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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Touchwood drama takes new twist, court orders winding up

Touchwood drama takes new twist, court orders winding up

Go down  Message [Page 1 of 1]

Jayashantha

Jayashantha
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Touchwood Investments investors were given the opportunity to get their monies back on Thursday when the Colombo Commercial High Court agreed to appoint a liquidator after issuing the order to wind up the company since it was unable to pay back its debts.

Colombo Commercial High Court Judge Amendra Seneviratne pronounced his Order stating that he had taken into consideration all submissions made by Petitioner in the case No. 31/2013/CO as filed by the Attorneys-at-Law F.J. & G de Saram on July 24, 2013 in addition to the company being wound-up and those of the other intervening creditors.

It was noted that the company’s failure to comply with the statutory demand served by the Petitioner was taken into consideration before instituting winding-up action. Justice Seneviratne also said that the debts due to the Petitioner and other creditors were undisputed.

The failure of the company to pay off their debts due to the Petitioner and other creditors was taken into account despite the company claims of possessing billions of rupees to pay back, in issuing the order to wind up the company.

Agarwood

Touchwood Investments PLC CEO Lanka Kiwlegedera was present in Court when the judge issued the order to wind-up the company.
Other parties involved in the case were the Securities and Exchange Commission (SEC) whose lawyers speaking with the Sunday Times after the order was issued, stated that they were not in favour of the winding up of a listed company since it could have an impact on the market.

The Petitioner in the Touchwood winding up case that filed action against the company is Priyanka Nanayakkara of Rajagiriya who had stated that the company had not paid back to him the full amount due upon maturity of the trees that he had invested in.

In the written submissions made by Mr. Nanayakkara it was pointed out that around October 2006 he had invested in Touchwood Investments PLC and entered into a Tree Sale Order Agreement with the company for 920 Agarwood trees located at the Touchwood Khaopor Estate, Thailand by the company and was issued a Harvest Agreement Certificate bearing No.0004393 under which he would be the holder of Tree Sale Order No. SL 006183 on January 11, 2007. This agreement was issued along with a confirmation letter regarding payment of the minimum price per tree for trees purchased.

http://www.sundaytimes.lk/140608/business-times/touchwood-drama-takes-new-twist-court-orders-winding-up-102384.html

Kouprey


Stock Analytic
Stock Analytic
I have taken below a direct quote from Nancie on Touchwoodinvest.com,

"It seems the winding up order against TWI has been approved – but the management can appeal.
I find that very weird – surely if a winding up order is made then the liquidators move in and it is game over. Somehow it seems the management have another month to nick anything that is not screwed down.
I doubt the poor bloody forestry owners will find many assets when they eventually get a liquidator though the door.
When you look at it these two options – both aspects of really bad CORPORATE GOVERNANCE are on display!"

Yes Nancie Sri Lanka's Corporate Governance is on display and in Touchwoods case it shows an absolute lack of governance, this will come back to bite, it's not the overseas investors rather the investors and corporations that these investors relay the Touchwood story to.
And so the story continues.......

aiyosalli

aiyosalli
Manager - Equity Analytics
Manager - Equity Analytics
Any one knows what will happen to the poor shareholders.I mean minor shareholders. can they receive anything

udeash

udeash
Equity Analytic
Equity Analytic
I have a small plot of teak plantation at touchwood. Is there any investor association for me to join ? If some member of this forum can give me a contact number regarding this matter will be very much tnankfull.

Santa

Santa
Manager - Equity Analytics
Manager - Equity Analytics
I wonder what will happen to the shares that people bought.

samdel


Stock Trader
Please anyone can explain,what will happen to the shares we bought ?? Do we have to bear the loss ??

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@samdel wrote:Please anyone can explain,what will happen to the shares we bought ?? Do we have to bear the loss ??

If Kiwula's appeal fails, the liquidator will sell dead trees and pay the creditors if anything is left after the whole process the shareholders will get what's left.
Better to go and find Mrs Baloney and ask for a refund.

Nambiyar

Nambiyar
Stock Trader
The Share holders will be paid last, if anything is left, after all others are paid. Other option is to request the major shareholders who were involved in the management and mislead the minority shareholders that Touchwood is a going concern (fraudulent trading?)to buy back the shares. All the share trades after the date of action filed will have to be reversed as the major shareholders have disposed their share holdings to the minority share holders. The best option however is for the major shareholders to infuse funds by way of a rights issue as the real benefit arise only after the maturity of the plants. Unfortunately in Sri Lanka CBSL does not have no laws or regulations or even the staff strength to protect the investors of this nature. What a shame? What was the CSE doing all these days without taking timely action and suspend trading even after the Accounting Standard Monitoring board initiating legal action???Who is responsible for not arresting the diversion of funds of the major shareholders???Have the auditors been negligent????

samdel


Stock Trader
Thank you very much for your comments..

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
watch out for other crap too

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@gamaya wrote:watch out for other crap too

other crap is getting activated because the biggest crap is going to go to zero on August 26th.
Before that there is a nice promotion and pump and dump.

Kouprey


Stock Analytic
Stock Analytic
If the major shareholders (I'm guessing you mean Maloney Nambiyar) infuse funds by way of a rights issue it will be with the money they stole from Touchwood. How ironic, the thief steals from your house, sells the goods and then users the money to buy your house, if it works I'm changing profession.
These people committed crime on a grand scale over many years, it was not a one off rather carefully planned and executed, I draw everyones attention back to Corporate governance or total lack of it on a grand scale.

Who wants to guess where the following quote originates?

"A strong structure, process and diligent practice of corporate governance is imperative to inspire investor confidence, expand the private sector, stimulate economic growth, reduce opportunity for fraud thus creating a healthy and robust investment climate".
Asite Talwatte
Co Chairman
Corporate Governance Committee 4th September 2013.

Maloney makes everyone from the President down look stupid.

A rights issue will only ensure it gets stuck to us again, and if that occurs we will get what we deserve.
Get a warrant issued, bring him back, find where he has his, I mean our money hidden and charge him with fraud, many shareholders have suffered immensely, some have committed suicide or died as a direct result of being financially ruined by this man.

What's done is done and cannot be undone, was Lady Macbeth talking about touchwood perhaps!

Nambiyar

Nambiyar
Stock Trader
lol!  Sleep  lol! I was referring to the current major share holder of Touchwood Investments PLC (CEO Lanka Kiwlegedera) who gave his personnel cheques which were dishonoured by the Commercial Bank and presently facing criminal charges for issuing cheques without funds in the account.

Kouprey


Stock Analytic
Stock Analytic
Why would a person write cheques without funds?
It is because Lanka thought the money would be there to cover the cheques, and we know where the money was coming from don't we.

Kouprey


Stock Analytic
Stock Analytic
Jiggy what did you mean by comment placed at 11.49 a.m. today?

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Kouprey wrote:Jiggy what did you mean by comment placed at 11.49 a.m. today?

Nothing related to dud cheque kiwula and crapwood. I was talking about some crap warrants that will be worth zero in two months.

Nambiyar

Nambiyar
Stock Trader
Mr.Kiwlegedera will have to be reported to the fraud bureau and Criminal charges made against him for issuing cheques without funds in his account. Smile Smile

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