Sept 25, Colombo: Sri Lanka's troubled agro-forestry investment firm, Touchwood Investments has appointed a new Executive Director to its board effective September 24th.
The appointment of Solomon Kankanamge Dhammika, as the Executive Director to the Board of Directors comes after the firm appointed Sri Lanka ruling party parliamentarian Duminda Silva to the board as a Non-Executive/Independent Director with effect from the 24th.
Solomon Kankanamge Dhammika is he Vice Chairman of the South Asian (7side) Football Association and a director of Benchmark Education Institute-Matara.
The firm in a stock market disclosure said today that Independent Director Aloysius Ralph Perera has resigned from his post effective Tuesday and Lanka Wijendra Kiwlegedara, who was appointed as an Executive Directors of the company Tuesday, has also been appointed as Acting CEO with effect from September 24.
Kiwlegedara is the founder/Deputy Chairman/Chief Operations Director of Woolim Lanka (Pvt) Ltd and MD of Asian Investments & Mercantile Services (Pvt) Ltd.
The conduct of the investment firm is under a fully-pledged investigation by Sri Lanka's market regulator, the Securities and Exchange Commission (SEC) and it has been ordered to fully comply with its investigation.
Touchwood has been in financial trouble for some time and a group of angry investors called Touchwood Forestry Owners group, who have not been able to recover their investments, has brought the company to the attention of the authorities.