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Article: Board meeting in Lankan prison
- Article from:
- Colombo Times
- Article date:
- August 16, 2009
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Colombo, Aug. 16 -- In a possible first not only in Sri Lanka but the rest of the world, a local court has sanctioned the conduct of a board of directors meeting in prison because most of the directors are in remand and depositors of the failed company want to withdraw their money fast.
The order was given by Colombo Chief Magistrate Nishantha Hapuarachchi to directors of the failed Finance and Guarantee (F&G) Group to hold the meeting at Welikada prison before Monday, August 24 in order to pass a resolution approving the setting up of a trust to facilitate repayment of some 5,600 depositors.
Depositors have invested their money in F&G Property Developers (Pvt) Ltd and F&G Real ...