Renowned Sri Lankan businessman Lalith Kotelawala passed away at the age of 85 this morning (21 Oct.), Ada Derana learns.

The former Chairman of Ceylinco Consolidated and the founding Chairman of Seylan Bank, Deshamanya Deshabandu Jeewaka Lalith Bhupendra Kotelawala was reportedly receiving treatment at a private hospital in Colombo at the time of his demise.

He was the nephew of Sir John Kotelawala, the third Prime Minister of Ceylon.