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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Ceylinco Insurance shares still manipulated by Kotelawala's Goon 'Unfit and Improper' Rohan Senanayake - Market Sources

Ceylinco Insurance shares still manipulated by Kotelawala's Goon 'Unfit and Improper' Rohan Senanayake - Market Sources

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Business Basil


Manager - Equity Analytics
Manager - Equity Analytics
According to market sources former Chief Investment officer and Portfolio Manager of entire Ceylinco Group Rohan Senanayake who is well known as the 'Lansiya' in Stock Market circles is said to be pushing over Ceylinco Insurance shares to over Rs.1,400 and over Rs.2,000 still manipulating the shares.

Rohan Senanayake formerly served as the Head of Investments at Ceylinco Life and General until 2009 till the end of the Ceylinco Empire and later he had to resign from many Finance Companies since he was considered as an 'Unfit and Improper' person to serve in the Finance Industry according to the Rules of Central Bank of Sri Lanka.

Rohan Senanayake was overlooking Seylan Merchant Bank group with Seylan Merchant Bank Asset Management, Seylan Merchant Bank (which is now SMB Leasing PLC), Seylan Merchant Bank Leasing (SMLL which later merged with Peoples Leasing PLC), Seylan Merchant Securities and Kenanga group.

Currently Senanayake still behind the scene handles the portfolio of Controversial CIESOT or Ceylinco Insurance Employees Share Investment Trust and many other Investment Holdings under Employees Share Investment Trusts of Lalith Kotelawala held subsidiaries.

Although for the name sake Ceylinco Insurance and many other employees of Ceylinco Group companies had their Share Investment Trusts and they contributed from their Salaries to invest in their own employers shares, the employees have later been given loans (in 2000 -2007 era ) against the security of those shares under Kotelawala Era and on a daily transaction basis Sri Lanka's Stock Market technical Analysts and Experts from Software Logarithmic Sequences Coders say that Rohan Senanayake from his various accounts manipulates the Shares of Ceylinco Insurance and thus Employees who still claim to be owners of the Shares have been getting Sales Receipts of their shares without their knowledge when Rohan Senanayake has been selling shares of employees while the purchasing of the same shares are done by Rohan Senanayake under various new companies and funds that are formed to take back the control of Ceylinco Insurance to Lalith Kotelawala's hands.Thus since the selling and buying is done in a manipulative slow motion transaction manner Regulator or Investigators at the Stock Market had still not been able to capture the unethical transactions of Rohan Senanayake and Ceylinco group.

Further when employees of Ceylinco Insurance complained and inquired on these issues they have been told that although they have paid due loan settlements the shares have been sold to recover the pending loan arrears. Accordingly several lawyers and employees who worked at Ceylinco Insurance is now said to be filling a case against Rohan Senanayake who is 'Unfit & Improper' to do any Financial Transaction according to the prevailing laws in Sri Lanka's Central Bank and Financial Industry. Further several employees of Ceylinco Insurance has wrote to the Stock Market Regulator Securities and Exchange Commission of Sri Lanka that Ceylinco Insurance shares has been manipulated by Rohan Senanayake and his goons to show an artificial share price hike of Sri Lanka's once most financially diversified conglomerate - Ceylinco's insurance arm - Ceylinco Insurance that was initially owned and originally founded by UNPer Cyril E. S. Perera QC (UNP Member Colombo North) and Hugh Weerasekere named "Ceylon Insurance Co." listed late 1938-39. However Lalith Kotelawala's father Senator Justin Kotelawala got the control due to the latter's political stance against the SLFP political partys divisive "Sinhala Only Act" brough in Chandrika Bandaranaike's mother Sirimavo Bandaranaike's time and Ceylon Insurance Co. was eventually politically persuaded to relinquish control by the then SLFP government of Bandaranakeya to Senator Justin Kotalawela then on the board of Ceylon Insurance. Later Justin Kotelawala gained control of Ceylon Insurance Co. from Mrs. Alice Farmacia Perera widow of Cyril E. S. Perera and from Mrs. Violet van Dort widow of Hugh Weerasekere by associating the two widows in variable duo affair where Justin secretly stole the remaining Shares Certificates of two widows and took the control of the Ceylon Insurance Company and later retiled it as 'Ceylinco Insurance'.

As a consequence still many Insurers in the market and industry analysts highlights that Justin Kotelawala's habit of womanizing widows and rich women for financial benefits had been inculcated at Ceylinco Insurance culture and employees since many Insurance Professionals at Ceylinco Insurance are involved in robbing from Rich women through womanizing via the marketing slogan 'Big or Small Ceylinco Protects them All'.Several Exhibitors and Beauty Queen selectors of Sri Lanka also notes that annually Ceylinco Beauty Queen that is being selected by Ceylinco Insurance sponsored event is mostly hosted to award Beauty Queens and Women that Ceylinco Insurance professionals have been dating and mating.

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