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 Navy personnel accused of chasing away Indian fishermen
-- [3 hours ago]
Australia supports Sri Lanka's long term development - High Commissioner
-- [4 hours ago]
Election monitor in Sri Lanka dismayed by police inaction on election-related shooting
-- [5 hours ago]
Sri Lanka opposition candidate says no foreign conspiracy behind decision to challenge President
Foreign conspiracy behind Sri Lanka's common opposition candidate, new ruling party secretary says
Cabinet reshuffle pending in Sri Lanka; Nimal Siripala de Silva likely to be named Prime Minister
Sri Lanka's television service providers accused of blocking the common candidate's first interview
President commissions Deduru Oya irrigation project in Sri Lanka's North Western Province
Sri Lanka presidential candidate's security reduced
UNP deputy leader backs Sri Lankan President's challenger

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.