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Toshiaki Tanaka resigns from Asia Capital PLC amidst investigations

CHRONICLE™ | Published on the thu Aug 19, 2021 3:48 pm | 746 Views

* Toshiaki Tanaka resigns from Asia Capital PLC amidst audit investigation and acute conflict of interest.

* Raju Radha appointed to the Executive Committee of Asia Capital PLC 

* Asia Capital PLC to recommence Stock Brokering activities soon.

Upon a year in restructuring the Japanese - Malaysian investments that were in a hot Tom Yum soup, Sri Lanka's pioneer in investment banking Asia Capital PLC recently on Tuesday the 18th August 2021 disclosed to Colombo Stock Exchange that Toshiaki Tanaka had resigned from the board with effective from the same day.

However, it is now revealed in country's capital market circles that Toshiaki Tanaka has send his resignation letter when an audit inquiry was called by the company relation to Tanaka's controversial dealings with the other Japanese investors who had invested in the leisure sector of Asia Capital PLC. According company sources Toshiake Tananka has acted in conflict of interest by representing and earning commissions from both parties without any disclosure. 

According to sources Asia Capital had demanded over Rs. 77 million from Tanaka for causing loss and failure in continuation of other Japanese investors' relationship, since now a complete breakdown of relationship has been occurred from the side of Japanese investors.

Asia Capital PLC acquired the controlling interest in Navara Securities (pvt) Ltd which is a licensed Member of the Colombo Stock Exchange in January 2021. New Stock Brokering company which has been renaned as Asia Capital Stock Brokers is likely to commence operations shortly according to their official website.

Asia Capital PLC was the previous owners of Asia Securities (pvt) Ltd which was sold to Dumith Fernando current Chairman of the Colombo Stock Exchange in 2011 for a price disclosed to be around LKR 400mn.

In September 2020 Asia Capital PLC appointed Nishan Sumanadeera led Frontier Capital Partners Ltd as the Legal and Financial Consultant to the group for the restructuring and to bring value to the Japanese and Malaysian investors. Since then Asia Capital PLC has undergone the first phase of restructuring which has resulted in settlement of key Japanese investors whilst acquiring the strategic Stock Brokering company Navara Securities (pvt) Ltd. 

Raju Radha was appointed as an Independent Non-Executive Director on the Board of Asia Capital PLC in February 2021. Raju has had his early education at St. Peter’s College – Colombo and holds a BSc. In Business Management from the University of London. He has a vast knowledge and experience in handling a number of businesses in various fields, including Shipping, Logistics, Media, Property Development and Trading. 

Radha was the Managing Director of Sea Services, Director of Greenlanka Shipping and the Chairman of Vauxhall Shipping. In addition, Raju was the Founder/Director of Radaan Media Works India and Director of Radaan Talent Factory. Presently, Raju is the Managing Director of SAR Shipping, SAR Maritime, SAR Trading and the Chief Operating Officer of Greenlanka Property Developer.

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