Dec 14, 2016

GK depositors call for probe into Trillium Property Management

Trillium Property Management and Services Ltd will be undergoing diversification under its Chairman Janaka Ratnayake’s directions towards stepping into the tourism sector.

Mr. Ratnayake announced his ambitious plans to build a hotel project in Colombo 7, in 2017and build two more luxury resorts at Maharagama and Kahathuduwa at cost of Rs 600 million based on agricultural Eco -friendly tourism concept of Bali -Indonesia. The company also plans to go in for an IPO next year to raise Rs 1billion.

He made this announcement at media conference following the opening of the Trillium Tower office complex at Kirulapone , Colombo 5 recently.

After this revelation, perturbed Golden Key Depositors have called on the authorities to investigate the dealings of this company as Mr.Ratnayake was given the responsibility by the previous regime to handle Trillium Residencies a Rs 3 billion flagship project of Ceylinco Condominiums Ltd, a subsidiary of Ceylinco Housing and Real Estate Company, which was transformed to City Housing and Real Estate Company PLC.

Janaka Ratnayake was the Chairman of the City Housing and Real Estate Company PLC (CH & RE) and Trillium Residencies one of the entities caught up in the ‘Golden Key ‘tsunami’ washed away the entire Ceylinco business empire in December 2008. At the height of controversy CH & RE and Trillium both incurred Rs 230 million losses with Rs 4.5 billion liabilities.

He was reprimanded and labelled ‘not fit and proper (to serve in any position)’ and accused of corruption, the Parliamentary Select Committee (PSC) report on the impeachment probe against former Chief Justice Shirani Bandaranayake in 2013.

Supreme Court Judge Shirani Tilakawardene, in her submission to the PSC, said that when Mr. Ratnayake as MBSL Chairman was asked to transfer 500,000 shares of Trillium Residencies to the Merchant Bank, “Mr. Ratnayake took that and put it into his own personal account.”She said this was a fraud and he was ordered to return the shares. “He is not a fit and proper person.

Golden Key Depositors still suffering from the GK debacle called upon the government to initiate an investigation in to activities of Mr. Ratnayake who ventured into property business with the fall of Ceylinco Group of Companies establishing Trillium Property Management and Services (PvT) Ltd in 2012 ,making it a Rs. 3 billion entity in less than five years.