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TOUCHWOOD CASE : Motion filed to obtain asset details from ex-directors

19 September 2014 06:30 pm - 0     - {{hitsCtrl.values.hits}}

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The petitioner in the Touchwood winding up case yesterday filed a motion to summon all former directors of the company in order to obtain details about company assets.
 
When the matter was taken up before the Commercial High Court, Counsel Avindra Rodrigo appearing for the petitioner said that he has submitted a motion and would support the motion duly.

Nihal Fernando PC appearing for the Former Chairman Kiwulegedara also supported the submission made by Counsel Rodrigo and said that all former directors should be summoned as his client does not possess any further information.

The Commercial High Court Judge Amendra Senevirathne thereafter requested the Counsel to submit the names and relevant information that the directors may possess in order to make an order on the submission.


The liquidator of Touchwod PLC also submitted a report to the court which included all the assets that have been identified within the time frame

 


Counsel Rodrigo said that since former Chairman Kiwulegedara had stated he had submitted all relevant documents, he was no longer necessary in the proceedings.
The court thereafter made direction that Kiwuledgara’s presence was no longer needed unless he was to be summoned by the court. The liquidator of Touchwod PLC also submitted a report to the court which included all the assets that have been identified within the time frame. Appearing for the liquidator, Counsel  Sudath Hettiarachchi with Hafeel Farisz informed court that during the period, they had used all material and information provided to them by depositors and investors and have traced many of the company properties.

They told court that they were not provided with any information by former Touchwood Chairman,
Lanka Kiwulegadara.

Presidents Counsel Nihal Fernando appearing for Kiwulegedara informed court that former Chairman is willing to assist in the entire process if required by the liquidator.The Liquidator was ordered by court to take all necessary steps to further ascertain company assets. The liquidator in his report stated that he has called for a meeting of all depositors on October 3rd while providing other relevant information regarding the freehold owned by the company and investors.
The matter was fixed for hearing on December 4.

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