Fresh criminal case against a Ceylinco subsidiary

31 January 2012 08:42 pm - 7 - {{hitsCtrl.values.hits}}

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The CID yesterday filed a fresh criminal case at the Colombo Fort Magistrate’s Court against another Ceylinco group company - Ceylinco Profit Sharing Investment Corporation Ltd - for allegedly cheating and committing criminal breach of trust involving Rs.76.7 million of depositors’ money.

Twelve complainants including a Ratnapura gem merchant making complaints to the CID alleged that their money deposited at Ceylinco Profit Sharing Investment Corporation Ltd had not been paid back with dividends. The complainants told police that they deposited money in the company as they trusted Lalith Kotelawala.

Filing a report before Magistrate Kanishka Wijeratne, the CID informed that the concerned company had earlier registered as Ceylinco Islamic Investment Corporation Ltd. The CID further informed Court that Lalith Kotelawala, Sunil Jayatissa, Secile Kotelawala, Parana Thanthrige Sirisena, Daniel Jegasothy, Kamaldevi Karunanayake, Malani Sabaratnam, M.R. Zahir, Z.M. Rafeek and K. Sivasamsothy had acted as the directors of the company.The CID also told court that investigations into the complaints were being probed as the offence came under sections 386, 389 and 400 of the Penal Code. (Lakmal Sooriyagoda)

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Comments - 7

Achari Wednesday, 01 February 2012 02:21 AM

What about the Shariah advisory Board who adviced the Board of Directors??????????????????????????

Sameen Jan Wednesday, 01 February 2012 05:12 AM

What about other complaints? Where are the charges? What happened to the Ceylinco International Realty fraud case.Why has the MD Wijesinghe not been arrested? Check this out

Mfzansr Wednesday, 01 February 2012 05:15 AM

This company acted as the window to lend from and take deposit to other companies in the group. when a client approaches with a deposit they take it as shariah compliant deposit and on the other side deposit the same in seylan bank and other group fin.companies on conventional basis , similarly when a client approaches for a loan they borrow it on conventional loan from seylan or other companies and lend it as shariah compliant loan.

The managing director, who lost his eye sight on the Central Bank bomb blast is trying to distinguish this malpractice (which is never in compliance with Sahriah) based on the fact that these companies are separate legal entities.

Basically this entity operated as a window to those conventional banks to attract deposits from and lend to those who prefer islamic finance.

Missath, R. Wednesday, 01 February 2012 07:33 AM

I strongly endorse a portion of what you have stated (that which I am aware of only). I belong to Ceylinco Global Profit Sharing Invest. Corpn. The MD referred to is the CEO of CGPSICL who, in his listing of depositors, has given account balances at his whim and fancy and even dares to say he stands by the erroneous amounts when challenged.

Willos Wednesday, 01 February 2012 08:10 AM

These so called directors took the innocent on a ride

gajan99 Wednesday, 01 February 2012 08:35 AM

Please stop harassing Kotalawala family.

Jayan Wednesday, 01 February 2012 11:41 AM

Other people's money is more sacred than your own. Kotalawalas have violated this and now it's payback time.

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Fresh criminal case against a Ceylinco subsidiary

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