Copy of the cheque issued to N.S. Mohamed for Rs. 6.5 millionIn a separate but related incident current Presidential Advisor N. S. Mohamed who was also a Director of this ‘Sharia Board’ at Ceylinco Profit Sharing Investment Corporation Ltd., in May 2006 applied for and was granted a loan amounting to Rs. 6.5 million.
To date, Mohamed has not paid a cent back on the loan insisting that it was a “donation” given to him. His official application requesting for a loan however is in the possession of The Sunday Leader.
To date, Mohamed has not paid a cent back on the loan insisting that it was a “donation” given to him. His official application requesting for a loan however is in the possession of The Sunday Leader.
Robbing left and right!
Ceylinco Profit Sharing Investment Corporation Ltd., is today bankrupt. Having had 10,000 depositors the company had an investment of Rs. 800 million. However due to mismanagement and fraud the company lost all of its investments. With 95% of its depositors from the Muslim community the company re-invested deposits amounting to some Rs.200 million in the now defunct F & G Company, also a subsidiary of the Ceylinco Group. Another Rs. 150 million in the Sussex Group and another Rs. 500 million was given out as “loans” to numerous people including a final total of Rs. 93 million to Hizbullah and his wife.
Presidential Advisor Nihas Moulavi played a key role in forming this company under Islamic Law together with Lalith Kotelawala. Moulavi too later “helped” himself to funds taking Rs. 6.5 million and claiming later the monies were “donated” to him.
No company audit has been done in the last five years.
Presidential Advisor Nihas Moulavi played a key role in forming this company under Islamic Law together with Lalith Kotelawala. Moulavi too later “helped” himself to funds taking Rs. 6.5 million and claiming later the monies were “donated” to him.
No company audit has been done in the last five years.
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