Where is Harry J's looted wealth?

Business Tycoon Harry Jayawardena controlled Distilleries Company has bought over the controlling stake of Pelwatte Sugar from its major shareholder Master Divers, a company owned by businessman Ariyaseela Wickramanayake.

The deal amounting just over Rs.1 billion took place in four major crossing on the board of Colombo Stock Exchange a while ago

http://www.dailymirror.lk/news/10513-harry-buys-pelwatte-sugar.html

Seems like almost all the shareholders of the SPEN going to accept the offer. Distilleries need 32Bn but they have only 2,3 billions in the balance sheet. How they going to find ? Can he attract Foreigners ?

not all will apply for it. i think maximum upto about 20bn will apply.

DIST has about 3bn in cash, after 3rd quarter probably it'll be around 5bn.

look at amounts due from associated companies 8bn.

short term investments amount to 2bn

as per my view DIST alone can raise upto 15Bn, then what about Melstacorp (Pvt) Limited, Milford Exports (Ceylon) Limited, Lanka Milk Food (C.W.E.) PLC, stassen group

Harry Jayawardena is the no.1 business person in owning cash generating companies for me.

Nigel.Machado wrote:

look at amounts due from associated companies 8bn.
short term investments amount to 2bn

as per my view DIST alone can raise upto 15Bn, then what about Melstacorp (Pvt) Limited, Milford Exports (Ceylon) Limited, Lanka Milk Food (C.W.E.) PLC, stassen group

Harry Jayawardena is the no.1 business person in owning cash generating companies for me.

Referring the Dist consolidated balance sheet (which include all sub details)

'000
Current liabilities - 19,433,825
Current assets - 21,526,238

Only 2Bn difference

Now he is liquid with following things. He will has to liquid those things

Investments in Equity Accounted Investees 12,388,972
Other Long Term Investments 7,225,141

You have to consider Company statement as DIST company is buying SPEN.

DIST consolidated includes assets and liabilities of SPEN also.

He is a guy with a master plan sooner or later he will control both the conglomerates JKH & SPEN.

He is the only Businessmen who is not interested in retailers money, but he invest his own.

Nigel.Machado wrote:You have to consider Company statement as DIST company is buying SPEN.

DIST consolidated includes assets and liabilities of SPEN also.

He is a guy with a master plan sooner or later he will control both the conglomerates JKH & SPEN.

He is the only Businessmen who is not interested in retailers money, but he invest his own.

Consolidated details contains capabilities of Dist company , Melstacorp,..... All the subs of Dist group. Company details only contain details about Distilleries only. It can't be more capable than entire group. Seems like Amounts Due from Subsidiaries 8,200,387 is some kind of mess within the group. What ever the sub who got that loan has to take another loan to repay it.

Wait and see!!

i think 1st he will buy more than 50% in SPEN and then will use money of SPEN mainly proceeds from terminal sale and buy upto 10% in JKH.

i personally feel he is already collecting the JKH as well from market, noted considerable increase from 30.09.2011 to 31.12.2011! I think 31.03.2012 quarter will give us more clear picture about his idea, also i think he will catch at least 51% of the Spence!

What happened to the money that got DIST from reversal of Sri Lanka Insurance deal, Lanka Hospital. Also there are rumors that Lanka Bell is for Sale

WildBear wrote:What happened to the money that got DIST from reversal of Sri Lanka Insurance deal, Lanka Hospital. Also there are rumors that Lanka Bell is for Sale

there was talks for Lanka Bell Sales but i thing later they decided to keep with them, also now it also makes profit

WildBear wrote:What happened to the money that got DIST from reversal of Sri Lanka Insurance deal, Lanka Hospital. Also there are rumors that Lanka Bell is for Sale

.
I don't think he is trouble with SPEN .But what I heard was ,that HJ had to give Rs 1 Bn for a powerful politician to get the proceeds due to DIST after nearly 3 years of the original Judgement .
And it was clear that he was forced to buy a company from a chap who supports a powerful politician ( openly through media ) and later on government took over that company through under performing companies act.
I think investors should worry more about these types of things

soileconomy wrote:

WildBear wrote:What happened to the money that got DIST from reversal of Sri Lanka Insurance deal, Lanka Hospital. Also there are rumors that Lanka Bell is for Sale

.
I don't think he is trouble with SPEN .But what I heard was ,that HJ had to give Rs 1 Bn for a powerful politician to get the proceeds due to DIST after nearly 3 years of the original Judgement .
And it was clear that he was forced to buy a company from a chap who supports a powerful politician ( openly through media ) and later on government took over that company through under performing companies act.
I think investors should worry more about these types of things

Nothing new in Sri Lanka. Most of the Top to bottom getting healthy chunk in all the deals.
Complete shame no?

