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24 July, 2014 09:19 AM Source: Financial Times - Sri Lanka

Upon an application made by the liquidator to Court, stating the difficulties faced in proceeding with the liquidation due to the uncooperative nature of the representatives of Touchwood Investments Plc, the Judge of the Commercial High Court has ordered to issue notice on CEO L.W. Kiwlegedara to be present in Court on 31 July when the case is called next.
Soon after Sudath Kumar of Nanayakkara & Company was appointed by Court to proceed with the liquidation of Touchwood Investments PLC, investors submitted their affidavits in proof of debt to the liquidator and over 100 such affidavits have been submitted to date.
The company and its CEO Kiwlegedara have failed to handover the Statement of Accounts to the liquidator and failed to comply with the legal obligations of handing over the assets and documents pertaining to the company and its business to the liquidator.
Many who invested in the public quoted company Touchwood Investments PLC visualised their trees and their investments go up in flames upon realising that the company was nothing but a complete sham and fraud. The Commercial High Court Order pronouncement on 5 June, ordering the company be wound-up and placed in liquidation, was a ray of hope for all investors who were faced with severe financial hardship.

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