ECONOMYNEXT – Lalith Kotelawala, Sri Lanka’s once prominent business mogul, passed away at 84 years in a private hospital in Colombo on Saturday, corporate sources said.
He was the chairman of Ceylinco group which was into insurance and banking business and the founding chairman of listed lender Seylan Bank.
He was in the top richest Sri Lankans list in 2007.
He once asked the then president Mahinda Rajapaksa to appoint him as the finance minister to solve the economic issues faced by the country during the final phase of the war..
His image was tarnished in 2009 for alleged misappropriation of 26 billion rupees (then $230 million) of depositors’ money in the Golden Key Credit Company. He was later arrested for the island nation’s largest financial scandals.
Last year, Colombo High Court imposed a fine and compensation of 18 million rupees on Lalith Kotelawala, his wife Sicilia Kotelawala and seven other members of the Board of Directors of Golden Key who pleaded guilty to the charges of accepting people’s money deposits by running an unauthorized financial business contrary to the Finance Act.
The Golden Key top staff were pleaded guilty to nine charges including accepting public deposits from 1999 to 2008 while running an unauthorized financial institution in violation of the Finance Act.
He was once the consul general of Singapore.
After taking over Ceylinco Consolidated from his father in the 1960s, he expanded the group into new fields including banking, non-banking finance, investment banking, housing and property development, travel and leisure, communication & information technology, education and healthcare. (Colombo/Oct 21/2023)