Yes Kumar.That is what we are experiencing right now .
I don't like to comment more on that subject , bcoz this topic will drag to a another area which original purpose will not be served.

soileconomy wrote:Yes Kumar.That is what we are experiencing right now .
I don't like to comment more on that subject , bcoz this topic will drag to a another area which original purpose will not be served.

1000 times agree with you.

If harry bought 10% jkh, he will prove again that he is not too old

He was made to be in trouble.
May be the time can change anything.

What about the profits of SLIC, during it's under DIST. As per the judgment DIST is entitle for the profits. But not got it yet.

hariesha wrote:What about the profits of SLIC, during it's under DIST. As per the judgment DIST is entitle for the profits. But not got it yet.

It will take another 3-4 years to get the retained profits .(It took more than 2 years to get the originally invested money).
again HJ will have to give 10% to politicians out of retained profits.

Business tycoon Harry Jayawardena thinks it is conducive for the government to grant state land for resort development to operators who have the capability and the experience to do so.

Jaywardena makes this suggestion as he thinks that the local tourism industry currently falls well short of the required capacity to meet the government target of bringing in 2.5 million tourists by 2016.

Commenting on Aitken Spence’s 2011/2012 annual report in the capacity of the Company’s Chairman he says, “In the absence of a focused strategy, it is probable that the destination will fall short of capacity requirements and quality accommodation”

Citing reasons, Jayawardena points out that the lack of incentives to stimulate capacity expansion continues to be a challenge for the local hospitality operators.

Chairman of the Aitken Spence Group which runs a chain of hospitality properties both here and overseas also points out that the escalation in the cost of construction adds to the woes of the industry.

He also believes the tourism industry with its current growth will face a problem of lack of adequate human resources to cater to the sector.

“The lack of skilled personnel will be detrimental to service standards. The issue of human resource must be addressed in haste” Jayawardena added.
http://www.news360.lk/tourism/news-sri-lanka-07-06-2012-harry-jayawardena-wants-the-government-to-grant-lands-to-develop-resorts-93421

Yeah grant these people more, more properties, more loans, like granted the milk factory for cents (yeah, with state loans which never got paid) while law abiding citizens have to work night and day to build their small asbastos house and buy their luxury Maruti with loans running until they're dead and they're paying.

aj wrote:Yeah grant these people more, more properties, more loans, like granted the milk factory for cents (yeah, with state loans which never got paid) while law abiding citizens have to work night and day to build their small asbastos house and buy their luxury Maruti with loans running until they're dead and they're paying.

We voted for this.

Redbulls wrote: We voted for this.

Well Said.
I suggest many guys (gals too) here to read "Start-up Nation" written by Dan Senor & Saul Singer which is also available as an e-book.

Redbulls wrote:

aj wrote:Yeah grant these people more, more properties, more loans, like granted the milk factory for cents (yeah, with state loans which never got paid) while law abiding citizens have to work night and day to build their small asbastos house and buy their luxury Maruti with loans running until they're dead and they're paying.

We voted for this.

No you are wrong...we did not vote for this.

Whitebull wrote:

Redbulls wrote:

aj wrote:Yeah grant these people more, more properties, more loans, like granted the milk factory for cents (yeah, with state loans which never got paid) while law abiding citizens have to work night and day to build their small asbastos house and buy their luxury Maruti with loans running until they're dead and they're paying.

We voted for this.

No you are wrong...we did not vote for this.

Good to hear my friend.

Good concept but not practical in a 3rd world politically corrupted country.
Only the government supporters/relations will get the benefit.
We will potentially lose places like Sinharaja forest..