The real reason for the sealing of the Leeds International School in Galle by the Colombo Commercial High Court on a case related to loans obtained by the school is now being revealed, a member from the parent teacher association told us. There were 950 students receiving education at the school at the time of its sealing.
The school has eight branches island wide. In order to raise funds for the schools, the lands in Galle and Payagala had been mortgaged to The Finance Company at Rs. 175 million. However, the amount has increased to Rs. 325 million with the addition of interest rates. The Finance Company had then filed a case before the Colombo Commercial High Court to get back the money.
The court had granted the interim relief requested by the complainant. However, a senior lawyer said that the court had only taken into consideration the plight of the complainant company and had not looked at the plight of the 950 students who were being educated at the school after paying the relevant fees.
N.R. Associates is appearing for the complainant, The Finance Company. The owner of this law firm is a junior lawyer called Namal Rajapaksa. It is Namal Rajapaksa’s law firm that is carrying out all legal work of The Finance Company.
The assets of 50 real old The Finance Company is valued at around several billions of rupees. After getting rid of the former Chairman of Ceylinco Group, the Central Bank Governor took over the best asset in the group, The Finance Company and appointed a dummy board of directors in order to give the powers of the company to the royal family. Chairman of the board of directors is Preethi Jayawardena. Also, Ajith Devasurendra, who is carried out deals on behalf of the Central Bank Governor, is also in the board of directors.
Plans have already been drawn to extort the liquid assets of The Finance Company through its dummy board of directors. The sealing of Leeds International School is yet another attempt at initiating this plan.