Kiwlegedera returns but assets yet to be submitted
Touchwood Investments former Chairman/CEO Lanka Kiwlegedera has agreed to submit assets-related documents to the company liquidator by August 25, following the Commercial High Court warning him of serious consequences for failing to do so by the said date. Court will resume hearing the case on August 27.
Mr. Kiwlegedera had not submitted these documents pertaining to the company on or before August 7 even after court ordered to do so at the last hearing on July 31.
Nihal Fernando, PC, Counsel for the company and Mr. Kiwlegedera, told court on Thursday that the present CEO had only been appointed to the company after the winding-up petition was filed in Court and therefore he was not fully aware of certain assets and documents of the company.
Counsel further stated that the CEO would be willing to assist the liquidator in the process of liquidation and if necessary to travel to the Agarwood plantation in Thailand with the liquidator.
However, during a heated debate that ensued in court, counsel for the company noted that they required at least one month to locate the documents, books and Statement of Affairs of the company and handover the same to the liquidator. Avindra Rodrigo, Counsel for the petitioner, objected to any more time being granted stating that the company already had two months since the date of the winding-up order to locate and handover the documents and further time would only delay proceedings.
He said the CEO was absconding from the date of the order and had failed to give any documents of the assets of the company to the liquidator. Counsel also stated that even though two months have lapsed since the order not a single document has been handed over to the liquidator.
Upon inquiry from Court, Counsel for the liquidator Hafeel Farisz and the liquidator Sudath Kumar confirmed this position. The liquidator told court that upto date the company had only handed over the details of the local bank accounts of the company and further stated that the bank accounts of the company have a total of Rs. 3000. It was further stated that when the liquidator visited the company premises on June 15 the company and its CEO undertook to handover all the documents, assets, deeds, etc of the company in two days from then.
Judge Seneviratne noted that the extension on the time period would be allowed but if the company failed to submit the documents they would face serious consequences.