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Suing against politicians and government service officers is the latest trend which is rising in Sri Lanka which is now own to Mr.MR and Company.As being a heir for this property Sri Lanka, i am now the Governer of Central Bank.But the trend of filing litigation against SLFP government members was brought to the society by millionair philanthrophist Deshamanya Dr. Lalith Kotelawala who is now trying to become a billionaire through litigation against government and its officials step by step.Deshamanya the Dr. Lalith Kotelawala; So called philanthrophist who is earning from poor Sri Lankas by making them cash cows is now charging every and each one of us a billion rupees along with his legal officer attorney Thushari Weerasinghe another one of the women who satisfy Deshamanya's old crotch at nightmares and at night bed those days.Deshamanya Dr.Lalith Kotelawala was one of the Harrys who became rich during the bloody slutty bitch Chandrika Bandaranaike Kumaratunga's (later she renamed her Chandrika Bandaranayake Kumaratunga to hide that she is a decendant of Nayakkar cast) time.Chandrika who was the mistress of famous actor Sanath Gunatilaka offered a VSAT Licence and somany other things to Lalith Kotelawala to enhance his business during her reign in Sri Lanka.It was as a return favour she offered to Lalith since she got bundles of money from Lalith to capaign for the 1994 elections.Lalith Kotelawala who then turned to Ranil Wickramasinghe on 2005 Presidential Elections through offering more than Rs.40 million as funds later became friendly with MR(Mahinda Rajapakshe the Mama of Sri Lanka) via helping Dayata Kirula Mega exibition. Starting from their Lalith started to charge litigation from Mangala Samaraweeera to Gover of Central Bank.If I reveal the real man behind Lalith Kotelawala he is one of the famous philanthrophist in the world who is having an unethical son with a fraudulent Doctorate who is going by the name Dr.Punarjeewa Karunanayake.
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Legal Action
25 Jun, 2008 11:07:31
Sri Lanka's banker a billion rupees from Central Bank governor
June 25, 2008 (LBO) – Sri Lankan businessman Lalith Kotelawala has demanded a billion rupees in damages from Central Bank governor Ajith Nivard Cabraal for trying to introduce rules that would effectively remove him from a bank and finance companies in his Ceylinco group.
Kotelawala also threatened to initiate legal action against Cabraal to remove him as central bank governor if he persists with the implementation of the proposed corporate governance codes for licensed commercial banks and registered finance companies.
In his letter of demand, released to the media, Kotelawala said the code of governance has been promulgated "specifically" to remove him as chairman and director of Seylan Bank and six finance companies in the Ceylinco group.
The corporate governance code proposed by the central will prevent directors of banks and finance companies from continuing in their posts if they are over 70 years, have been a director for more than nine years or are directors of more than 20 other companies or entities.
Kotelawala's Ceylinco group consists of a diversified portfolio of business activities which include insurance, a credit card company, banking, micro finance, finance, leasing, house and property development, travel, health care, as well as a diamond venture, Blue Diamonds.
Kotelawala is also chairman of six registered finance companies; The Finance, Seylan Merchant Leasing, Finance & Guarantee Company, Asian Finance, Multi Finance and Ceylinco International Reality.
Kotelawala said the proposed code of corporate governance has been introduced as a direction under the Banking Act, "in ignorance" of the provisions relating to corporate governance in existing laws.
It was also "in violation of a citizen's right to engage in a lawful trade, without age, number of directorial positions held," he said in his letter of demand sent through his Attorney-at- Law.
Kotelawala described the code as "draconian" and said its legality has been challenged by Seylan Bank and other commercial banks in the Supreme Court and Court of Appeal of Sri Lanka.
He said that in spite of the pending litigation and sentiments expressed on behalf the Central Bank to bring about a settlement between the parties, Cabraal proposed a draft code of corporate governance for registered finance companies.
This was once again done "with the malicious intention and sinister motive of summarily removing" him from the position of chairman and director of the finance companies, Kotelawala said.
Kotelawala said he would proceed with legal action if Cabraal fails to pay and settle his demand for damages within two weeks. -->
VIEWER'S COMMENT(S)
6. Tissa Jayawardana Jun 25
This is,obviously, violating basic rights of Mr. Kotalawala.
