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Sri Lanka Equity Forum » Stock Market & Forum Help » Stock Market News » Roshan Egodage's Money Grabbing

Roshan Egodage's Money Grabbing

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1Roshan Egodage's Money Grabbing Empty Roshan Egodage's Money Grabbing on Fri Feb 14, 2014 10:35 am

Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Published on Friday, 14 February 2014 09:15
The major shareholders of Commercial Credit and Finance (COCR) are BG Investments (Private) Limited and BG Capital (Pri- vate) Limited, owned by Roshan Egodage, which holds over 77% shares.



It has been revealed the by issuing variety of illegal debentures the company has grabbed money from the public.

The history of the Commercial Credit, which has launched a media campaign claiming it to be company that upholds human ethics, is as follows.

The founder of the company is a business family in Kandy, named Fernando.

The company was taken over by the group of Colombo based investors as Isuru Fiance which owned the company backed out.

Roshan Egodage who is the current CEO of the company has previously served Agalawatte Plantations Ltd and The Finance Company PLC (TFC) as the Director/ Deputy CEO.

He was sacked from The Finance by its Chairman Lalith Kothalawala due to several allegations leveled against him.

However he was able to win the case filed before Labour Tribunal regarding the actions taken by The Finance.

He partners up with Deepthi Perera, against whom an international arrest warrant has been issued and the major shareholder of CIFL which has collapsed and he holds positions in Deepthi Perera's finance company and Lumbini Aquaria LTD.

Below find the evidence proving that BG investment has issued illegal debentures.

https://www.srilankamirror.com/news/13418-roshan-egodage-s-money-grabbing

2Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Fri Feb 14, 2014 12:08 pm

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
White collar criminals are pampered  darling of law under practical mahinda Chithanaya . Discuss.

Revised Question in university law paper

Traditions Question as follows

"Children are pampered darling of conman law. Discuss"



Last edited by D.G.Dayaratne on Fri Feb 14, 2014 12:11 pm; edited 2 times in total (Reason for editing : typing error)

3Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Fri Feb 14, 2014 7:54 pm

shanesmith


Stock Analytic
Stock Analytic
Thanks for bringing this topic , but we have many news website which repeatedly publish the wrong information .

Is there anyone who knows here about the validity of this news? Actually I was planning to buy COCR , now bit reluctant when I saw this.

4Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Sat Feb 15, 2014 8:03 am

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Hanoifortune wrote:Published on Friday, 14 February 2014 09:15  
The major shareholders of Commercial Credit and Finance (COCR) are BG Investments (Private) Limited and BG Capital (Pri- vate) Limited, owned by Roshan Egodage, which holds over 77% shares.



It has been revealed the by issuing variety of illegal debentures the company has grabbed money from the public.

The history of the Commercial Credit, which has launched a media campaign claiming it to be company that upholds human ethics, is as follows.

The founder of the company is a business family in Kandy, named Fernando.

The company was taken over by the group of Colombo based investors as Isuru Fiance which owned the company backed out.

Roshan Egodage who is the current CEO of the company has previously served Agalawatte Plantations Ltd and The Finance Company PLC (TFC) as the Director/ Deputy CEO.

He was sacked from The Finance by its Chairman Lalith Kothalawala due to several allegations leveled against him.

However he was able to win the case filed before Labour Tribunal regarding the actions taken by The Finance.

He partners up with Deepthi Perera, against whom an international arrest warrant has been issued and the major shareholder of CIFL which has collapsed and he holds positions in Deepthi  Perera's finance company and Lumbini Aquaria LTD.

Below find the evidence proving that BG investment has issued illegal debentures.

https://www.srilankamirror.com/news/13418-roshan-egodage-s-money-grabbing

What was that US fund for the private placement? My father in law's all money with them. I'm scared men.

5Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Sat Feb 15, 2014 9:18 am

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Interesting.  Very Happy 
(Deepal Perera is ubiquitous in all scams here and everywhere ?).  Shocked 
Who backs him up is the question ?

6Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Sat Feb 15, 2014 9:28 am

shanesmith


Stock Analytic
Stock Analytic
We need to find validity of this statement

"he(Roshan Egodage) holds positions in Deepthi Perera's finance company and Lumbini Aquaria LTD"

