GRI responds to news item on attempted deal with HNB on Ceylinco Insurance
Friday, 6 March 2015 00:38
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Prabhash Subasinghe, Global Rubber Industries and Global Sea Foods, responding to the article in the Daily FT of 3 March entitled ‘Commercial High Court takes up case on attempted deal between Subasinghe and HNB over Ceylinco Insurance’ stated that the article is misleading and has sent the following clarification:
“Global Rubber Group is a 29.9% stakeholder of Ceylinco Insurance and in the normal course of its business looked into probable strategic business opportunity with HNB, a leading commercial bank in Sri Lanka.
“The Petitioner, S.B. Abeysekara filed action styled as a derivative action in collusion with interested parties against HNB and its Board of Directors and was vehemently opposed inter alia by Global Rubber, which successfully challenged the status of the Petitioner to maintain such action. The Commercial High Court of Colombo, having heard the submissions of parties, made Order as far back as 4 September 2014 refusing the interim Orders sought by the Petitioner.
“The matter came up on 27 February only for the purpose of withdrawing the action by the Petitioner and the Petitioner sought further time to consider whether the matter could be withdrawn. The several matters that appeared in the news item on 3 March did not transpire in Court on the said date and in the circumstances the said news item is out of context, misleading and does not contain the correct and true position.
“Therefore it is apparent that your esteemed newspaper is being misused by surreptitious interested elements to publish misleading news items for collateral purposes. Despite such attempts we remain undeterred in our commitment to inculcating and promoting good governance.”
Editor’s note: The article in reference published contents in the Petitioner’s submissions to Court.
