SC orders seizure of luxury jeep used by Kotelawala
View(s):The Supreme Court this week ordered the seizure of a Land Cruiser Jeep owned by failed Ceylinco Shriram and used by former Ceylinco Chief Lalith Kotelawala to raise cash to repay depositors.
The decision was made by a Court bench headed by Justice Shiranee Tilakawardane on Tuesday when the hearing of the fundamental rights petition of Ceylinco Shriram came up.
An order was made by the Court regarding the determination of compensation claims payable by the Compensation Tribunal to Ceylinco Shriram affiliate Ceylinco Capital Investment Company by Ceylinco Homes International Lotus Tower which owned Celestial Towers and not to make any payment to any parties or creditors till the total compensation claim is determined by the compensation tribunal and reported to the Supreme Court, counsel appearing for depositors said.
A sum of Rs. 720 million is estimated in the Ceylinco Shriram repayment plan as cash flows from Celestial Tower which were taken over by the Government in 2011, he revealed.
The expected cash inflows from Celestial represent a significant amount in the realizable assets of the Ceylinco Shriram repayment plan to repay the depositors.
The total money due to depositors is recorded as Rs.6.8 billion. The repayments made so far in six installments amount to Rs. 2.6 billion representing an overall repayment of 39 per cent. The next hearing of the case was fixed for January 17.