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23 May, 2012 07:47 AM Source: Lanka Business Online - LBO

Sri Lanka’s Blue Diamonds Jewellery Worldwide PLC said it has settled a long-running legal case with its former deputy chairman, Daya Senanayake for 12 million rupees.

Senanayake had earlier sought legal redress in 2000, after claiming he was illegally removed from his post as deputy chairman.

“Mr. Senanayake has been appointed ‘Chairman Emeritus’ of Blue Diamonds Jewellery Worldwide PLC by the board of directors of the company,” the firm said in a stock exchange filing on Tuesday.

“This position does not involve any representations on the board of directors of Blue Diamonds nor any financial commitment on the part of Blue Diamonds,” the statement said.

The company has also agreed with Senanayake to dispense with the litigation between both parties which amounted to over two billion rupees. More...

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