7Roshan Egodage's Money Grabbing Empty COCR and ASPIC and CIFL and TFC on Sun Feb 16, 2014 2:51 am

samanthaperera879


Senior Equity Analytic
Senior Equity Analytic
Roshan Egodage was the CEO for Aspic Corporation which controlled CIFL. And also He was the CEO for Lumbini Aquaria again a company of Aspic Corporation. And later he raised money to buy Commercial Credit by selling Debentures at 24% Per Year. But those were paid on time, But the source of funding to pay back is a question, it could be funds from COCR or again raised from Debentures. He was charged to manipulate accounts in The Finance Company in order to show profit of I billion, Later this was revealed and he was sacked. And join Deepthi Perera, But my question is How the CBSL can approve him as fit and proper after being the CEO of Aspic Corporation, and allowed him to own and run COCR? And also CBSL is aware of the manipulation in The Finance Company. Not only that Cecil Perera the Chairman of COCR also worked with Aspic Corporation for sometime. And Neil Hathurusingha who work as the Finance Manager also the Same person who was at CIFL and Started the Process of Interest Income to the Books of CIFL. Not only that the Head of Marketing of COCR Nirosh Madawala was Sacked from CIFL because He was charged under  a fraud.

More interestingly the UDC award as the Best finance Company was Initially offered to CIFL and they did not have the money to pay for the Award. This was offers by the Son of the Max Radio Owner,   if you visit the page in the annual report you can see him at the back of the Picture. And the Person who is receiving the Certificate is the Head of Corporate Planning Andrew Samuals, who was Terminated from Aspic Corporation of presenting fraudulent accounts for their plantation company and he was the CEO at that time. This information could be easily verified by anyone who could contact the secretaries of Aspic Corporation.

8Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Sun Feb 16, 2014 7:58 am

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@samanthaperera879 wrote:Roshan Egodage was the CEO for Aspic Corporation which controlled CIFL. And also He was the CEO for Lumbini Aquaria again a company of Aspic Corporation. And later he raised money to buy Commercial Credit by selling Debentures at 24% Per Year. But those were paid on time, But the source of funding to pay back is a question, it could be funds from COCR or again raised from Debentures. He was charged to manipulate accounts in The Finance Company in order to show profit of I billion, Later this was revealed and he was sacked. And join Deepthi Perera, But my question is How the CBSL can approve him as fit and proper after being the CEO of Aspic Corporation, and allowed him to own and run COCR? And also CBSL is aware of the manipulation in The Finance Company. Not only that Cecil Perera the Chairman of COCR also worked with Aspic Corporation for sometime. And Neil Hathurusingha who work as the Finance Manager also the Same person who was at CIFL and Started the Process of Interest Income to the Books of CIFL. Not only that the Head of Marketing of COCR Nirosh Madawala was Sacked from CIFL because He was charged under  a fraud.

More interestingly the UDC award as the Best finance Company was Initially offered to CIFL and they did not have the money to pay for the Award. This was offers by the Son of the Max Radio Owner,   if you visit the page in the annual report you can see him at the back of the Picture. And the Person who is receiving the Certificate is the Head of Corporate Planning Andrew Samuals, who was Terminated from Aspic Corporation of presenting fraudulent accounts for their plantation company and he was the CEO at that time. This information could be easily verified by anyone who could contact the secretaries of Aspic Corporation.

You badly wanted to tell this to every one.Didn't you?? So it is up to CBSL to keep a good eye on this too if the company is in the hand of such culprits.

9Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Sun Feb 16, 2014 9:31 am

prasa2004


Manager - Equity Analytics
Manager - Equity Analytics
Whatever negativism of the man, latest Dec 13 results bats for him and has soundly answered his critics.

a) 30% rise in NAV to 8.02. This will further rise with proposed equity infusion
b) 13% rise in EPS to 3.08 (9m) and 22% for Qtr 1.26
c)Loans/Adavances up by 2.6bn and Lease by 3bn. Increase in Deposits 4.5bn.
with the growth of economy and provided NPL manage properly and new deposits at low rates, next Qtr will have huge rise in net interest.
d) COCR is firmly at Cat A company.
e) Dec Qtr results of finance companies most could not match such stellar results (ex. VFIN-SFIN-PLC flat performance; LFIN, AAF, PMB, ACAP, CRL, SFS not good whilst CDB, LOFC, CLC, TFIL and CFIN some positive)  

I think when next wave of Bull share may go nearer to 20s to match the new equity infusion.

http://www.cse.lk/cmt/upload_report_file/1063_1392287698367.pdf

10Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Sun Feb 16, 2014 11:02 am

samanthaperera879


Senior Equity Analytic
Senior Equity Analytic
@prasa2004 wrote:Whatever negativism of the man, latest Dec 13 results bats for him and has soundly answered his critics.

a) 30% rise in NAV to 8.02. This will further rise with proposed equity infusion
b) 13% rise in EPS to 3.08 (9m) and 22% for Qtr 1.26
c)Loans/Adavances up by 2.6bn and Lease by 3bn. Increase in Deposits 4.5bn.
with the growth of economy and provided NPL manage properly and new deposits at low rates, next Qtr will have huge rise in net interest.
d) COCR is firmly at Cat A company.
e) Dec Qtr results of finance companies most could not match such stellar results (ex. VFIN-SFIN-PLC flat performance; LFIN, AAF, PMB, ACAP, CRL, SFS not good whilst CDB, LOFC, CLC, TFIL and CFIN some positive)  

I think when next wave of Bull share may go nearer to 20s to match the new equity infusion.


