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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka: Damro Furniture Group of Damitha Ramanayake gets into plantations, buys Agalawatte Plantations and former Arjun Aloysius family owned F L M C Plantations

Sri Lanka: Damro Furniture Group of Damitha Ramanayake gets into plantations, buys Agalawatte Plantations and former Arjun Aloysius family owned F L M C Plantations

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Varshaa Selvanathan


Equity Analytic
Equity Analytic

One of the leading furniture manufacturing groups in Sri Lanka, Damro Group Chand their Chairman Damitha Ramanayake's Investment arms on 27th March 2017 bought 61% of former Macwoods led Chris Nonis' family owned Now LOLC-Browns owned Agalawatte Plantations for over Rs.274 Million.

Further Damro Group bought over over 45% of Sri Lanka's Bond Manipuator Arjun Aloysius's Grandfather Kattar Aloysius family owned Free Lanka Capital owned (Now Browns Capital owned by LOLC after controversial Bond Deal happened in February 2015) Now LOLC-Browns owned F L M C Plantations (Pvt) Ltd (Free Lanka Management Co. Plantations) for Rs. 4.6 billion.

Stock Exchange Files:

https://cdn.cse.lk/cmt/upload_cse_announcements/6661490615123_.pdf


https://cdn.cse.lk/cmt/upload_cse_announcements/1421490613782_.pdf


https://cdn.cse.lk/cmt/upload_cse_announcements/9731490615049_.pdf

reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Overall I should say this is a bad move, I recommend if these people should have a talk with industry experts, people like Merrill J Fernando and Hilmy Cader because there are a series of issues in the whole plantation industry. I could be wrong but there is a lot of pressure from the ministry of agriculture and this problem is linked with the PM's office, which changed policy to make this country move away from agriculture completely. And since there is no way to change government until 2020, we might actually end up with industry oriented economy.

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Correct timing

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Notorious MR who cheated Rupavahini Corp. in a sum of Rs. 160 million up to his tricks with courts too ! Asks time to attend

Two cases begin against Basil too : Rs. 3000 million Samurdhi funds misappropriation !
Sri Lanka: Damro Furniture Group of Damitha Ramanayake gets into plantations, buys Agalawatte Plantations and former Arjun Aloysius family owned F L M C Plantations Mmahinda-Basil

(Lanka-e-News - 16.March.2017, 11.45PM) The notorious defeated and people discarded ex president Mahinda Rajapakse who is by now a byword for corruption and perfidies , was summoned  before the  Presidential commission today (16) for questioning based on charges of cheating the State Rupavahini Corporation in a sum of Rs. 160 million over his non payment of fees in respect of his advertisements via the TV channel  during the last presidential elections . The well noted Machiavellian mendacious Mahinda Rajapakse in keeping with his overriding trait of doing everything unlawful and  avoiding everything that  is lawful kept avoided  courts today . He asked for another date – 24 th from court via a letter which was produced in court by his  lawyer Ganesh Dharmawardena .
The pathetic state of this country ‘s political landscape can be gauged in this backdrop in which   individuals  who are  flagrantly  cheating even  the State Institutions are shamelessly contesting   presidential candidates . Is it any wonder if people get cheated after such scoundrels become president of the country?
Meanwhile the Colombo High Court yesterday served indictment charges on Basil Rajapakse ,  own brother of this same ex president Mahinda Rajapakse the infamous  ‘cheatah’, over a fraud involving a whopping sum of Rs.29.4 million ! This sum was spent by Basil out of the public funds of Samurdhi alias Divi Neguma illegally to print  5 million calendars with the photograph of Mahinda Raajapakse during the run up to the last presidential elections.
The second accused in this case was served with the indictment sheet earlier on. The judge who postponed the case until the 24 th of May granted cash bail of Rs. 500,000.00 plus two  personal bails  in sums of  Rs. 500,000.00 each. 
Basil for whom a  revolving door should be  installed in the prison  because he goes in and comes out so frequently , the case against him in which he spent over Rs.2990 million of Divi Neguma public funds illegally  on roofing metal sheets which were distributed as bribes during the last presidential elections, was transferred to the chief high court ,Colombo. The reason for this was : Basil’s   lawyer objecting to high court judge Gihan Kulatunge  hearing  the case . The other accused in this case are : Dr. Nihal Jayatileke ex secretary of Basil’s ministry , Bandula Thilaksiri and Kithsiri Ranawake. 


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