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Sri Lanka Equity Forum » Political and Socio-Economic Analysis » Sri Lankan Bernard Madoff type Lalith Kotelawala bankrupted oldest finance company - The Finance gets Bailout from Mahinda Rajapaksa Regime's well managed Economy!

Sri Lankan Bernard Madoff type Lalith Kotelawala bankrupted oldest finance company - The Finance gets Bailout from Mahinda Rajapaksa Regime's well managed Economy!

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DealKing

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
December 2014 Under the vision of Banking Sector Consolidation of Mahinda Rajapaksa government A long term loan on concessionary terms was provided from the Sri Lanka Deposit Insurance and Liquidity Support Fund to stabilize oldest finance company The Finance Company PLC and to move to a profitable level since it was unskillfully run and managed impacting on local economy and non banking finance sector by Globally known Money Swindler' Alan Stanford and Bernard Madoff like Sri Lankan Money Swindler Lalith Kotelawala who became Bankrupt mainly after funding exorbitantly for UNP's Ranil Wickramasinghe in 2005...and pulling out millions of Sri Lankan foreign exchange of the economy from the approval of Chandrika Bandaranaike Government to start insurance companies in Nepal and Money Transfer companies around the world called Ceylinco Fast Cash...which was collapsed after Rs.4.5 billion was unethically transferred by Lalith Kotelawala to his secret Singapore accounts which never came to Sri Lanka.

Sunnyside


Senior Equity Analytic
Senior Equity Analytic
If it is well managed how come golden key depositors were paid on 400million odd so far, when the Hyatt regency building which was valued at Rs7B was sold for RS 2B odd, how come the softlogic building which is located near the former house of fasion buidling in duplication was sold for Rs200m odd million when actual land value and building value was in excess of Rs400m? Where did the money of the assets sold goto? it was the best daylight robbery, focus all the attention on one issue while, and make the move while people are distracted.

Some of your post are good, but some just shows the lack of thinking

@DealKing wrote:December 2014 Under the vision of Banking Sector Consolidation of Mahinda Rajapaksa government A long term loan on concessionary terms was provided from the Sri Lanka Deposit Insurance and Liquidity Support Fund to stabilize oldest finance company The Finance Company PLC and to move to a profitable level since it was unskillfully run and managed impacting on local economy and non banking finance sector by Globally known Money Swindler' Alan Stanford and Bernard Madoff like Sri Lankan Money Swindler Lalith Kotelawala who became Bankrupt mainly after funding exorbitantly for UNP's Ranil Wickramasinghe in 2005...and pulling out millions of Sri Lankan foreign exchange of the economy from the approval of Chandrika Bandaranaike Government to start insurance companies in Nepal and Money Transfer companies around the world called Ceylinco Fast Cash...which was collapsed after Rs.4.5 billion was unethically transferred by Lalith Kotelawala to his secret Singapore accounts which never came to Sri Lanka.

StockGuru

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Ceylinco Balance Sheets were always over valued now that is a fact...What was Rs.7 billion in Ceylinco Baance sheets could become Rs.5 Billion or Rs.2 billion always.

As a fact have a look at Ceylinco Insurance assets they have bought properties at over-valued prices.

I know that Ceylinco had over 60 financial companies and over 40 real estate companies that virtually controlled Sri Lanka's Real Estate Sector and Financial Sector both.

Lalith Kotelawala had over 500 companies under 21 groups with 16 Deputy Chairpersons and one group Ceylinco Sussex alone had another 300 odd subsidiaries.So I think apart from every other post what Deal King said may be true for some extent.

I have read two of Kotelawala Biographies...one written by Satyn Magazine founder Nayomi Rathnayake Weerasooriya...in that Book Kotelawala says that he got approval from Chandrika Bandaranaike Kumarantunge gave him approval to take off US $ 10 milion to start and Insurance Company in Nepal and also for a Sattelite License under Golden Key.

Sarabulathwita

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Vice President - Equity Analytics
Vice President - Equity Analytics
@DealKing wrote:December 2014 Under the vision of Banking Sector Consolidation of Mahinda Rajapaksa government A long term loan on concessionary terms was provided from the Sri Lanka Deposit Insurance and Liquidity Support Fund to stabilize oldest finance company The Finance Company PLC and to move to a profitable level since it was unskillfully run and managed impacting on local economy and non banking finance sector by Globally known Money Swindler' Alan Stanford and Bernard Madoff like Sri Lankan Money Swindler Lalith Kotelawala who became Bankrupt mainly after funding exorbitantly for UNP's Ranil Wickramasinghe in 2005...and pulling out millions of Sri Lankan foreign exchange of the economy from the approval of Chandrika Bandaranaike Government to start insurance companies in Nepal and Money Transfer companies around the world called Ceylinco Fast Cash...which was collapsed after Rs.4.5 billion was unethically transferred by Lalith Kotelawala to his secret Singapore accounts which never came to Sri Lanka.


Patta hora

Sunnyside


Senior Equity Analytic
Senior Equity Analytic
@stock guru. I could careless about ceylinco, they can overvalue their assets if they want to, but ask a Realtor what was the land and building value of the current hyatt regency building when it was nearly halfway completed, same for the building softlogic acquired. Also as much as kotelawa was close to unp, check with sources how many business trips did rajapakse take with kothalawela and how many houses did shiranthi rajapakse get. The tipping point was a large request from the hyatt regency building. anyways i dont care, just that first we were concerned of getting recovering gk deposits, then thought okay 2bn recovered from galle road land and building sale, but where did the money goto? If you look out of the box you are told to look, there is a bigger picture.

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