Dayanath resigns in less than 24-hrs after being announced Blue Diamonds Chairman

In an interesting turn of events, in less than 24 hours after being announced as the new Chairman of the beleaguered Blue Diamonds Jewellery Worldwide PLC, top professional Dr. Dayanath Jayasuriya, PC, has tendered his resignation.

The company secretaries of Blue Diamond yesterday notified the resignation of Dr.Jayasuriya with effect from June 23 to the Colombo bourse. 
Dr.Jayasuriya’s appointment with effect from June 20, came in the wake of the Chinese national Xia Liqiang stepping down from the Chairmanship to take up the mantle as Deputy Chairman/Managing Director of the company. 

Dr. Jayasuriya is a former Chairman of the Securities and Exchange Commission (SEC), the Insurance Board of Sri Lanka and the Public Utilities Commission of Sri Lanka.
Blue Diamond Jewellery Worldwide is currently under investigation by the SEC over mismanagement and the misuse of Rs. 165.25 million raised through a rights issue.
The SEC has barred payments to Liqiang over a share sale carried out by him before the results of the special purpose audit into the company was published. The company this week also announced the appointment of two local directors to fill the seats vacated by the two Chinese directors who resigned last week.