The Criminal Investigation Division (CID) and the Attorney General are in the process of examining documents relating to the Ceylinco Group’s F&G Property Developers and F&G Real Estate to file a case on behalf of the depositors.
According to depositors, both companies have failed to pay monthly interest since December 2008. They are urging the relevant authorities and the government to step in without allowing the parties to go into protracted litigation. Depositors say they have not been paid their monthly installments but that Ceylinco Chief Lalith Kotelawala had been paid a gratuity of nearly Rs.26 million from F&G capital.
Patron of the F&G Depositors’ Association Sanath Welikala accused the Deputy Chairman of F&G Mervyn Jayasinghe of mismanaging group assets and squandering the capital by leading a princely life. “He has recruited his young sons as directors, who are not qualified, paying them princely salaries and giving them luxury cars, free petrol and other fringe benefits. Mr. Jayasinghe is in the habit of using helicopters for his official trips at the cost of the company. While he and his cronies lead princely lives, the depositors have been reduced to paupers,” he told The Sunday Times FT. Mr. Jayasinghe was not available for comment.
Mr. Welikala said some depositors have sent their children abroad for higher education and are unable to remit the money abroad for the upkeep of their children. He added that most live in rented houses which they pay from their monthly interests. “These unfortunate persons have been ejected from the rented houses for non payment.” Mr. Welikala said some depositors have also postponed surgery and are deprived of drugs for their survival. Others have even tried to commit suicide within the F&G premises. |
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