Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka's troubled investment firm Touchwood appeals against liquidation
Thu, Jun 26, 2014, 12:33 am SL Time, ColomboPage News Desk, Sri Lanka.

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.

** Related Story :: Court appoints liquidator for Touchwood Investments

ColomboPage - Recent 10 Stories
Sri Lankan parliamentarian Udaya Gammanpila released on bail
-- [2 hours ago]
Tamil Nadu coastal police bust Sri Lankan refugee trafficking racket
-- [3 hours ago]
Japan provides Rs. 2.4 billion grant aid for implementation of the Maritime Safety Capability Improvement Project
-- [3 hours ago]
FCID instructed to make arrests over investigations into companies owned by MP Namal Rajapaksa
-- [4 hours ago]
Sri Lanka's Colombo inflation rises to 6.0 percent in June 2016
-- [6 hours ago]
Sri Lankan Prime Minister to attend the third South Asian Diaspora Convention in Singapore on July 18-19
-- [6 hours ago]
External debt of Sri Lankan government stood at US$ 23.1 billion by the end of April 2016
Sri Lanka exports 78 tonnes of fish in a week after EU ban lifted
Sri Lankan Deputy Minister in serious condition after suicide attempt
Term of 23 LG bodies end today, will not be extended - Minister

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.