale to pay-off hundreds of desperate depositors.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
Cargills looks at new business opportunities
Govt. announces Rs 1.7 trillion budget estimate
Cargills Fort: Harrods of Sri Lanka
Five new firms join stockbroking community
Rains: No respector of property, people and tourists!
Kotelawala pulls out of Ceylinco Insurance re-election bid
ADB President visiting Sri Lanka this week
Global Business Forum in Sri Lanka during IIFA
Sri Lanka Post ventures into financial services to reduce operating deficit
New beginnings, just like in 1977
What do you think?
Corporate results are better than forecasted: analysts
First-ever Agricultural Trade Exhibition in Trincomalee
Capital gains help Hayleys records highest ever profits
AVIVA NDB revenue rises in first quarter but reports loss
Sunlight still leads the market after 125 years
No respite from the rains in Seeduwa
Ulagalla Resort organises medical camp for villagers
Cabraal at Sunday Times Business Club meeting
Asha Central Hospital closes
Cargills, the‘Gedera Yana Gaman’ chain, makes way for new blood
Piramal Glass reports loss for 2010 financial year, signs of improvement
Brandix Mercury earns ISO process certificate
Be innovative and aware of your purpose : Laugfs Chairman
SL attends Intel Asia Pacific channel summit
Strategic partnerships between Lankan firms and Care Int.
Rise in net interest margins enhance bank bottomlines in 1Q2010
SL nanotechnology must add value to commodities : top scientist
StanChart in “Music for a Cause” project
Bank of Ceylon profit and revenue down
CB’s Financial Intelligence Unit in MoU with Customs
BASL to build law experts in focussed business areas
Climate change: how business can thrive with the right moves
Luxe Asia hosts FAM tour for top Indian Agents
Emirates adds 4.7 million passengers
MAS Intimates Thurulie wins Globe Award for Sustainability Innovation for 2010
Depositors of Ceylinco Shriram to receive repayments soon
The thrust, need and ingredients for export growth
Protecting the Ceylon Tea brand
72% increase in 2010 profits for Overseas Realty
Don’t bank on GDP growth for your investment returns
Former F&G Company takes angry depositors for a ride


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution