Touchwood Investments CEO quits

  Published : 12:00 am  October 16, 2012  |  1,851 views  |  4 comments  |  Print This Post   |  E-mail to friend
Share Button

Channa Abeygunawardene has resigned as the CEO of Touchwood Investments Plc with effect from 9 October after an eight-year stint with the company.
Following the move, J.G. Swarna Maloney was appointed as the new CEO. Chairman of the Company is R. Maloney.

Swarna Maloney was instrumental in conceptualising Touchwood in 1999. She has held various positions from Group Head of Finance, and Head of IT to current Group Operations Director. She holds a BSc. in Business Administration and has 17 years experience in finance, IT and business management both nationally and internationally.
Abeygunawardene joined Touchwood in 2004 as the Business Development Manager and was instrumental in developing the international SBUs. His involvement in business development, sales management and branch/regional management saw him promoted to General Manager in late 2005.
An Electronics Engineer by profession, he is also a Microsoft Certified Engineer and a Member of the Institution of Engineering and Technology (formerly IEE) of UK. Abeygunawardene possesses over 17 years of management exposure in UK, Japan, Middle East and Thailand.

Comments

4 Responses to “Touchwood Investments CEO quits”

  1. Tim Randall on January 7th, 2013 9:52 am

    I think the reason for his departure is now clear – see toucwoodinvest.com.

    Over twenty angry investors in Touchwood PLC have formed a group claiming that Touchwood – the forestry company – owes them money on harvest returns.
    Their website – touchwoodinvest.com – open with the statement “This website has been created by a group of Touchwood investors who in good faith invested their hard earned saving in a great ethical idea – unfortunately those that run the idea are less ethical.”
    The group was created after a thread on Sri Lanka Equities (srilankaequity.com) exposed a large number of furious investors.
    Roscoe Maloney the chairman of Touchwood comes in for extensive criticism although the investor’s website specifically says they do not think Touchwood is a Ponzi scheme: however individual posters are less generous.
    Another website linked on the investor’s site accuses Touchwood of issuing a dud cheque for $207,000.
    The problems escalated after Touchwood abruptly closed offices in Bangkok, Hong Kong and Dubai. Since then investors have been unable to get any response from the Colombo office. In addition several Touchwood directors resigned at about the same time.
    The investor group is now urging those owed money to complain to KPMG Ford Rhodes, Thornton & Company the local auditors and to the Colombo Stock exchange where Touchwood PLC is listed.
    Tim Randall, who started the investor group, stated “We have guys who have put all their savings into Touchwood and they are distraught. There is a real fear that Maloney will simple disappear and Touchwood will go broke. Being totally ignored by somebody who you have invested a considerable sum in is frustrating to say the least!”

  2. Tony Jesudason on September 27th, 2013 10:12 am

    Insiders say that this is due to a faliure in the Thailand project. They also claim that the truth of the whole mater will be out after the AGM held yesterday. They say the Auditor’s have given them a clean sheet. However it is quite strange that the Company has still to give its views on the mattter.

  3. Timal on November 18th, 2013 9:58 pm

    I have invested in sandlewood in sri lanka. is any one invested in same project send me the email address.

  4. Sisira on December 4th, 2013 2:21 am

    I hv invested in sandlewood, vanila & mahogani as well as debentures. Now they escape from the phone calls also. I hv invested on these as a plan for the retirement and my child’s education.

Feel free to leave a comment