News
CID informs court that UK citizen pocketed part of broker’s fee
Alleged misappropriation of Rs 195 mn:
The CID informed Fort Magistrate Court that British citizen Kathiravelpillai Satkunam admitted to have pocketed the broker’s fee in a case involving approximately Rs 195 mn, which been fraudulently obtained from a group of shareholders following the sale of a plot of land at Kollupitiya, the majority shareholder being a UK-based limited liability company.
Latest court papers filed indicated that the accused Kathiravelpillai Satkunam of 43, Hays Walk, Sutton, an affluent suburb in the United Kingdom, in his statement to the CID’s Commercial Crime Investigation Division, admitted that he misappropriated a large portion out of a sum of LKR 131mn in 2010.
Further to our report on 31 May 2023 on the alleged misappropriation of LKR 195mn, a further hearing was held of case reference 8919/2018 at the Fort Magistrate Court on 13 September 2023. The hearing was held in open court with the primary suspect Kathirvelpillai Satkunam physically present in the dock.
The B Report submitted by the CID states that according to the statement recorded from K. Satkunam the land owned by Access Direct Colombo Limited was sold to DR Industries (Private) Limited, and Milroy Perera was the broker. The suspect stated that after the land sale, Rupees 131,718,000/- was allocated to Milroy Perera as broker fees and only a part of it was paid. The remaining money was deposited in the Nationwide Bank account in England believed to be K. Satkunam’s.
The B Report further states that on 17 August 2023, the suspect K. Satkunam came to the Criminal Investigation Department with Mr Gayan Kalatuawa, Attorney-at-Law and Mr. Buddhika Karunananda, Attorney-at-Law and gave a voluntary statement, in addition to the statements recorded earlier.
In that latest statement following facts were revealed: the land at No. 586, Galle Road was sold for 3.6 million rupees a perch and it has been stated that an amount of Rupees 595,507,571/- was transferred to Access Direct UK Limited.
The 17 May 2023 hearing Court papers revealed that the CID had recorded a statement from another fellow shareholder of Access Direct UK Ltd, Mr Shanmugasunderam Surendran known as Shawn Surendran. At present he works for Riverstone Corporation Ltd, SPC House, Restmor way, Wallington, Surrey, United Kingdom. His statement was recorded at Bogala Court, Colombo 5. He invested hundred thousand pounds initially at Access Direct UK Ltd and then a further thirty seven thousand pounds. He reported on February 23, 2011 to the rest of shareholders on behalf of the primary suspect Mr. K. Satkunam that the land was disinvested for Rs 658m. He told the CID that he got the figure from Mr Ron Smith of Wilkins Kennedy a firm of accountants in the UK. He also told the CID that he wasn’t aware that the land was actually sold for Rs 790m.
The Magistrate granted permission to the CID to continue with the investigation. Travel ban on Mr K Satkunam was lifted temporarily, until the next court appearance on December 13, 2023 on condition that two sureties of Rs 10m and property bail worth Rs 10m to be placed in addition to the existing two sureties, each value of Rs 5m, in total of Rs 30m.
The CID’s Commercial Crime Investigation Division has been investigating the complaint about purchasing 219.5 perches of land on Galle Road, Kollupitiya, in 2004. Ten shareholders of a UK-based company, Access Direct UK Ltd, had invested 1.3 million sterling pounds in purchasing the land through a wholly-owned registered subsidiary company in Sri Lanka, Access Direct Colombo Ltd. This land had then been sold in July 2010.
The CID’s investigation uncovered that the land was sold for Rs 790 million. It has been established that only Rs 595,507,721 of the money received from the sale of the land was sent to Access Direct UK Ltd. It is alleged that the remaining Rs 194,800,279 had been obtained fraudulently, and the amount had been misused in a criminal breach of trust.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
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