Sept 27, Colombo: Sri Lanka's troubled agro-forestry investment firm, Touchwood Investments in a stock market disclosure today announced major changes in the company's management as the Colombo Stock Exchange imposed a trading halt on its shares .
Colombo Stock Exchange announced that it has imposed a trading halt on Touchwood Investments shares, pending a disclosure from the company regarding media reports.
The Chairman Roscoe Anthony Maloney and Vice Chairperson/CEO Mrs. Swarna Maloney stepped down from their positions with effect from Thursday, 26th September and will remain as non-executive independent directors.
Lanka Wijendra Kiwlegedara, who was appointed as an Acting CEO three days earlier, was appointed as the Chairman with effect from 26th September. He has resigned from the post of Acting CEO.
Dr. Sujeewa Lokuhewa was appointed as Director/CEO with effect from 26th September.
Lokuhewa is Director/Group CEO of ETI Regent Group with expertise in accounts, special management techniques, human resource management and legal aspects.
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.