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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Last thing we needed was a court case for REEF

Last thing we needed was a court case for REEF

+3
sriranga
aj
zenobia
7 posters

Go down  Message [Page 1 of 1]

zenobia


Manager - Equity Analytics
Manager - Equity Analytics

pl see the anouncement in CSE today. considering the lenght a land dispute case will take in this country to resolve, ...oh dear..!

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Court cases are very good in CSE. Look at that tree planting company. Where would it be if there was no court case that would run for ages. May be it's part of the company business plan.

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

So when is the next court case date? Very Happy

4Last thing we needed was a court case for REEF Empty 09-Apr-2012 Announcement - REEF Mon Apr 09, 2012 4:12 pm

sriranga

sriranga
Co-Admin

http://www.cse.lk/cmt/upload_cse_announcements/9771333943357_.pdf

http://sharemarket-srilanka.blogspot.co.uk/

sriranga

sriranga
Co-Admin

April 09, 2012 (LBO) - The ownership of a prime beach front property the listed Citrus Leisure bought on Sri Lanka's east coast for 169 million rupees is now being disputed in court.

A stock exchange filing said the 12-acre land was bought in November 2011 by Passikudah Beach Resorts, a fully-owned subsidiary of Citrus Leisure.

"Passikudah Beach Resorts Limited purchased the property, which is now owned and possessed by the said company, based on professional advice it has clear legal title," the statement said.

"The Board of Directors of Citrus Leisure now wishes to announce that legal proceedings have been instituted in the District Court of Valachchenai against a predecessor in title as the 1st defendant with Passikudah Beach Resorts being added as a party, disputing the title of the said predecessor."

The stock exchange announcement by Citrus Leisure came a day after the Sunday Leader newspaper revealed the property dispute in a story headlined 'Kotte Deputy Mayor In Pasikudah Land Grab'.

The newspaper said the land, owned by two Swiss nationals, had been illegally sold by a local party to other local parties from whom the listed Citrus Leisure had bought it.

The newspaper alleged local government politicians and military officers had become involved in the land dispute.
http://www.lbo.lk/fullstory.php?nid=1731123619

http://sharemarket-srilanka.blogspot.co.uk/

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Another white van type of activity?
So many stories like this will follow in future.
Miracle of Asia.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Another thread in talk.
Could be merged?

sriranga

sriranga
Co-Admin

Threads Merged.

http://sharemarket-srilanka.blogspot.co.uk/

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics

What the hell this means ?
Is that directors become idiots ?
or IDIOTs becoming directors ?

They can't play with public's money. Sure they gonna lose the land.

stumpy

stumpy
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Sappa!

Still I didn't invest in REEF!
Hope u can remember...our previous discussion Smile

It's really hard to take that decision after these experiences!
A clear mis-management!
At least I hope they have clear deeds for other lands in Waskaduwa, n Kalpitiya! Razz

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

I've put my money elsewhere but've not changed my decision of investing on REEF warrants.. But I'm waiting till the right time but I could be too late sometimes Wink

These type of deals made investors sick..

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics

stumpy. yes mate

This is a good experience for every one.
If you want to buy a empty land which hadn't been in any operation for 30 years make sure 100% about the genuineness of the sellers.
If the seller having any operation (building , farm, .. or some thing which can say they have consumed it) for 30 years it is ok.

Still REEF can come out from the issue. But IF the predecessor of the land is missing REEF will be in trouble.

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