Order on interim relief fixed for Sept.07

Petition on alleged mismanagement of Ceylon & Foreign Trades PLC

By Shehan Chamika Silva 

The order on the interim reliefs sought by the petitioners at the Ceylon & Foreign Trades PLC (CFT) case was fixed for September 7, 2018 by the Commercial High Court judge Ruwan Fernando.

When the case was taken up on August 6, 2018 for the arguments, both the respondents and the petitioners had moved their oral submissions before the Court regarding the interim reliefs sought in the petition.

Subsequently, the Court directed the both parties to tender their further written submissions before September 1 so as to deliver the order on the interim reliefs on September 7.

The minority shareholders of CFT filed this case at the Commercial High Court of Colombo against the alleged oppression and mismanagement of the company affairs by Executive Chairman Ali Asger Shabbir Gulamhusein in concert with Director Malayandi Jeyapragash, Auditor A.I. Macan Marker and Co. Charted Accountants and secretarial company Adam Corporate Secretarial Ltd., which is owned and controlled by Ali Gulamhusein. Dr. Shabbir Abbas Gulamhusein was the Executive Chairman of CFT until his sudden demise on 9 June 2017. He was a renowned businessman who had built and owned numerous business enterprises in Sri Lanka.  Among other businesses, he had acquired shares of CFT and gradually gained control of the company in the late 1980s. The company has been listed on the Colombo Stock Exchange as a public listed Company since 1 January 1979.  The company diversified its operations to include spice and desiccated coconut exports and with its continuous success became an asset-rich organisation by acquiring a number of very valuable lands and assets.   

The petitioners, who include the eldest son and two daughters of the late Dr. Gulamhusein, allege that after his death, his youngest son Ali Gulamhusein deceitfully obtained control of the company and is mismanaging it in collusion with the other respondents mentioned in the case.