The late Dr. Gamani Corea, one of Sri Lanka’s best known economists of yesteryear and one time Secretary General of UNCTAD (United Nations Conference on Trade and Development) has left an estate exceeding Rs. 1.5 billion (Rs 1,500 million) in his last will and testament.Dr. Corea passed away on November 3, last year, the day [...]

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Gamani Corea leaves estate exceeding Rs. 1.5 billion

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The late Dr. Gamani Corea, one of Sri Lanka’s best known economists of yesteryear and one time Secretary General of UNCTAD (United Nations Conference on Trade and Development) has left an estate exceeding Rs. 1.5 billion (Rs 1,500 million) in his last will and testament.Dr. Corea passed away on November 3, last year, the day before his 88th birthday. His estate includes several assets both in Sri Lanka and Switzerland.

These assets include Rs. 1.2 billion in property valued in 2011, investments worth Rs. 11 million, Rs. 67 million in fixed deposits with Rs. 5 million in interest income, Rs. 6 million in his UN pension and a current account of Rs. 86 million. The property in Switzerland is not yet valued. Suganthie Wijayasuriya-Kadirgamar was this week appointed the Administrator pendente lite of the estate of Dr. Corea by the Additional Colombo District Judge Y. Fernando.

Letters of Administration were granted to Ms. Wijayasuriya-Kadirgamar for the due administration and management of all Dr. Corea’s assets and properties forming part of the estate until probate is granted. The late Dr. Corea’s assets include land and buildings at Horton Place and Gregory’s Road, Colombo 7 and at Havelock Drive in Nuwara Eliya and in Geneva; investments in Seylan Bank, Ceylon Theatres Ltd., Colonial Motors PLC, Cargills Ceylon PLC, fixed deposits in several banks, US dollar savings deposits, rent income and income from plantations.

His liabilities have been listed as nil. Dr. Corea was a one-time Deputy Governor of the Central Bank, Secretary to the Ministry of Planning and a Senior Economic Advisor to the late Foreign Minister Lakshman Kadirgamar. The main beneficiary of the late Dr. Corea’s estate will be the Gamani Corea Foundation which is set up with its main objects being to promote and conduct research in economics and other related fields of learning.

It also seeks to enhance knowledge and understanding in all branches of learning with particular emphasis on the social sciences, especially economics. It promotes the study and discussion of national, regional and international issues in economics, sociology, anthropology, political science, history, geography, education, literature, the arts and sciences and the dissemination of such knowledge. It gives grants and scholarships for educational and training purposes such as fellowships and other academic positions at universities and gives grants, gifts or donations in the name of his mother, Freda Corea.

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