Directors of failed finance companies untraceable?

The Presidential Commission of Inquiry into 10 failed finance companies have completed all independent investigations and are now in the process of calling directors from those companies to appear before the Commission to give clarifications and answer allegations made against them. The independent investigations were conducted by KPMG Ford, Rhodes, Thornton & Co. and PricewaterhouseCoopers (PWC). However directors from Translanka Investments Ltd and Castle Finance Ltd, two of the failed finance companies under investigation, didn’t appear before the Commission this week and have again been called in on December 12. Directors from Hideki Finance & Investments Limited and House & Property Trades Ltd have also been summoned on the same day.

Secretary to the Commission, J.A.N. Dissanayake told The Sunday Times FT that notices dispatched to the persons who hold office as directors at the material time were returned undelivered because 'they were not there at the addresses.' Some of the addresses date back to 1990 and 1992. Dissanayake said if the directors fail to appear to defend themselves, the Commission will have to go with the recommendations of the independent investigations and action will be taken. (NG)