Magistrate’s Court dismisses case against Asia Capital; upholds company’s, directors’ and employees’ integrity

Monday, 14 October 2024 00:47 - - {{hitsCtrl.values.hits}}

In a significant legal development, the Magistrate’s Court has summarily dismissed the criminal case brought against Asia Capital PLC and several of its former employees. The case was filed by CC Trust Pte Ltd., a Japanese investor, but the Court’s decision firmly concluded that the allegations were baseless and without merit both in fact and law.

The legal team representing Asia Capital PLC, comprising Attorney Uchitha Wickremesinghe and Presidents’ Counsel Thilak Maparapana and Naveen Marapana, successfully argued for the dismissal of the charges. According to the company, this ruling reinforces their longstanding position that the accusations were unfounded and motivated by malicious intent.

“This authoritative ruling confirms what we have maintained from the outset: that the allegations were misleading and without substance,” a statement issued by Asia Capital PLC noted.

The company expressed concerns over the reputational damage the case caused, stating that it had suffered significant losses and distress as a result of the wrongful accusations. The management pointed out that the matter was a commercial transaction rather than a criminal matter, which further demonstrates the bad faith of the complainant.

“We are relieved that this matter has been resolved, allowing us to focus on our core mission and the valued relationships we have with our clients, employees, and stakeholders,” the statement added.

Asia Capital PLC also criticised CC Trust Pte Ltd. for releasing selective information to the media while the case was sub judice, leading to a negative public perception.

“This right to reply note by us coupled with the Magistrate Court’s decision to dismiss the case against us should set the record straight once and for all that we were the innocent and wrongfully accused. We believe it is imperative to rectify this situation and protect our reputation from further harm. We trust that readers will recognise the gravity of this matter and refrain from further dissemination of these unfounded claims,” it added.