Yes from the papers this sounds very good, Still they offer high rates, if you want call one of their sales guys and Ask, but Look at the provisioning compare to the Micro Finance stock, This is Sri lanka we all know how good pay masters in the country, The fact is COCR, Kanrich, LOLC, Grameen, all are in a Micro Finance race. they give loans to settle the other company, and some instances they give fresh loan to wife to settle husbands Liability in the Same company, there are many games both end plays, the borrowers and lenders both, Who can/will monitor the actual position of the Loan Stock but there will be a day, where it will come to a dead end, then you can see the deadly results of manipulation,

And Look back on how the baby was born, right at the start they took staff from Grameen, TFC, CIFL mostly from TFC entire Southern Province staff with the deposits, and CIFL more than 30 Staff with the deposit Base, and grameen, that was their theory, kill the parents eat the children, now they are talking about humanity, You work for a company learn the business and then move to another one learn some more use their facilities and set up your own one and take all the staff from those companies and kill the place where you step in. See the faces from Celynco where he learn the Business, and become a prominent figure, who gave him the chance to become a voice, Mr. Kotalawala, then what he did to him? When he was thrown away from celynco CIFL gave him the shelter what he did to CIFL, Same....So lets talk about humanity guys,

Why do you have to take a bogus Award by paying money if you are so good, Why do you still have to issue debentures if your profits are good and the cash flow is good? Why do you eliminate your previous employment of Aspic from the profile if you are honest? they need to slowdown, breath, fix bugs, get rid of unwanted heads, otherwise, there will be an issue for sure.




See

11Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Sun Feb 16, 2014 11:40 am

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Well Said @ Samantha Perera.

12Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Sun Feb 16, 2014 12:59 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
So this thread is going to be another one to white wash Deepthi and co. Samantha you seems to be very familiar to this forum? Am I right?

13Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Sun Feb 16, 2014 1:30 pm

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Some scammers, not only ubiquitous but tenacious too. Shocked 
(As the old saying goes, they got the taste of blood once, wild animals will never give up chasing for more).  Very Happy

14Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Sun Feb 16, 2014 2:21 pm

KDDND

KDDND
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Leon wrote:
@samanthaperera879 wrote:Roshan Egodage was the CEO for Aspic Corporation which controlled CIFL. And also He was the CEO for Lumbini Aquaria again a company of Aspic Corporation. And later he raised money to buy Commercial Credit by selling Debentures at 24% Per Year. But those were paid on time, But the source of funding to pay back is a question, it could be funds from COCR or again raised from Debentures. He was charged to manipulate accounts in The Finance Company in order to show profit of I billion, Later this was revealed and he was sacked. And join Deepthi Perera, But my question is How the CBSL can approve him as fit and proper after being the CEO of Aspic Corporation, and allowed him to own and run COCR? And also CBSL is aware of the manipulation in The Finance Company. Not only that Cecil Perera the Chairman of COCR also worked with Aspic Corporation for sometime. And Neil Hathurusingha who work as the Finance Manager also the Same person who was at CIFL and Started the Process of Interest Income to the Books of CIFL. Not only that the Head of Marketing of COCR Nirosh Madawala was Sacked from CIFL because He was charged under  a fraud.

More interestingly the UDC award as the Best finance Company was Initially offered to CIFL and they did not have the money to pay for the Award. This was offers by the Son of the Max Radio Owner,   if you visit the page in the annual report you can see him at the back of the Picture. And the Person who is receiving the Certificate is the Head of Corporate Planning Andrew Samuals, who was Terminated from Aspic Corporation of presenting fraudulent accounts for their plantation company and he was the CEO at that time. This information could be easily verified by anyone who could contact the secretaries of Aspic Corporation.

You badly wanted to tell this to every one.Didn't you?? So it is up to CBSL to keep a good eye on this too if the company is in the hand of such culprits.

Honestly speaking.....what I feel... is that...
No matter who is saying about who or whose history..... whether that guy/gal... good by now....

it would be very good information for people like us...
who invest hardly earn money... in a legally accepted and government approved institutions... or CSE!

It would be very good to know the history of the business/organization leaders.... for people like to take best decision..... coz we don't have many money gamble few times in this short life....

