Business Times

Major Ceylinco assets worth over Rs.42 billion to be sold to repay depositors

By Bandula Sirimanna

Major assets of failed Ceylinco companies including the Celestial Residencies Tower- Kollupitiya, Trillium Residencies, the Pioneer Tower in Fort, and the Ceylinco E.N.T. hospital at Rajagiriya all valued at over Rs. 42.6 billion are to be sold soon to expedite the repayment of disgruntled depositors on a Supreme Court order.

A US-based real estate company which is a subsidiary of failed Ceylinco Shriram group, will also be liquidated and all Ceylinco funds returned to Sri Lanka. A civil case has been filed at the Columbia Civil Court to liquidate the Ceylinco Real Estate holdings, LLC USA which is a subsidiary of Ceylinco Shriram group, a senior official of the Attorney General’s Department said.

Celestial Residencies is to be sold at a price of $75 million (approximately Rs.8.2 billion) or above by Ceylinco Shriram which has invested around Rs. 1 billion on the 45-storied building project, while other connected Ceylinco companies have also made investments.

The property is also to be advertised in local newspapers this week on a court direction which also made a similar direction in relation the sale of Trillium Residencies and the Pioneer Tower in Fort, formerly known as Ceylinco House.

Meanwhile protests against Ceylinco chief Lalith Kotelawala and other directors have been intensified as there is no sign of relief in sight. Angry depositors of Golden Key Credit Card Company (GK) who staged a protest last week opposite the residence of Kotelawala on Thursday surrounded the Dehiwela residence of former GK Chief Executive Officer and Deputy Chairman Khavan M. Perera in a peaceful protest,

President of GK Depositors Association Anusha Emmert said Perera met the depositors and assured them to come up with a solution by extending his cooperation to the Supreme Court. Earlier Ms Emmert and six others were arrested as they protested outside the plush Kotelawala Kotelawala in Colombo and later released on bail.

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