By J. Kurukulasuriya
Ceylon Finance Today: The liquidator of Touchwood Investments, Chartered Accountant G.K. Sudath Kumar has made a filing with the Colombo Stock Exchange informing the CSE of the progress of the liquidation and stating that he intends to set aside a sale of land by the company.
The liquidator has informed the court that the company had 'sold' 62 acres of land belonging to the company, and the transaction was voidable at the option of the liquidator, under section 373(2) a(2) of the Companies Act, and the liquidator intends to make an application to set aside this transfer of land.
Under this section, the liquidator has a 'window' period of two years within which he can act. Touchwood Investments was founded by one Roscoe Maloney, an Australian, and his Sri Lankan born wife Swarna.
On the website of the company, Touchwood Investments PLC's former Chairman Lanka Kiwulegedara, is described as "one of Sri Lanka's most eminent corporate personalities", although he has not held directorships in any major listed conglomerate on the Colombo Stock Exchange.
Australians Roscoe Maloney and Swarna Maloney have left the country.
www.ceylontoday.lk
Ceylon Finance Today: The liquidator of Touchwood Investments, Chartered Accountant G.K. Sudath Kumar has made a filing with the Colombo Stock Exchange informing the CSE of the progress of the liquidation and stating that he intends to set aside a sale of land by the company.
The liquidator has informed the court that the company had 'sold' 62 acres of land belonging to the company, and the transaction was voidable at the option of the liquidator, under section 373(2) a(2) of the Companies Act, and the liquidator intends to make an application to set aside this transfer of land.
Under this section, the liquidator has a 'window' period of two years within which he can act. Touchwood Investments was founded by one Roscoe Maloney, an Australian, and his Sri Lankan born wife Swarna.
Ceylon FT reported in September, that 'the Touchwood Investments PLC fraud has gone international with Sri Lankan investors duped here, in Thailand and as far afield as Hong Kong".
Sudath Kumar, the liquidator was also quoted as saying that "One of the other mysteries of the company's statements is that while the assets of the company, according to the annual report for the year ended 31 March 2013, states that it is Rs 8,095 million, in the Statement of Accounts given to the Liquidator showed Rs 694 million, and we are looking at how this discrepancy occurred".
Sudath Kumar, the liquidator was also quoted as saying that "One of the other mysteries of the company's statements is that while the assets of the company, according to the annual report for the year ended 31 March 2013, states that it is Rs 8,095 million, in the Statement of Accounts given to the Liquidator showed Rs 694 million, and we are looking at how this discrepancy occurred".
On the website of the company, Touchwood Investments PLC's former Chairman Lanka Kiwulegedara, is described as "one of Sri Lanka's most eminent corporate personalities", although he has not held directorships in any major listed conglomerate on the Colombo Stock Exchange.
Australians Roscoe Maloney and Swarna Maloney have left the country.
www.ceylontoday.lk
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