The investigations by the Securities & Exchange Commission (SEC) into the factual ownership of 23 percent Ceylinco Insurance Company shares owned by CIESOT (Pvt) Ltd, have been concluded and the final report has been forwarded to the Attorney General’s Department for its opinion, very reliable sources revealed to AdaderanaBiz.

With the recent problems over the share ownership of CIESOT (Pvt) Ltd creating controversies, court had ordered the SEC to find out the real ownership of the particular shares and submit its report to court.

There is one argument that 50 percent of the shares of CIESOT (Pvt) Ltd is owned by Lalith Kotelawela and another argument that the 50 percent shares is not owned by Lalith Kotelawela but by the employees of Ceylinco Insurance Company.

The SEC report has put forward an argument that there are factors to suggest that 50 percent shares of CIESOT (Pvt) Ltd could be owned by the employees, say reliable sources.

While CIESOT (Pvt) Ltd holds the highest ownership of individual shares of Ceylinco Insurance Company, it totals to 4.4 million shares.

Apart from the debatable 50 percent shares owned by CIESOT (Pvt) Ltd, the balance 50 percent shares are owned by H.D.K.P. Alwis and E.T.L. Ranasinghe.

The report prepared on the share ownership of this company is to be submitted to courts by the SEC soon and court is to decide on the final ownership.

Meanwhile, a former Central Bank Deputy Governor Priyantha Fernando was recently appointed chairman of CIESOT (Pvt) Ltd. This appointment was in accordance with the order that the debatable 50 percent shares of this company be transferred to The Golden Key Credit Card Company Limited. Sources also say that there are moves to appoint Priyantha Fernando as chairman of Ceylinco Insurance Company.

Court had ordered that assets belonging to Lalith Kotelawela be sold to reimburse funds to the depositors of the now bankrupt The Golden Key Credit Card Company and the controversy over the ownership of CIESOT (Pvt) Ltd had arisen at this juncture.