A Royal fall-out?

9 March 2017 09:10 am - 11 - {{hitsCtrl.values.hits}}

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Sri Lanka’s stock market was all abuzz yesterday with the unexpected news of leading corporate figure Nimal Perera resigning from the director boards of the companies controlled by the business magnate Dhammika Perera amid speculation of a massive fall-out between the duo.

Nimal Perera yesterday informed the Colombo Stock Exchange of his resignation from the boards of Royal Ceramics, Amaya Leisure, The Kingsbury, Haycarb, Hayleys and Talawakelle Tea Estates—all controlled by Dhammika Perera—with effect from March 7.

The duo is arguably the most successful in riding Sri Lanka’s post-war economic boom, with aggressively acquiring a number of listed and unlisted companies including giant business houses such as Hayleys and Delmege.

Perera is said to be controlling over 20 listed entities in the country and his net worth is estimated at over US $ 800 million.

“We’ve been together for about 14 to 15 years. It’s time I go on my own. I want to start something with my two sons, who are now grown up,” Nimal Perera told Mirror Business, following the announcement of his resignations.

Nimal Perera currently owns about 3 percent of Pan Asia Bank PLC, a mid-sized bank controlled by Dhammika Perera, through an investment vehicle he controls called NP Capital. He also owns a tea broking company.

“Now I can get more involved in the capital market,” says Nimal Perera.

Dhammika was said to have spotted Nimal as an astute investor cum trader at the Colombo bourse and later Nimal was widely considered as Dhammika’s de facto portfolio manager.
However, market sources for sometime had been speculating that the differences between the duo were steadily growing.

In fact, in the last couple of years, Nimal Perera was seen trying his luck with some purchases on his own. Though many expect more fine points behind what appears to be the end of Dhammika-Nimal saga to unravel in the coming few weeks and months, it’s unlikely that anybody would think twice to say what the duo had going for so many years was a fine innings.

Dhammika Perera was not available for comment. (Indika Sakalasooriya)

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Comments - 11

Bingo Thursday, 09 March 2017 09:31 AM

SL stock market is totally corrupted as rest of the country and crooks earn money via insider trading. Poor ordinary investor get easily caught.

Dr. Watson Thursday, 09 March 2017 10:15 AM

The money cleaning is finished so they depart?

Nuwan Thursday, 09 March 2017 12:08 PM

Collapse of a collapsed economy. This government really have to run to China now. But China will not lend a penny without heavy collateral. The opposition, and the West, is successfully blocking the offering of such collateral to China. Coming colours not good!!!

Haroos Thursday, 09 March 2017 01:39 PM

why dont you join the SEC and initiate investigations if you know this so well? all talk no s..it

Viktor Thursday, 09 March 2017 02:13 PM

Nimal Perera made the priceless comment that he would not invest if insider trading was investigated when the SEC tried to investigate during the present Chairman's previous term

Billionaire Thursday, 09 March 2017 03:45 PM

These two and their close billionaire associates manipulated the SL stock market and made massive profits out of it. Insider trading and artificial price manipulation of certain stocks lead to it becoming one of the worlds most corrupt Stock market.

usaguy Thursday, 09 March 2017 04:41 PM

biggest crooks. all these comments ate true. but dies the govt do anything no. cos they are corrupt too. Sri Lankans are being fooled all the time by the govt & the pvt sect. via DM Android App

Rohan Thursday, 09 March 2017 05:22 PM

Modern day duo of "Raigamayai" "Gampolayai"

ICU Thursday, 09 March 2017 09:26 PM

casino kings via DM Android App

HELPLESS POOR Friday, 10 March 2017 02:01 AM

Another corrupt duo this is what happens when thieves fall out. The country is shambles due to corruption at all levels. THOROUGH INVESTIGATION NEEDED WILL IT HAPPEN

Tissa Friday, 10 March 2017 11:38 AM

If something happens he is planning to put the blame on his boss head to mislead the people via DM Android App

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A Royal fall-out?

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