FR petition filed on alleged Rs. 30 Bn LTL Holdings share transfer fraud

10 September 2024 08:58 pm Views - {{hitsCtrl.values.hits}} 7 Bookmark

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Colombo, September 10 (Daily Mirror)- The Fundamental Rights petitions filed challenging the legality of the business transactions relating to LTL Holdings (Private) Limited, a leading engineering company in Sri Lanka, have been fixed for support on Friday (13) by the Supreme Court.

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.

Comments - 7

Tissa Fernando Tuesday, 10 September 2024 11:15 PM

They should clearly explain what the fraud is.

2 10

Thunder Tuesday, 10 September 2024 11:17 PM

Light Scam ?

1 3

Kevin Wednesday, 11 September 2024 02:39 AM

Good timing. The president and his only remaining capable minister Kanchana will be in trouble if the Supreme Court decided a fundamental rights violation. Panic will set in the SLPP just days before the election.

1 8

Mokan Kosappu Wednesday, 11 September 2024 06:51 AM

Why people are so greedy for money, can they take it to next world?. When the leaders are corrupt, this is what happens.

1 14

nisala Wednesday, 11 September 2024 09:46 AM

Some people just file cases just to disrupt things. The public offering of shares to the CSE would give the company and both CEB a huge cash flow

13 4

Nadil Thursday, 12 September 2024 06:12 PM

We being a group of professional electrical engineers associated with Ceylon Electricity Board (CEB) would like to share few information with you. The reason we’ve selected you is simply that your comments against the present Power and Energy Minister regarding the recent salary increment of engineers in CEB. We accept that this increment was approved on 7th Jan 2015 by the past government just before the presidential election to get an undue advantage. Same time we note that there was a pending salary increment to CEB engineers by that time. We have the same argument on the method this increment is given. But we have a question on your approach of marketing this issue against the present Power and Energy Minister by neglecting his great attempts to clean the CEB while sweeping out the power mafia. Below is one classic example of a power mafia destroying CEB day by day. We wonder why a party like JVP is keep their silence on this critics. CEB, LTL Holdings (LTL Holdings) and LTL P

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nadil Thursday, 12 September 2024 06:15 PM

AIRBUS FRAUD, BOND SCAMS. Nowhere close to POWER FRAUD.- The crooks are the biggest sponsors for politicians. 16/02/20206 min readTeam Independent In the present day the much spoken about large scale frauds are the AIRBUS deal and the many BOND SCAMS that have cheated the public of billions and the people rightfully must ensure the government will not allow them to be covered up and deprive the people of the billions stolen to be returned to where they belong. The people of this country have suffered for long enough to have to pay for the losses of such crimes. However the continuing electricity fraud which makes the Airbus deal or the bond scam to seem like a drop in the ocean. The power mafia continues to sabotage the country’s power developments to create artificial shortages and make billions by supplying power for such shortages. If the country’s power capacity requirements are met and cheep affordable power is made available to all, then the Mafia stands to lose more than Rs 50

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