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Mar 04, 2017

PM disrupts Wegapitiya’s plans Featured

Billionaire W.H.K. Wegapitiya’s plan to purchase Edirisinghe Trust Investments belonging to the EAP media network was disrupted due to the intervention of the Prime Minister.

According to Sirikotha sources, the PM had intervened upon being notified that Wegapitiya was trying to buy the company not by spending a cent of his money but was said to be receiving the assistance of several high ranking officers (monitoring) of the Central bank.

The information received from Sirikotha also suggests that Wegapitiya had planned to purchase ETI and had shown its worth as Rs. 15 billion and obtained a loan of Rs. 5 billion from a state bank and then showing that to the Central bank and obtaining another Rs. 5 billion. Accordingly he had showed that Rs. 10 billion was paid to the Central bank and was ready to take over the company on the promise of paying the balance Rs. 5 billion on instalments within two years.

With the President’s blessing:

Meanwhile according to the sources, Wegapitiya had embarked on this plan with the blessing of the President and the relevant Central bank officials too had agreed to assist him due to the involvement of the President. This was mentioned in the complaint received by the Prime Minister.

The Prime Minister had then summoned the relevant Central bank officials and warned them that such a transaction without any transparency could not go ahead and that if the officials assisted him in carrying out this transaction, he would not hesitate to take strict action against them as well.

No requirement to sell:

jeewaka EHowever, when Sri Lanka Mirror contacted Wegapitiya who is a Director of Lanka Mobitel regarding the intended purchase of ETI he refuted the allegations and claimed that at no point had he engaged in such a transaction.

When contacted, regarding the alleged sale of ETI, its Director Jeewaka Edirisinghe said there is no requirement to sell Swarnavahini.

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