SO MY CONCERN is .... if anybody say fault information about anybody/any organization... take action to remove him/her.....

but if what he/she is saying TRUTH.....about the present and/or histroy of a person / organization...
he is doing a VERY GOOD for the average members of the forum and poor investors of the country......

it is very afraid to hear some of the BAD actions/decision of some people...
it would be better to stay away from those risky people and institutions...
coz THERE ARE GOOD institution in CSE to invest....
if need some gradual but steady gain in years to come...
GOOD LUCK TO ALL!
and THANK YOU FOR ALL BETTER and HONEST contributors to the FORUM! Embarassed 

15Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Sun Feb 16, 2014 3:41 pm

samanthaperera879


Senior Equity Analytic
Senior Equity Analytic
@Redbulls wrote:So this thread is going to be another one to white wash Deepthi  and co. Samantha you seems to be very familiar to this forum? Am I right?

No Redbulls, not at all i am white washing anyone, and yes i am very familiar to the forum, But I will in any way not white wash anyone here, this is the plain truth.

16Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Mon Feb 17, 2014 6:55 am

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Biggest problem is regulates do not take sufficient appropriate action

against culprits

End result may be whole financial will be collapsible

We all know what happen to stock market after 2009 to date

SL financial system is paradise of crooks specially under practical mahinda chinthanaya

17Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Mon Feb 17, 2014 12:07 pm

samanthaperera879


Senior Equity Analytic
Senior Equity Analytic
@D.G.Dayaratne wrote:Biggest problem is regulates do not take sufficient appropriate action

against culprits

End result may be whole financial will be collapsible

We all know what happen to stock market after 2009 to date

SL financial system is paradise of crooks specially under practical mahinda chinthanaya

They ( Regulators) have enough and more power if they want to take action, But when it comes to large companies they are reluctant to step in, And also we all witness the Nepotism involved in almost everywhere, including the government, so when nepotism plays a big role in any country it is very difficult to keep the regulations or policies intact, i think that is the main problem in Sri Lanka.

18Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Mon Feb 17, 2014 12:45 pm

Backstage

Backstage
Moderator
Moderator
Now all we need is for Wayne Abbot show up and perhaps Churchill, for another episode of "Roscoe Rides Again"

19Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Mon Feb 24, 2014 4:25 pm

samanthaperera879


Senior Equity Analytic
Senior Equity Analytic
I know very soon, Commercial Credit NPL rate will go high, I know Customers of Commercial Credit taking Loans to settle their Loans from Kanrich and LOLC, When a client cant pay back they call their friends in Commercial Credit and arrange a Loan and recover their dues, I saw some people try to keep this thread hidden or say i am trying to white wash Deepthi Hora, No this is the truth, Very Soon i will reveal shocking stories about Kanrich Finance too, What their Directors are up to and some previous directors what assets they purchased and where for how much, it will be very interesting to see how these guys siphon out funds i think their all students of Deepthi P--ya.

20Roshan Egodage's Money Grabbing Empty Where is the Fit and Proper Act on Mon Feb 24, 2014 4:33 pm

samanthaperera879


Senior Equity Analytic
Senior Equity Analytic
http://www.sundaytimes.lk/070916/FinancialTimes/ft314.html

Please see this article and See where is the fit and proper act for Commercial Credit.

21Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Mon Feb 24, 2014 4:58 pm

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@samanthaperera879 wrote:I know very soon, Commercial Credit NPL rate will go high, I know Customers of Commercial Credit taking Loans to settle their Loans from Kanrich and LOLC, When a client cant pay back they call their friends in Commercial Credit and arrange a Loan and recover their dues, I saw some people try to keep this thread hidden or say i am trying to white wash Deepthi Hora, No this is the truth, Very Soon i will reveal shocking stories about Kanrich Finance too, What their Directors are up to and some previous directors what assets they purchased and where for how much, it will be very interesting to see how these guys siphon out funds i think their all students of Deepthi P--ya.

Good idea now you can disclose anything you like in forum. GMNet is no fully in charge and no mafia interference.

22Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Tue Feb 25, 2014 1:33 am

shanesmith


Stock Analytic
Stock Analytic
BIG BIG THANKS for everybody who contributed to this thread .YOU SAVED ME .

23Roshan Egodage's Money Grabbing Empty Re: Roshan Egodage's Money Grabbing on Mon Dec 11, 2017 7:10 pm

Investor1994


Equity Analytic
Equity Analytic
Will Trade Investments and Finance PLC be amalgamated with COCR? Kanrich and First Capital also seem to be playing a role in this game with First Capital recently taking a stake in Kanrich (which to my knowledge is unlisted). Dunamis (parent First Capital) is also excessively leveraged. Does anyone know what is going on? What firms under LOLC will be amalgamated? What firms under Dhammika Perera will be amalgamated?

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