Magistrate Court issues travel bans on Indola Group directors

Friday, 29 April 2022 04:11 - - {{hitsCtrl.values.hits}}

The Magistrate Court has issued a travel ban on Indola Group directors Paul Dwyer, Ajith Wijesinghe and Thushara Pieris following a litigation filed by Complainant Sathyajith Nilkamal.

Indola Group (Indola) under the brand name Dusit Thani Group of companies (DTC) were undertaking the construction of a mixed-use complex in Balapitiya, Southern Province, Sri Lanka.

Marketed as Sri Lanka’s ‘One and Only’ luxury high-rise, fully integrated, 5-star beachfront development, the project includes the construction of a promenade, international restaurants, a cafe, a bar, a luxury spa, a gymnasium, a rooftop tennis court etc.

Complainant Sathyajith Nilkamal alleged the directors that Ajit Devaka Wijesinghe and Paul Andrew Dwyer have siphoned funds from the project. Further that the constructions have come to a standstill since August 2020. The complainant alleged that Ajit Devaka Wijesinghe and Paul Andrew Dwyer had siphoned the money out of the project, had transferred to several companies which are owned by them and had brought a number of properties within and beyond seas for their personal objectives.

The Complainant also alleged that it has also come to light that Indola Group Ltd., has an overseas account in Singapore in contravention of the foreign exchange regulations of Sri Lanka for the purpose of money laundering and siphoning out the money out of the project.

Upon being satisfied, with the submissions made by Counsel, the Learned Magistrate Judge issued a travel ban on Paul Dwyer, Ajith Wijesinghe and Thushara Pieris.

Faiszer Musthapha PC, Shehan Desilva, Mehran Careem, Ashan Bandara, Harshan De Silva appeared for the Complainant.