A sum exceeding Rs. 67 million has been released to Sithy Rameeza Sahabdeen wife of a Provinical Council Minister, between 2004 and 2005. She was a chairperson of four different companies to which these monies were released periodically over one and a half years.
The four companies operated under the names of M/s Serendib Manufacturers Lanka (Pvt) Ltd., M/s Happy Day Lanka (Pvt) Ltd., Green Flowers MFG (Pvt) Ltd., and M/s Serendib Clothing Lanka (Pvt) Ltd.
According to information the companies manufactured electric kettles and door closures. The factories he said were situated at Meetotamulla, Wellampitiya while one company M/s Serendib Clothing Lanka (Pvt) Ltd. operated “as the company office” out of an address at Dutugemunu Street, Dehiwela, also, long since vacated.
The monies were taken from Ceylinco Profit Sharing Investment Corporation Ltd., which was originally incorporated in May 2002 and named ‘Ceylinco Islamic Investment Corporation Limited.’ The name was changed a year later to Ceylinco Profit Sharing Investment Corporation Ltd. There were seven directors of the company including Lalith Kotelawala, Sicille Kotelawala, Daniel Jegasothy, Patan Sirisena, Sunil Jayatissa, Kalukumara Tittawella and Sanka Ravi Wijesinghe.
To date a sum of Rs. 93 million is due to Ceylinco Profit Sharing from the monies “loaned” to Mrs. Sithy Rameeza Shahabdeen. Only a sum of Rs. 5 million has so far been paid back and that would seem the be all an end of it as the customer has no intention of settling any further dues.
According to the Provincial Minister that all four companies of which his wife served as chairperson “collapsed” and are currently non existent. Asked what happened to the Rs.67.5 million rupees “borrowed” from Ceylinco Profit Sharing he replied “it was all lost.
Please refer ‘Sunday Leader” of 13th September 2009 for a detailed report.
http://www.thesundayleader.lk/20090913/investigation.htm
Islamic Finance in Sri Lanka 
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