Kotelawala hasn’t increased stake, Ceylinco Insurance admits error

Former Chairman Lalith Kotelawala hasn’t increased his shareholding in Ceylinco Insurance Plc, which last week admitted an error in stating his holding due to an oversight.

Sequel to the Daily FT exposure on 8 March that accounts of Ceylinco Insurance showed an increase in Kotelwala’s shareholding, the Company in a filing to the Colombo Stock Exchange said that in quarterly accounts statements for the quarters ended 30 June 2011 and 30 September 2011 the shareholding of Lalith Kotelawala has been stated as 36,745 shares.

However in all other quarterly statements including December 2011 quarter and in all Annual Reports since the year 2004 Kotelawala’s holding has been stated as 54,886 shares. This holding is held via a single holding amounting to 36,745 shares and joint holding (with Mrs. Kotelawala) of 18,141 shares bring the total to 54,886 shares.

“Due to an oversight on our part, we have not totalled the joint holding of Mr. Kotelawala (18,141 shares) in two quarters ending 30/06/2011 and 30/9.2011,” Ceylinco Insurance said in its filing. It added that that since the year 2004 there has been no change in the shareholding of Kotelawala.