Why Stock Market Regulator Never Send Letters to Rohini & LOLC other Directors fame in Touchwood Case?

Sri Lanka's Stock Market Regulator has send all the letters to Touchwood former Directors and Chairmen for Touchwood Court case, but never send any letter to LOLC-Browns fame lead Rohini-Ishara Nanayakkara fame in the case though they served largely on the board of Touchwood from 2007 to 2010.

On 6th January 2010 Sri Lanka’s Lanka Orix Leasing Company (LOLC) said it had divested part of its holding in forestry firm Touchwood Investments, selling 1,270,000 shares at 108 rupees a share for 137 million rupees amounting to 14.26% stake and from their onwards LOLC slowly started shedding.

It is being now questioned by many experts, market analysts,legal officers and legal circles in the country why regulator and stock market investigators didn't send any letters to LOLC fame lead by Rohini Nanayakkara fame who served in Touchwood Investments PLC for nearly 3 years.

Read the following references for evidence including How Touchwood Hong Kong manipulated LOLC shares and and How LOLC manipuated Touchwood shares below.

But Sri Lankan Stock Market regulator never carried an investigation on those.

Sri Lanka leasing firm takes control of Touchwood
19 Oct, 2007 18:13:52
Oct 19, 2007 (LBO) – Lanka Orix Leasing Company (LOLC) has gained control of forestry firm Touchwood Investments Ltd. (TIL) with Rohini Nanayakkara being appointed Chairperson of TIL, replacing R.A. Maloney who resigned.

The move follows the acquisition of big stakes by LOLC in Touchwood in recent days which drove up the share prices of both firms.

Touchwood announced that TIL has got three other new Board Directors namely: Ishara Nanayakkara, Kapila Jayawardene and K U Amarasinghe.

TIL is engaged in management of plantation and private forestry and in the sale of plantations as an investment to local and foreign investors, a TIL statement said.

Lanka Orix Leasing Company revealed its interest in Touchwood in July this year with an announcement that it was in talks with TIL on recovering loans where TIL shares were pledged as security.

That statement made to the regulators said LOLC would not make a mandatory offer to shareholders.

The statement was in response to a query by the regulator with regard to the increase in the Touchwood share price.

Last week, Touchwood Ltd (Hong Kong), a shareholder of Touchwood Investments Ltd., which held a 29.18 percent stake, sold its shares to LOLC, triggering speculative buying interest in both firms which sent their share prices higher.

Brokers said investors appeared to believe that LOLC's takeover of Touchwood would be good for the forestry firm.

Touchwood's accounting practices and valuation of its forestry assets are being investigated by markets regulators.

Touchwood has denied any wrong doing in its asset valuations.

http://www.lankabusinessonline.com/news/sri-lanka-leasing-firm-takes-control-of-touchwood/1128669188

LOLC power in Touchwood

Touchwood Investments Ltd (TIL) with the recent equity partnership with LOLC said this week that a new Director Board has been appointed. Rohini Nanayakkara, chairperson at LOLC, has been appointed Chairperson of TIL, together with three other directors to its board -- Ishara Nanayakkara, Kapila Jayawardene and Ms. K U Amarasinghe (all from LOLC).

www.sundaytimes.lk/071021/FinancialTimes/ft320.html

Sri Lanka LOLC chops stake in forestry firm
06 Jan, 2010 15:05:07
Jan 06, 2010 (LBO) – Sri Lanka’s Lanka Orix Leasing Company (LOLC) said it had divested part of its holding in forestry firm Touchwood Investments, selling 1,270,000 shares at 108 rupees a share for 137 million rupees.

The company said in a stock exchange filing that the sale amounted to a 14.26 percent stake in Touchwood.
The sale had reduced LOLC’s shareholding in the forestry firm to 14.93 percent of its states capital.

Lanka Orix Leasing Company gained control of Touchwood Investments in October 2007, getting several board positions.

LOLC’s share price closed at 145 rupees on the Colombo bourse, up five rupees while Touchwood closed at 93.25, down 1.75.

Touchwood is engaged in management of plantation and private forestry and in the sale of plantations as an investment to local and foreign investors.

LOLC articulated an article in a Newspaper by 'Stooge' Journalist connected and friendly to LOLC fame through fooling (the Journo who later became head of Corporate Communications at Laugfs Gas and Hambanthota 2018 Commonwealth Games SL Committee) in August 2010 before LOLC started to shed Touchwood shares so that LOLC gets a higher exit share value within time.Read the article below.

The article said LOLC is getting 20,000 acres in North & East provinces to cultivate trees under Touchwood.

Colombo, Aug. 10 -- Touchwood Investments PLC, a company involved in the planting of trees for commercial harvesting purposes, announced its plans of expanding its business in the Eastern Province of Sri Lanka by 20, 000 acres

"We have already requested an extent of land of 20,000 acres on a long-term lease from the government. We have foreign investors looking for a minimum investment of over 1000 acres," said Director-General Manger, Touchwood Investments Limited, Channa Abeygunawardene.

He said during its past ten years of operation, the company has grown 600,000 trees in 2,500 acres, to the value of Rs.3.1 billion.It had also extended its operations in 11 other countries

www.highbeam.com/doc/1P3-1825243971.html

Two LOLC directors quit Touchwood board, two remain
Mrs. Rohini Nanayakkara, Chairperson/Director of Touchwood Investments PLC and Mrs. K.U. Amarasinghe, a director of the company has resigned from its board of directors following Lanka Orix Leasing Company PLC substantially reducing its stake in Touchwood.

Both Nanayakkara and Amarasinghe were LOLC nominees on the Touchwood board. LOLC however have two directors remaining on that board - its Deputy Chairman Ishara Nanayakkara and MD/CEO Kapila Jayawardena.

Well informed sources said that LOLC has sold off about half its Touchwood stake at a price substantially above its cost of acquisition and still retains approximately 14 percent of that company.

Meanwhile Touchwood has named Mr. Roscoe Maloney as its new chairman from Jan. 15, Mr. Asitha Koralage as deputy chairman, and Mr. Channa Abeygunawardene and Mrs. Sumedha Swarnadhipathy as directors.

All these appointments as well as the resignations are effective from Jan. 15.

Touchwood, a timber plantation company using investor funds to establish teak and mahogany plantations recently won an appeal court determination on the accounting treatment of biological assets in its books.

Its share price has been recently moving up sharply on the Colombo bourse.

www.island.lk/2010/01/31/business5.html

There are so many other questions also that have not been asked, Roscoe created a swathe of interrelated companies within diverse international legal systems with the sole intent of confusion.
This allowed him to, in effect, use different systems to ensure he profited from shareholder and investor finance without anyone knowing.
Just three of many questions would be:
1. Why was the total and complete lack of corporate governance allowed to reside within the board unabated?
2. Given that Roscoe started Touchwood without any money
and used shareholder and investor money for organisational growth where did the eight million dollars come from to purchase land in Cambodia?
3. With a court order current for Swarna, why has she not been summoned to return to Sri Lanka, this is a simple process, one would only need to contact Australian Federal police to start the process. Swarna has the knowledge to answer many questions.