Deshmanya Jeewaka Lalith Bhupendra Kotelawala is a Sri Lankan businessman, who was the chairman of Ceylinco Consolidated. Lalith Kotelawala was a highly respected businessman who owns nearly 30 towers of over 10 storied in Sri Lanka both residential and commercial. Dr.Lalith Kotelawala the owner of Ceylinco Consolidated which has over 256 Companies Worldwide and many in Sri Lanka. He was listed in 2007 Sri Lanka Richest List. [1] He was remanded for the misappropriation of 26 billion rupees of investments from the failed Golden Key Credit Company.[2][3][4]
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Born to Senator Justin Kotalawela a Ceylonese politician and businessman, he was educated at prestigious Royal College, Colombo and studied chartered accountancy in the UK[5]. He is the nephew of Sir John Kotelawala, the third Prime Minister of Ceylon.[6].
Taking over Ceylinco Consolidated from his father in the 1960s, Kotelawala expanded the group into new fields Banking, Non- Banking Finance, Investment Banking, Housing & Property Development, Travel & Leisure, Communication & Information Technology, Education and Healthcare and has recently diversified into the field of microfinance.[7] He also founded a peace initiative in Sri Lanka, three years after being wounded in an LTTE attack in 1996.[8] Following the LTTE attack, he converted from Buddhism to Christianity and funded many Christian charities in the country.
Following the collapse of the Golden Key Creditcard Company, which was affiliated to the Ceylinco Consolidated with the financial crisis, Kotalawala who was the Chairman of the company was accused of misappropriation and Financial mismanagement. He was remanded on 26.2.2009 by the Mount Lavinia Magistrate and an ultimatum was issued to settle the Rs. 26 billion deposits of Golden Key Creditcard Company customers in 10 days. Weeks earlier the CEO Khavan Perera, the CFO and several other directors had been remanded by the same Magistrate. In March the Magistrate refused to consider the application for bail on the grounds that it was under consideration in a High Court case that was continuing. He has been moved to the prison hospital.[9]
The former Deputy Chairmen and CEO of Golden Key, Khavan Perera claimed that tens of thousands of depositors' (Rs) monies had been transferred out of Golden Key to Kotelawala's charities, the Sarana Fund and SOLO U.[10] He has claimed that Kotelawala had drawn Rs. 3.5 million from Golden Key assets as his monthly remuneration, Rs. 500,000 for the Sarana Charity Fund, Rs. 2 million for his SOLO U charity fund and Rs. 350,000 as director's fees.[11]
In a hearing for bail at the Mount Lavinia Chief Magistrate's court on March 27, 2009 he had been accused by the Deputy Solicitor General Sarath Jayamanna (public prosecutor) Kotelawala of running a Ponzi scheme, however lawyers representing the inverters said that Kotelawala was not following a Ponzi scheme but, along with few other directors of Ceylinco, had misappropriated depositors’ monies, violating sections of the Companies Act, Act No. 7 of 2007. He had stated his willingness to sell off assets worth Rs. 14.5 billion and settle the deposits.[12] On April 5, Chief Justice Sarath N. Silva stated in open court that Kotelawala have taken everyone for a ride and should be in Jail and not in hospital when the fundamental rights petitions filed by 23 depositors of GKCC was taken up. Chief JusticeSarath N. Silva[13]started to venture to politics after his retirement from the Judicial service of Sri Lanka [14] and he supported the former Army Commander Sarath Fonseka who is now remanded for White Flag case and revealing military secrets outside he was also defaulted from the post Member of Parliament[15][16]
His wife Sicille Kotelawala too has an arrest warrant against her and is absconding[5].
Kotelawala married Sicille Fernando, the daughter of former Cabinet Minister of Justice, Senator Sam P.C. Fernando. Her mother was Stella Obeysekara Gunatilleke