Rs. 3.9 b Ceylinco F&G Real Estate alleged fraud case referred to AG

By Lakmal Sooriyagoda
The case filed against F&G Real Estate over an alleged fraud of Rs. 3.9 billion has been referred to the Attorney General for his advice, the CID informed the Colombo Fort Magistrate’s Court.
When the case pertaining to the matter came up before Magistrate Thilina Gamage, the CID said that the extracts of the investigation notes had been referred to the Attorney General and they were yet to receive a reply from him.

It was revealed that on an order issued by Court, KPMG Ford Rhodes Thornton & Company has begun an audit in connection with F&G Real Estate Ltd.
The CID had informed Court that as an initial step to indict the suspects in a High Court, they were currently collecting the original copies of the deposit certificates belonging to the depositors.

Eight suspects including the former Ceylinco Chairman Lalith Kotelawala were present in Court when the case was taken up for hearing. The ninth suspect Sicille Kotelawala is currently absconding.
In this case nine Directors of F&G Real Estate Ltd. had allegedly defrauded Rs. 3.9 billion while serving as Directors of the company.