5. das samuel Jun 25
Kotelawala is the most honourable businessman in sri lanka.His companies assist business entrepreneurs, small businessmen, indebted citizens and the poor. His companies are the most reliable for the public to invest their savings in deposits or as investments.
His staff are recruited for suitability (and are rewarded for good performance) and not on religious,racial,language or political considerations.His success is resented by political henchmen bigots - hence this "proposal" by the central bank governer.I wish him success in his quest for justice.
4. Upananda Karunaratne Jun 25
upananda7@hotmail.com
-->
It is better Kotalawala goes to courts in order to get the justice since he was not practising this procedure in respect of others.
Now he can taste the Sri Lankan legal system if he continues this process as he published in the newspaper. I doubt whether he will continue this procedure since he does these things for mere propaganda. He had done the same thing before President Rajapaksa become the President of Sri Lanka and sent letters of demands to a Minister.
3. Owllll Jun 25
owllll@yahoo.com
-->
Wonderful! Having perfected the art of marginalization through constitutional maneuvering, we are learning the fine art of oppression through constructive administrative manipulation.
2. Ramesh Jun 25
shalom1@sltnet.lk
-->
The court case summary of Kotelawela vs Cabraal - Kotelawela - i demand 1Bn rupeesCabraal - no problem i'll have it printed by tomorrow morn.
1. Nadarajah Jun 25
nada@sltnet.lk
-->
Yes you should go ahead.who is the governor to introduce changes to kill pioneer and leading business figures in the country ????
RECENT STORIES
-->
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RELATED STORIES
Sri Lanka Ceylinco Insurance to raise equity; expand foreign presence 11 Jun
Sri Lanka's Ceylinco in shopping mall with skating rink 05 Mar
Ceylinco Group Chairman appealed to the Central Bank to loosen its grip on the banking sectors? expansion 14 Oct
25 Jun, 2008 11:07:31
Sri Lanka's banker a billion rupees from Central Bank governor
June 25, 2008 (LBO) – Sri Lankan businessman Lalith Kotelawala has demanded a billion rupees in damages from Central Bank governor Ajith Nivard Cabraal for trying to introduce rules that would effectively remove him from a bank and finance companies in his Ceylinco group.
Kotelawala also threatened to initiate legal action against Cabraal to remove him as central bank governor if he persists with the implementation of the proposed corporate governance codes for licensed commercial banks and registered finance companies.
In his letter of demand, released to the media, Kotelawala said the code of governance has been promulgated "specifically" to remove him as chairman and director of Seylan Bank and six finance companies in the Ceylinco group.
The corporate governance code proposed by the central will prevent directors of banks and finance companies from continuing in their posts if they are over 70 years, have been a director for more than nine years or are directors of more than 20 other companies or entities.
Kotelawala's Ceylinco group consists of a diversified portfolio of business activities which include insurance, a credit card company, banking, micro finance, finance, leasing, house and property development, travel, health care, as well as a diamond venture, Blue Diamonds.
Kotelawala is also chairman of six registered finance companies; The Finance, Seylan Merchant Leasing, Finance & Guarantee Company, Asian Finance, Multi Finance and Ceylinco International Reality.
Kotelawala said the proposed code of corporate governance has been introduced as a direction under the Banking Act, "in ignorance" of the provisions relating to corporate governance in existing laws.
It was also "in violation of a citizen's right to engage in a lawful trade, without age, number of directorial positions held," he said in his letter of demand sent through his Attorney-at- Law.
Kotelawala described the code as "draconian" and said its legality has been challenged by Seylan Bank and other commercial banks in the Supreme Court and Court of Appeal of Sri Lanka.
He said that in spite of the pending litigation and sentiments expressed on behalf the Central Bank to bring about a settlement between the parties, Cabraal proposed a draft code of corporate governance for registered finance companies.
This was once again done "with the malicious intention and sinister motive of summarily removing" him from the position of chairman and director of the finance companies, Kotelawala said.
Kotelawala said he would proceed with legal action if Cabraal fails to pay and settle his demand for damages within two weeks. -->
VIEWER'S COMMENT(S)
6. Tissa Jayawardana Jun 25
This is,obviously, violating basic rights of Mr. Kotalawala.
5. das samuel Jun 25
Kotelawala is the most honourable businessman in sri lanka.His companies assist business entrepreneurs, small businessmen, indebted citizens and the poor. His companies are the most reliable for the public to invest their savings in deposits or as investments.
