Touchwood’s small investors furious about new management stance
View(s):Touchwood investors this week vehemently criticised the latest outburst of the organisation’s new chief Lanka Kiwlegedara for downplaying those who had made small investments in the company.
Investors pointed out that this was “insulting” as they were made to feel that their investments though small were not worth it, an investor from Colombo told the Business Times.
On the other hand investors pointed out that all investments whether big or small were made and these could not be ignored.
Last week, the Business Times quoted Mr. Kiwlegedara as saying that he could not be answering each and every call of even these clients that invested small sums of money.
But calling out to all investors in Touchwood, he said, “don’t be frightened because Touchwood is forever.” Both investors and management of Touchwood are awaiting the decision of the courts in the company’s winding up case this month.
Next week, the Touchwood Shareholders Association would be meeting in a bid to finalise all warrants and actions to be taken by the grouping. Lawyer and coordinator of the association Lakshan Dias told the Business Times they would also look at acquiring the lands for which they would be filing a caveat aimed at highlighting that there is an interest in these lands. It was learnt that the mahogany and sandalwood estates were in grave threat since most of the trees were taken away.
Mr. Dias noted that they were planning to have a separate mechanism where the maintenance of the estates could be carried out by those relevant companies that were previously involved.
While maintenance of these lands have stopped by these outsourced companies about six months back, some depositors continued to deposit ‘maintenance’ money in Touchwood.
Mr. Dias pointed out that depositors could get in touch with the association by contacting him on telephone numbers 0757119417 or 0714534527.