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A Progress Update For Ceylinco Seylan Properties’ Investors

Feb 26, 2011 2:22:48 PM - thesundayleader.lk

I write in response to the letter by “A.C.K” appearing on page 30 of The Sunday Leader on February 13, 2011. Though I endeavoured to contact the writer it proved futile as no information or the identity or address or telephone number of the writer is given. Further the appeal at the end of the letter is to let the depositors know instead of leaving them in the dark. I therefore make use of this opportunity to update interested parties.

It is clear from ACK’s letter that he (like several others) has received my circular letter of November 7, 2009. The primary purpose in sending this circular letter was to keep the investors briefed of the progress made under trying circumstances, the office being closed, the staff having left their place of work, the files being under lock and key, the directors having resigned, and the CEO, Mr. Fahmy allegedly having left the country.

Nevertheless after my appointment as Administrator (the first and only such appointment under the Companies Act) the shortcomings were and are yet being attended to. For example the accounts not having been audited for the years 2008 and 2009 have just been completed. The payment strategy worked out by Wealth Lanka in four stages has been approved at a meeting of the creditors held at Sasakawa Hall, Colombo 3 on August 24, 2010. Though a bank account has been opened to enable lessees and others to continue to make payments, the response has been very lukewarm.

Meanwhile, I as Administrator have met several investors and entered into negotiations with persons and institutions that have had dealings with Ceylinco Seylan Properties Ltd. and the time when payments can come in has been reached, thanks to the ready and willing cooperation of the new Board of Directors and of Wealth Lanka which has formulated the payment plan. Everything that I as Administrator have done, has been done by professionals and others on a deferred payment basis, being at present totally devoid of any resources of Ceylinco Seylan Properties Ltd. available to me.

There is one constraint however; this has to be clarified before funds can come into the bank account and before payments can be made to investors and creditors of the company.

I do concede I would have been optimistic when I expressed the hope that difficulties will be overcome “in a few weeks.” Many who telephone me regularly to ascertain the progress made are appreciative of what has been done under difficult circumstances and with no payments having been made to any investor or those who have provided professional services so far. ACK is free to contact me whenever he wishes.

My telephone numbers are given below:
2583028 / 071 8470354

Walter Ladduwahetty
Ceylinco Seylan Properties Ltd.