His staff are recruited for suitability (and are rewarded for good performance) and not on religious,racial,language or political considerations.His success is resented by political henchmen bigots - hence this "proposal" by the central bank governer.I wish him success in his quest for justice.
4. Upananda Karunaratne Jun 25
upananda7@hotmail.com
-->
It is better Kotalawala goes to courts in order to get the justice since he was not practising this procedure in respect of others.
Now he can taste the Sri Lankan legal system if he continues this process as he published in the newspaper. I doubt whether he will continue this procedure since he does these things for mere propaganda. He had done the same thing before President Rajapaksa become the President of Sri Lanka and sent letters of demands to a Minister.
3. Owllll Jun 25
owllll@yahoo.com
-->
Wonderful! Having perfected the art of marginalization through constitutional maneuvering, we are learning the fine art of oppression through constructive administrative manipulation.
2. Ramesh Jun 25
shalom1@sltnet.lk
-->
The court case summary of Kotelawela vs Cabraal - Kotelawela - i demand 1Bn rupeesCabraal - no problem i'll have it printed by tomorrow morn.
1. Nadarajah Jun 25
nada@sltnet.lk
-->
Yes you should go ahead.who is the governor to introduce changes to kill pioneer and leading business figures in the country ????
RECENT STORIES
-->
-->
RELATED STORIES
Sri Lanka Ceylinco Insurance to raise equity; expand foreign presence 11 Jun
Sri Lanka's Ceylinco in shopping mall with skating rink 05 Mar
Ceylinco Group Chairman appealed to the Central Bank to loosen its grip on the banking sectors? expansion 14 Oct
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Kotelawala sues Central Bank Governor over mandatory code
Renowned businessman and Ceylinco Group Chairman Dr. Lalith Kotelawala is suing Central Bank Governor Ajit Nivard Cabraal for ‘malicious conduct’ over the proposed mandatory code for finance companies banks which would affect the former.
In a letter sent by his attorney Thushari Weerasinghe to the Central Bank governor, Dr Kotelawala said that if the governance codes applicable to banks and licensed finance companies are implemented, legal action would be taken against the governor seeking his removal, on the grounds that ‘you are not a fit and a proper person to hold the post of Governor of the Central Bank of Sri Lanka, and any other public office.” The Ceylinco chief, who is demanding a sum of Rs 1 billion in damages from losses incurred if the code for finance companies is implemented, says the governance code was promulgated specifically to remove him as Chairman and director of Seylan Bank PLC by preventing him holding the post of director.
hc code bars directors from serving more than nine years, beyond the age of 70 years and in more than 20 companies or entities. Dr Kotelawala has been having a running battle with Mr Cabraal ever since the mandatory code of governance for banks became effective this year. A second code for finance companies, which will also adversely affect Dr Kotelawala, has been prepared by the Central Bank and is currently under public discussion and scrutiny.
Dr Kotelawala says the rules in the banking code have been formulated, deliberately targeting him to prevent him from functioning as Chairman and director of Seylan Bank PLC, which is a bank created and built up by the vision and guidance of my client, and in defiance of the confidence placed in him by Seylan Bank shareholders, customers and other stakeholders.
“… the code of corporate governance has been introduced as a direction under the Banking Act, in the background and in ignorance of the provisions relating to corporate governance envisaged in the Companies Act No 7of 2007, the Banking Act No 30 of 1988 as amended, and the Finance Companies Act No 78 of 1988 and in violation of a citizens’ right to engage in a lawful trade, without age, number of directorial positions held, being a barrier; which even the said acts passed by the Parliament of Sri Lanka has recognized,” the letter said. Dr Kotelawala, Seylan Bank and other commercial banks have challenged the legality of the banking code and “in spite of the aforesaid pending litigation and sentiments expressed on behalf of you, as well as the Central Bank of Sri Lanka to bring about a settlement between the parties to the said actions; you have initiated to implement an exposure draft code of corporate governance, in relation to registered finance companies, once again, with the malicious intention and sinister motive of summarily removing me from the position of the Chairman and director of the aforesaid finance companies, as well.”
Labels: ayoma, ceylinco consolidated, ceylon, chairman, justin, kotelawala, lalith kotelawala, padmini, punarjeewa karunanayake, unethical
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LALITH KOTELAWALA THE DESHAMANYA OF SRI LANKA
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