Daya Group appoints 3 directors to BLUE board

Following the acquisition of a significant portion of shares in the beleaguered Blue Diamonds Jewellery Worldwide PLC (BLUE), the Daya Group has secured three board seats in the company, including the company’s chairmanship. Primary Industries Minister Daya Gamage’s daughter P. M. K. Gamage purchased 10.8 percent of BLUE shares last week, while the Daya Group was believed to have purchased additional BLUE shares through subsidiary companies. Accordingly, P. M. K. Gamage was seated as the BLUE’s Joint Managing Director this week while Bumputh Finance Director Sudath Jayasundara was appointed Chairman.

The other Independent Director that was appointed to the board was Tishya Wickremesinghe.

The company has two working days to submit the profiles of the directors to the Colombo Stock Exchange. BLUE’s Former Chairman Xia Liqiang, a Chinese national, will continue to function as the Deputy Chairman/Joint Managing Director.

BLUE is currently under investigation by the Securities and Exchange Commission (SEC) for misappropriation of public funds raised through a rights issue, during the leadership of Xia Liqiang. Liqiang attempted to dump a third of his shares in BLUE recently ahead of the publication of an audit into fund misappropriation, but the transfer of funds from the share sale was halted by the SEC. It is speculated that the Daya Group will continue to purchase shares in BLUE to hold a majority share in the company.

There is currently no controlling shareholder in BLUE.