Oct 01, Colombo: The ruling party parliamentarian Duminda Silva has resigned from the board of the troubled agro-forestry investment firm Touchwood Investments, the firm announce in a stock market disclosure today.
The firm appointed MP Duminda Silva to the board as a Non-Executive Independent Director on 24 September and the MP has given resignation effective from 29th September.
Touchwood has appointed Liyanage Lakshman Kulatunga, who was a Non-Executive Independent Director, as the Executive Director/ Finance Director with effect from 30th September.
The MP in his letter announcing the decision to step down has said that the economic and social impact of what Touchwood is striving to achieve were key reasons for his original decision to accept the invitation to join the Board, according to Hiru FM, a privately run radio station owned by the MP's brother.
He has cited the recent troubling events, the changes in key positions and the Security and Exchange Commission's investigation of the firm as the reasons for his decision to resign.
The firm announced yesterday that new investors have joined to support the firm which has lately faced certain liquidity problems and they are planning to invest Rs. 200 million in the short term.
The Colombo Stock Exchange lifted a trading halt imposed on Touchwood Investments on Monday.