10 September 2024 08:58 pm Views - 11275
The petitioners including SJB Parliamentarian Mujibur Rahaman, Niroshan Padukka, K.R.C. Kaluarachchi and J.T. Mallikarachchi filed these petitions seeking an order to quash the share transfer of 28% of the CEB shareholding of LTL Holdings (Private) Limited to West Coast Power (Private) Limited purporting to dilute and or illegally appropriate the shareholding of the Ceylon Electricity Board (CEB) in LTL Holdings (Private) Limited.
Deputy Solicitor General Nirmalan Wigneswaran, appearing for the Attorney General, informed court that the Auditor General has notified the Colombo Stock Exchange and the Securities and Exchange Commission about the irregularities in these transactions and the necessity of investigating into the matter.
The Supreme Court three-judge-bench comprising Justices Murdu Fernando, Mahinda Samayawardena and Arjuna Obeyesekere fixed the matter for support on September 13.
The petitioners are further seeking an order quashing the purchase of the 27% shareholding by Paradev (Private) Limited.
They are further seeking an order directing the CID and the Attorney General to take all necessary steps to fully investigate into, indict and prosecute the senior management of LTL Holdings (Private) Limited in respect of any and all illegal and unlawful acts.
The petitioners state that a handful of individuals, more particularly the senior management of LTL Holdings (Private) Limited have conspired and colluded to illegally and fraudulently misappropriate in excess of Rs. 30 billion worth of public property, which is likely to be the largest financial fraud in this country’s history.
President's Counsel Upul Jayasuriya with Counsel Laknath Seneviratne instructed by Sithara Sampath Wijewardane appeared for the petitioners.