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Jan 22, 2017

Swarnavahini property sold! Featured

LB Finance has bought the Swarnavahini television headquarters building property at Bambalapitiya, owned by ETI Finance, for Rs. 1.3 billion, reports say.

This has received Central Bank approval.

The property has been valued at Rs. 2.5 billion, with the CB receiving a bid for Rs. 1.6 billion.

Therefore, there are concerns within the CB over the undervalued sale of the property.

CB figures give the total deposits at ETI Finance as Rs. 34 billion, but its declared assets as at present are worth Rs. 26 billion only.

As such, more than Rs. 08 billion of depositors’ money has been unaccounted for.

A project report for the sale of the property had been submitted by claiming the money was needed to pay the depositors.

When contacted, EAP Holdings chairman and managing director Mano Tittawella said the property did not belong to Swarnavahini.

Since its inception, the TV station operated from a rented building, he said.

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