Introductory Note
The Morning Telegraph publishes the following response from Asia Capital PLC as a Right of Reply to our article, “Is Sri Lanka a Safe Haven for International Fraudsters?” published on 22 June 2026. It is carried in full, without edits, in the interest of balance and public record.
Subject: Formal Response to Article Titled “Is Sri Lanka a Safe Haven for International Fraudsters?” Published on 22 June 2026
Dear Editor,
I write in my capacity as Managing Director of Asia Capital PLC in response to the article titled “Is Sri Lanka a Safe Haven for International Fraudsters?” published on The Morning Telegraph on 22 June 2026.
While Asia Capital PLC fully recognizes and respects the critical role of an independent media in promoting accountability and public discourse, we are compelled to address several assertions, implications, and conclusions contained within the article which, in our respectful view, present an incomplete, unbalanced, and potentially misleading picture of both the Company and its principal shareholder.
Given that Asia Capital PLC is a publicly listed company regulated under the laws of Sri Lanka and subject to continuous oversight by the Securities and Exchange Commission of Sri Lanka, the Colombo Stock Exchange, independent external auditors, and other statutory authorities, we believe it is important that the public record reflects the relevant facts accurately and objectively.
The article repeatedly references allegations, investigations, media reports, and proceedings in various foreign jurisdictions concerning Mr. Vijeyeswaran S. Vijeyaratnam, widely known as Vijay Eswaran, and proceeds to draw conclusions regarding his investments and shareholding interests in Sri Lanka.
As a fundamental principle of law recognized in Sri Lanka and every civilized legal system, allegations are not evidence, investigations are not convictions, and media reports are not judicial findings.
Neither Asia Capital PLC nor Mr. Eswaran has been convicted by any court of competent jurisdiction in Sri Lanka in relation to any of the matters referred to in the article. The distinction between allegation and proven wrongdoing is a cornerstone of the rule of law and must be preserved in any fair and balanced public discussion.
To suggest or imply criminality in the absence of a final judicial determination risks prejudicing public opinion and undermining the principles of natural justice upon which legal systems are founded.
A Long-Term Investor in Sri Lanka
The article also omits critical context regarding Mr. Eswaran’s long-standing relationship with Sri Lanka and his substantial contribution as an investor over more than twenty-five years.
For over two decades, Mr. Eswaran and entities associated with him have invested significant capital into Sri Lanka through lawful channels and in compliance with applicable investment and foreign exchange regulations.
His investments have not been confined to a single company or sector. Over the years, he has held substantial interests in a number of prominent Sri Lankan institutions, including investments in NDB Bank, Asian Alliance Insurance, Asia Capital PLC, and various other listed entities within the Colombo Stock Exchange ecosystem.
These investments were made during periods when Sri Lanka was actively seeking foreign direct investment and international capital participation to strengthen economic growth, deepen capital markets, create employment, and support national development.
Importantly, Mr. Eswaran has, over time, successfully exited several of these investments through legitimate market transactions, generating value not only for himself but also for fellow shareholders, institutional investors, employees, business partners, and the broader Sri Lankan economy. Such investments contributed to market liquidity, corporate growth, tax revenues, employment opportunities, and the strengthening of Sri Lanka’s capital markets.
To characterize a long-term investor with a history of publicly disclosed participation in regulated Sri Lankan enterprises as somehow operating covertly or attempting to conceal ownership is inconsistent with the historical record.
The article advances a theory that Mr. Eswaran has somehow hidden behind a “corporate veil” to avoid scrutiny.
This assertion ignores a fundamental fact.
Mr. Eswaran’s interest in Asia Capital PLC is neither secret nor concealed. His status as the principal shareholder has been publicly disclosed through the Company’s shareholding structures, annual reports, stock exchange disclosures, and regulatory filings.
The very existence of public discussion surrounding his shareholding demonstrates that there has been no attempt to obscure his association with the Company.
Indeed, a person seeking anonymity or concealment would scarcely maintain a publicly known position as the principal shareholder of a listed company subject to continuous regulatory scrutiny and disclosure requirements.
The suggestion that publicly disclosed ownership somehow constitutes evidence of concealment is both illogical and contrary to established principles of corporate governance.
Sri Lankan Heritage and Long-Term Commitment
The article also fails to acknowledge the personal and historical ties that Mr. Eswaran has maintained with Sri Lanka over many decades.
