Business leader Alex Lovell has quit all executive positions at Ben Holdings and its subsidiaries including EAP Broadcastings which owns ‘Swarnavahini’ and three radio stations.
Daily FT learns his exit from EAP was in August prior to the General Elections and from Ben Holdings and subsidiaries from May.
The reason for his departure is not known and he could not be contacted for comment.
Lovell is known for sourcing large-scale investments and was instrumental in bringing large investments into the country including the landmark TPG acquisition of Union Bank PLC.
Market sources said given his global connections, Lovell is now being pursued by a very large global fund to oversee South Asian Operations and busy lining up a strategic investment by an international firm to a local finance company.
As per records of the Registrar of Companies, Ben Holdings was Lovelle’s personal company and had sold his entire stake to Pettigo Comercio Internacional Lda., registered in Portugal, an investment arm of Lyca Mobile Group of UK. Ben Holdings held 60% stake in EAP Group companies (except finance companies) whilst Pettigo via Blue Summit Capital Management Pte of Singapore held the balance.