100 acres of Touchwood properties void
About 100 acres of Touchwood Investments property allegedly sold to at least six persons would be considered void or invalid under the Companies Act, the company’s liquidator said last week.
Touchwood Investments Liquidator Sudath Kumar has identified about 100 acres of land that was transferred to six persons that would be invalid since it had taken place during the voidable period of within one year of filing the winding up case in the Comercial High Court.
In this regard, Mr. Kumar is expected to file a separate motion in court highlighting that they would prove it was transferred to the six parties during the voidable period under the Companies Act.
While some say that these properties were transferred to the individuals for a sum of money, these transactions need to be investigated, Mr. Kumar said.
It has also been ascertained that upto now the company has land assets amounting to a maximum of 50 acres from around the country.
Meanwhile, the liquidator closed the date for submission of applications as November 30, 2014 totalling 1800 from all parts of the country but late applications would also be allowed.
The first date of maturity of the sold properties under the Touchwood Investments would be 2018/19 for the Bomaragala estate, Mr. Kumar said.
In the meantime, Touchwood Investments is alleged to have invested illegally in properties in Thailand since Mr. Kumar noted they were unable to find any documents pertaining to obtaining approvals from the Sri Lanka Central Bank to do so.
In this regard, it would be a violation of the Exchange Control Act which would mean there was a legal barrier to prove the money had been taken from Sri Lanka for investments in Thailand.
Further, the Touchwood office in Hong Kong has also been under liquidation .