Connect with us

News

CID informs court that UK citizen pocketed part of broker’s fee

Published

on

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.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Delay in govt. response to UK sanctions on ex-military chiefs, and others causes concern

Published

on

General Silva / Admiral Karannagoda

Admiral of the Fleet Wasantha Karannagoda said that he is still waiting for the government’s response to the UK sanctions imposed on three ex-military officers, including him, and a former member of the LTTE.

The former Navy Chief said so in response to The Island query whether he was aware of the position taken by a three-member ministerial committee, consisting of Foreign Minister Vijitha Herath, Justice and National Integration Minister Harshana Nanayakkara and Deputy Defence Minister Maj. Gen (retd) Aruna Jayasekera.

The government named the committee in the wake of the UK declaration of travel bans and asset freezes in respect of Karannagoda, General Shavendra Silva, General Jagath Jayasuriya and Vinayagamoorthy Muralitharan, also known as Karuna. Maj. Gen. Jayasekera said that they inquired into the issue at hand.

Karannnagoda said that he would like to know the government’s recommendations if the ministerial committee briefed the Cabinet as per a decision taken by the Cabinet of Ministers. Karannagoda said that the issue should have been taken at the highest level as various interested parties continue to humiliate the war-winning military by targeting selected individuals.

Other sources, familiar with the issues at hand, told The Island that the government was yet to announce its stand.

Sources pointed out that the Opposition has been silent on what they called a matter of utmost national importance.

Cabinet spokesman Dr. Nalinda Jayathissa is on record as having described the UK move as a unilateral move and that committee was formed to examine the developments and recommend appropriate measures to the Cabinet.

Foreign Minister Herath told The Island the government was not successful in getting the British to withdraw sanctions. Describing the UK decision as unilateral, the Miniser said that the government conveyed its concerns but the UK didn’t change its stand.

The Island raised the issue with Minister Herath and Admiral Karannagoda in the wake of British MP of Sri Lankan origin, Uma Kumaran requesting the UK Foreign Secretary Yvette Cooper to expand on the government’s sanctions imposed on the four above-mentioned persons.

During a Foreign Affairs Committee meeting on 16 December, the MP for Stratford and Bow highlighted the lack of accountability and political will from the current Sri Lankan government to address war crimes and mass atrocities committed in Sri Lanka.

Sources said that David Lammy, who served as Secretary of State for Foreign, Commonwealth and Development Affairs at the time of the declaration of sanctions, had no qualms in declaring that the action taken against four Sri Lankans was in line with a commitment he made during the election campaign to ensure those responsible wouldn’t be allowed impunity. The UK government statement quoted Lammy as having said that this decision ensured that those responsible for past human rights violations and abuses were held accountable.

By Shamindra Ferdinando

Continue Reading

News

Sri Lanka outlines seven key vectors of international cooperation at Moscow forum

Published

on

Shobini

Sri Lankan Ambassador to the Russian Federation, Shobini Gunasekera recently presented a conceptual framework of seven key vectors that defined contemporary international relations and facilitated dialogue among States. She made the presentation at XI Moscow International Financial and Economic Forum held under the theme “Building Bridges: Partnership without Borders”.

In her address, the Ambassador emphasised that these vectors represent the channels through which ideas circulate, trade expands, and peace is strengthened, serving as guiding principles for cooperation amid global uncertainties. The seven key vectors highlighted were economic ties as a foundation for long-term stability; political choice and diplomacy through dialogue and multilateral engagement; security cooperation to address cross-border threats; cultural linkages through education, tourism, and professional exchanges; technological advancement, particularly in digital systems and artificial intelligence; environmental stewardship through collective action on renewable energy and climate change; and humanitarian obligations, including disaster relief and development cooperation.

 Drawing on Sri Lanka’s experience, the Ambassador illustrated the practical application of these principles by highlighting the country’s strategic location in the Indian Ocean, its role as a trade and logistics hub, and its active engagement in regional groupings such as BIMSTEC and the Indian Ocean Rim Association, where the Russian Federation serves as a Dialogue Partner.

 The potential for enhanced Sri Lanka–Russia bilateral cooperation was underscored, particularly through complementarities between Russia’s technological and energy expertise and Sri Lanka’s logistical capabilities and maritime infrastructure. She noted that such synergies could support joint initiatives in trade, innovation, tourism, and logistics, while cultural and scientific exchanges would further strengthen mutual understanding between the two countries.

Concluding her remarks, the Ambassador stated that sustained progress requires dialogue, mutual respect, and forward-looking partnerships capable of shaping a shared and stable future.

Continue Reading

News

Sri Lanka third most preferred destination for Indians

Published

on

AI Generated Image

Thailand takes top place

Travel website Make My Trip has named Sri Lanka as the third most booked international destination by Indian travellers for the festive period, following Thailand and the United Arab Emirates (UAE).

According to a report released by MakeMyTrip, an analysis of booking trends between 20 December and January 2026 compared to the same period last year, highlighted a growing interest in Sri Lanka as a preferred destination.

Thailand ranked first, while the UAE secured second place. Vietnam recorded a notable rise, moving from seventh position last year to fourth this year, followed by Malaysia, Indonesia, Singapore, the UK, the US, and Hong Kong.

Continue Reading

Trending