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Sri Lanka Court Issued Interim Order Against Dr. Chris Nonis and others
in a case filed by majority shareholders of Mackwoods Securities for oppression, mismanagement and misappropriation of assets belonging to Mackwoods Group of Companies.
Two listed companies, Agalawatta Plantations PLC and Mackwoods Energy PLC are in the assets list submitted to the Court.
The petitioners claim, among other misdeeds, that the affairs of the said Agalawatta Plantations PLC are being mismanaged by its board, which is controlled by the Respondents, to such an extent that its business and operations are being run at a loss as is reflected in the 2014 Annual Report of the said Agalawatte Plantations PLC, despite the colossal value of assets at its disposal, and the value and potential of its business.
The Petitioner pleads that the only plausible explanation for this is that the Respondents are either guilty of siphoning off monies from the Agalawatta Plantations PLC, or are otherwise guilty of serious mismanagement of its affairs.
in a case filed by majority shareholders of Mackwoods Securities for oppression, mismanagement and misappropriation of assets belonging to Mackwoods Group of Companies.
Two listed companies, Agalawatta Plantations PLC and Mackwoods Energy PLC are in the assets list submitted to the Court.
The petitioners claim, among other misdeeds, that the affairs of the said Agalawatta Plantations PLC are being mismanaged by its board, which is controlled by the Respondents, to such an extent that its business and operations are being run at a loss as is reflected in the 2014 Annual Report of the said Agalawatte Plantations PLC, despite the colossal value of assets at its disposal, and the value and potential of its business.
The Petitioner pleads that the only plausible explanation for this is that the Respondents are either guilty of siphoning off monies from the Agalawatta Plantations PLC, or are otherwise guilty of serious mismanagement of its affairs.
