Business Times

Former joint MD of Hayleys subsidiary arrested for fraud d remanded

Former Joint Managing Director Bandula Weerasinghe and former General Manager of Stores Roshan Gunaratne at Hayley’s MGT Knitting Mills were arrested and remanded over a major fraud at the company, following a 6-month investigation by police.

They were arrested by the Criminal Investigations Department and remanded on Monday May 30 till June 13 by the Matugama Magistrate. No bail was granted. Some of the fraudulent activities reported to the Magistrate included vast quantities of fabric being unaccounted for and illegally sold, falsification of accounts and numerous other allegations, police said.

Appearing for the Hayleys Group, Tilak Marapana, President’s Counsel, told court that this is a defrauding of a public quoted company and that extensive and detailed investigations had been conducted over the six month period since the initial stock loss was discovered.

The company has reported a Rs. 800-million loss in comparison to a re-stated profit figure of Rs. 367 million in 2009/10. The company is a supplier of high quality knitted fabric to the Sri Lankan apparel industry and to export markets.

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