Mr. Eswaran’s family heritage includes Sri Lankan roots through his grandfather, and he has repeatedly demonstrated a strong affinity towards Sri Lanka through sustained investment, business engagement, tourism-related ventures, employment generation, and participation in the country’s economic development.
His investment history reflects a long-term commitment to Sri Lanka extending well beyond short-term commercial considerations.
The willingness of foreign investors to commit substantial capital over decades is precisely the type of confidence that successive Sri Lankan governments have sought to encourage as part of the country’s economic development strategy.
The article further references legal and regulatory challenges in various countries while omitting the broader context of the international business operations associated with Mr. Eswaran.
The business network associated with him operates across approximately seventy-four countries worldwide and serves millions of customers through diverse regulatory environments.
As is common with multinational enterprises operating across numerous jurisdictions, differing regulatory interpretations, commercial disputes, and legal proceedings may arise from time to time.
The existence of regulatory proceedings or disputes in certain jurisdictions cannot reasonably be transformed into a universal conclusion of wrongdoing, nor can it serve as a basis for automatically disqualifying a person from investing in Sri Lanka absent any applicable legal prohibition or judicial determination.
Asia Capital PLC operates within a comprehensive regulatory framework.
The Company is subject to ongoing compliance obligations, financial reporting requirements, corporate governance standards, independent audits, regulatory oversight, and continuous disclosure obligations imposed by the Colombo Stock Exchange and the Securities and Exchange Commission of Sri Lanka.
Any suggestion that the Company exists outside the scope of regulatory scrutiny is therefore incorrect.
Furthermore, the article’s references to alleged money laundering, illicit proceeds, or concealed assets are serious allegations that require proof, not speculation.
No competent authority in Sri Lanka has made any judicial finding that Asia Capital PLC constitutes a vehicle for money laundering, criminal activity, or the concealment of unlawful proceeds.
Such allegations, when presented without evidence or judicial findings, risk causing significant and unjustified reputational damage.
As a listed public company, Asia Capital PLC owes duties not merely to its management and principal shareholders but to all shareholders, employees, creditors, customers, business partners, and stakeholders.
Publications containing unverified allegations or speculative conclusions concerning the Company’s ownership, governance, or regulatory standing may adversely affect investor confidence and market perception.
The resulting reputational harm extends beyond any individual and potentially affects thousands of stakeholders whose interests are tied to the Company’s performance and valuation.
Responsible reporting concerning listed entities requires particular care where published statements may influence investment decisions, market sentiment, and shareholder value.
The article itself acknowledges the successful resolution of complex legacy disputes and restructuring initiatives undertaken by the current management.
Despite significant challenges inherited from prior periods, Asia Capital PLC has pursued substantial restructuring efforts, asset rationalization programs, dispute resolution initiatives, and governance improvements designed to stabilize operations and enhance long-term stakeholder value.
These efforts reflect the Company’s commitment to responsible stewardship and corporate recovery.
Asia Capital PLC supports investigative journalism and public scrutiny when conducted responsibly and fairly.
However, fairness requires that allegations be clearly distinguished from established facts, that context be provided where relevant, and that those affected by serious assertions be afforded an opportunity to present their position.
Accordingly, we respectfully request that this response be published in full, or in substantially similar form, in the interests of balance, fairness, and the public’s right to receive complete information.
We further request that future reporting concerning Asia Capital PLC and its shareholders be based on verified facts, official records, regulatory disclosures, and judicial findings rather than speculation, inference, or unproven allegations.
Asia Capital PLC remains fully committed to transparency, corporate governance, regulatory compliance, investor protection, and the continued development of Sri Lanka’s capital markets.
While we respect freedom of expression and the role of the media, the Company expressly reserves all rights available under applicable law concerning any inaccurate, misleading, defamatory, prejudicial, or market-sensitive statements that may adversely affect the Company, its shareholders, its stakeholders, or investor interests.
Yours faithfully,
Raju Radha
Managing Director
Asia Capital PLC
Editors Note:-
The Morning Telegraph acknowledges the letter submitted by Raju Radha, Managing Director of Asia Capital PLC. While the response is published in the interest of balance, it does not alter the editorial position set out in our earlier publication, “Wanted International Fugitive Exploits Sri Lankan Corporate Loopholes to Retain Control of Listed Company.” We will address Mr. Radha’s claims in detail in a forthcoming response.
