June 25, Colombo: Sri Lanka's troubled investment firm Touchwood Investments has filed an appeal in the Supreme Court against a lower court's decision to liquidate the firm.
Colombo Commercial High Court on 05 June gave a judgment to wound up the Touchwood Investments PLC and appointed a liquidator.
The court appointed G.K. Sudath Kumar as the liquidator for the Touchwood Investments and in a disclosure to the Colombo Stock Exchange (CSE) on 19 June Sudath Kumar announced that he will take into his custody all the property and things in action to which the Company is or appears to be entitled.
Touchwood on 23 June has filed a notice of appeal in the Supreme Court against the Colombo Commercial High Court's judgment given against the firm to liquidate.
President's Counsel Nihal Fernando will appear for Touchwood Investments, PLC in the Supreme Court while Mr. Sanath Wijayawardena is the new instructing attorney for the fir, Touchwood said in a stock market disclosure.
Touchwood, which managed a forestry investment scheme where investors were promised high returns from teak, mahogany and other plantations, has been in financial trouble for some time.
In March, the Securities and Exchange Commission of Sri Lanka (SEC) ordered the immediate suspension of the trading of Touchwood Investments shares at the CSE. The SEC last year decided to launch a fully-fledged investigation into the conduct of Touchwood Investments.