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Teak-growing Touchwood has only Rs. 105,000 in banks
Sep 01, 201409:32 PM
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Teak-growing Touchwood has only Rs. 105,000 in banks

Touchwood Investments PLC which engaged in growing teak trees for some time and then faced a crisis currently possesses only Rs. 105,720.17 in the bank accounts of the company.

This has been revealed through the report on the assets and liabilities of the company submitted to the company’s liquidator G.K. Sudath Kumar.

According to the report, the total assets of Touchwood Investments PLC are Rs. 694.9 million. It states that the company has invested Rs. 232 million in Deraniyagala Tea Estates Limited, Rs. 05 in Farm Grow Private Limited and Rs. 14.7 million in Touchwood Flooring Private Limited.

Furthermore, Touchwood Investments PLC has informed the liquidator that it possesses teak grown land to the value of Rs. 335 million.

According to these statements, the liabilities of the company are nearly Rs. 1,075.7 million.

The case to liquidate and close Touchwood Investments PLC is pending before the Commercial Court in Colombo and the next hearing is on 19 September.

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