By Shareholders of Asia Capital PLC, want the market regulator to thoroughly check the company’s accounts and past management. They accuse the previous management of stealing and taking out the company’s money. The trouble started in August 2020 when Japanese shareholders, who had almost 15% of the company, demanded their $18 million back plus interest and legal fees. They claimed the management’s serious mistakes led to no profit on their investment.
Asia Capital claims to be a leading investment Bank In Sri Lanka
The Japanese investors lost trust in the Director/CEO Stefan Abeyesinhe and two Chief Operating Officers, Reyhan Morris and Sandun Hettige, who resigned in August 2021. Now, the company is talking to Seylan Bank after the court stopped actions on its two hotels. The bank has until the 11th of this month to tell the court how to settle Asia Capital PLC’s outstanding loans.
There’s a chance the bank won’t agree to the settlement plan. Last August, the company said it was protecting its hotel assets worth Rs. 2 billion after the bank demanded over Rs. 572 million in recovery. The company’s performance is tied to the tourism industry, and challenges from the past year, especially rising costs like electricity, are affecting the group’s performance.
