Asia Capital shareholding has come under scrutiny after the Civil Intelligence Front questioned a 71.6% stake linked to Vijaya Eshwaran.
Asia Capital shareholding has come under scrutiny after the Civil Intelligence Front alleged that 71.6% of the listed company’s shares had been acquired by Vijaya Eshwaran.
Speaking at a media briefing in Colombo on September 1, the organisation’s convener, Sanjaya Mahawattage, claimed that the acquisition had been carried out through a company named Fast Gain International Limited.
Mahawattage questioned how such a large investment could enter Sri Lanka’s securities market while, according to his allegations, an Indian red warrant had been issued against Eshwaran.
He also alleged that Eshwaran had been associated with pyramid companies banned by the Central Bank of Sri Lanka.
The Civil Intelligence Front further questioned how millions of dollars could allegedly be brought into the country and invested in the securities market under those circumstances.
Mahawattage called on Asia Capital’s management, the Central Bank of Sri Lanka and the Securities and Exchange Commission to urgently examine the transaction.
He said the relevant authorities should investigate the Asia Capital shareholding structure and determine whether any financial or regulatory irregularities had occurred.
The claims made by the Civil Intelligence Front remain allegations unless independently established by the relevant regulatory or legal authorities.
SOURCE:- SRI LANKA LEADER
