Celestial Residencies better known as Celestial Towers at Kollupitiya, one of the premier iconic properties of collapsed Ceylinco group and set to be Sri Lanka’s tallest building, has attracted an offer of US$60 million in a sale aimed at repaying depositors of the Ceylinco Shriram Group, the head of the Supreme Court appointed committee of Chartered Accountants, Prof. Lakshman R. Watawala said.
The Shriram assets left to settle the depositors are to be realized from the Celestial Towers and Ceylinco Leasing Corporation, he said.
The Celestial property offer of US$60 million or Rs.7.8 billion was made by a prospective buyer and it was brought to the notice of the Supreme Court, discussing repayments to depositors, on Tuesday. Under a repayment scheme proposed by the directors a sum amounting to Rs. 700 million which was granted as a loan for the construction of Celestial Tower is due to be realized from this project while Rs. 1 billion is projected to be realized from the Ceylinco Leasing Corporation.
Disgruntled depositors of Ceylinco Shriram company are relieved by the efforts of the Supreme Court appointed committee of Chartered Accountants, several depositors of the company said. They told Business Times that the Committee has settled 25% of their dues.
Among the depositors of Ceylinco Shriram the majority are middle class income earners who had deposited their lifetime earnings received by way of retirement benefits. The total amount due to depositors is Rs 6.8 billion.
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