යුක්තිය ඉල්ලන. සෙලින්කෝ තැන්පත් කරුවෝ 

Earnest attempts are being made at denying justice to the depositors of the F&G Group of companies (F&G Real Estate Co. Ltd. and F&G Property Developers Pvt. Ltd.) subsequent to 13 long years following the debacle of Ceylinco.
Nearly 4,700 depositors who had invested their hard-earned cash with the F&G Group of companies (F&G Real Estate and F& G Property Developers) risked losing over Rs. 7 Billion due to the collapse of Ceylinco which occurred in 2008.
Investors in the hope of achieving justice in 2009 filed a fundamental rights petition (FR 317/2009) in the Supreme Court seeking the assistance of Sri Lanka’s judicial system in a bid to reclaim their deposits.
After examining the FR petition the Supreme Court ordered the appointment of an Interim Board of Directors to manage the assets owned and operated by F&G Real Estate Co. Ltd. and F&G Property Developers Pvt. Ltd
The Interim Board of F&G consisted of Roshan Fernando, former Supreme Court Judge Nimal Dissanayeke, former SL Army Officer Ranjan De Silva and former Treasury Secretary Dixon Neelaweera and Lional Katuwawala.
Consequently Chief Justice Shirani Tillakawardhana instructed the Interim Board of F&G to call for an Expression of Interest (EOI) for a potential investor to take over the F&G Group of companies, revamp the operation and pay back the depositor’s liability.
Although several EOIs were submitted, none of them were able to submit an efficacious investment plan to jump start F&G.
As a result, under the guidance of the Supreme Court & Central Bank the F&G Board hired KPMG to carryout an evaluation and submit their recommendation to pick an appropriate investor to take over the group.
KPMG upon carrying out a stringent technical & financial evaluation of the listed investors who submitted their proposals deemed that ZRA Holdings Pvt. Ltd, was up for the task, since the proposal submitted by it proved to be the most productive and beneficial to depositors.
According to the proposal, ZRA Holdings Pvt. Ltd. whose directors have a wealth of experience in investing in high value urban real estate ventures will take over the reins of F&G,establishing both companies under them while making an initial investment worth Rs. 500 million.
As per the settlement plan, a payback ratio of 51 per cent of depositor funds was outlined to be paid in cash to depositors of F&G Property Developers while the outstanding 49 per cent was to be met through the granting of non-voting shares.
Whereas F&G Real Estate was concerned, repayment was to come through 61 per cent in cash through depositor funds while the outstanding 39 per cent was to be settled through the granting of non-voting shares.
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