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15 October, 2013 07:14 AM Source: Financial Times - Sri Lanka

Touchwood Investments Plc (TWOD) via its lawyers yesterday presented to Commercial High Court a full repayment plan on all maturing agarwood contracts executed in Sri Lanka with regard to plantations in Thailand.

As per the plan, TWOD will pay 100% due to agarwood plantation customers within eight months on the basis of 25% in three months, 25% in five months and the balance 50% in eight months.

When the case (HC Civil 31/2013/CO) was taken up in Commercial High Court of Colombo before Justice C. Morias yesterday, the company has agreed to extend this offer to all agarwood contracts (irrespective of whether their claims have been recorded in this case or not in Commercial High Court.)

Around 26 customers have supported the winding up application and appointment of provisional liquidator filed by customer K.A.D.L. Priyanka Nanayakkara whose claim against TWOD is Rs. 3.8 million.

Court on 3 October granted the company time till 14 October to file its formal objections to the application to appoint a Provisional Liquidator.

TWOD’s exposure on agarwood contracts is estimated at approximately Rs. 300 million and amount due for some of the customers within the 26 who had resorted legal action is around Rs. 54 million.
Given the fact that some within the 26 have local plantation contracts, the Court was told that maturity of those was far off and the company has adequate time. More...

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