Warrants issued for arrest of ETI directors for failing to appear in court

Wednesday, 17 June 2020 01:18 - - {{hitsCtrl.values.hits}}

Col. Additional Magistrate issues warrants on four ETI directors
Case filed by depositors of failed finance company

Colombo Additional Magistrate Priyantha Liyanage yesterday issued warrants for the arrest of the directors of the Edirisinghe Trust Investment (ETI) Finance Ltd. for failing to appear in court, on the date they were issued notice to appear.

The four directors of ETI are Jeewaka Edirisinghe, Nalaka Edirisinghe, Asanka Edirisinghe and Deepa Edirisinghe. Several depositors of the failed finance company had filed the case against ETI, naming the directors as respondents.

The Central Bank of Sri Lanka (CBSL) announced last week that it has taken steps to pay compensations up to Rs. 600,000 to all insured depositors of The Finance Company as per the Regulations of Sri Lanka Deposit Insurance and Liquidity Support Scheme. The balance amount if any, will be settled after liquidation of properties belong to TFC.

Meanwhile the Commissions of Inquiry (COI) appointed by President Gotabaya Rajapaksa to inquire into alleged wrongdoing, irregularities, and malpractice in connection with ETI – met with the President last week. The COI is probing alleged wrongdoing, irregularities, and malpractice in connection with ETI Finance (ETI).

ETI’s assets included Swarnamahal Financial Services, EAP Broadcasting Company Limited with its subsidiaries; EAP Films and Theatres Ltd (and its subsidiaries); Hotel Sapphire Ltd.; Swarnamahal Jewelers Ltd.; and other immoveable assets owned by ETI Finance. The case will take up for hearing on 8 October.