Court appoints liquidator for Touchwood Investments

Thursday, 19 June 2014 00:53 -     - {{hitsCtrl.values.hits}}

The Colombo Commercial High Court has appointed a liquidator for the troubled investment firm Touchwood Investments PLC. G.K.S. Kumar, the Court appointed liquidator for the Touchwood Investments, in a disclosure to the Colombo Stock Exchange (CSE) announced yesterday that he will take into his custody all the property and things in action to which the company is or appears to be entitled. The official address of the liquidator was announced as 3rd Floor, Yathama Building, No. 142, Galle Road, Colombo 3. Touchwood Investments PLC was wound up following an order issued by the Commercial High Court appointing a liquidator from 5 June. The order was issued according to Section 290 of the Companies Act. Touchwood, which managed a forestry investment scheme where investors were promised high returns from teak, mahogany and other plantations, has been in financial trouble for some time. A group of angry investors called Touchwood Forestry Owners Group, who have not been able to recover their investments, brought the company to the attention of the authorities. In March, the Securities and Exchange Commission of Sri Lanka (SEC) ordered the immediate suspension of the trading of Touchwood Investments shares at the CSE. The SEC last year decided to launch a fully-fledged investigation into the conduct of Touchwood Investments.