Asia Capital...

“While certain investors have expressed their concerns with respect to Asia leisure sector, no details or particulars of any ‘malpractices by senior management (which are denied) were proved or substantiated,” Abeysinghe’s letter said.

He further noted that in fact two Japanese nationals representing the Japanese investors were and are in the boards of directors of ACAP and that currently there are discussions underway on an amicable manner with respect to some of the subsidiaries and associated companies of the company.

Sumanadeera is renowned in Sri Lanka as the post war era emerging investment banker turned Attorney and Double Qualified Accountant and his company Frontier Capital Partners has transferred some of the country’s prominent group companies to conglomerates in the post-war era from 2009 to 2019.

Sumanadeera is a multifaceted professional with over 20 years of experience in investment banking, corporate law and accounting whilst he and his investment bank Frontier Capital Partners had been instrumental and facilitated the conglomeration conversion of three major companies – Lankem Group, LOLC Group and Softlogic Group – in post-war Sri Lanka from 2009-2013. Frontier Capital Partners led by Sumanadeera and team in 2009 facilitated the C.W. Mackie sale for Lankem Group worth over Rs. 1.4 billion, in 2010 Confifi Hotel Group sale for LOLC and Browns group worth Rs. 2.5 billion and in 2011 Softlogic Holdings’ proposed acquisition of Asian Alliance Insurance worth over Rs.3.3 billion and in 2013 a placement of 10 percent shareholdings of National Development Bank (NDB) for a consortium of investors including the Softlogic Group.

ACAP started as a securities trading company in the early 1990s, specializing in stock brokering, the and later expanded its business portfolio to encompass the larger share of the investment banking market in Sri Lanka. The company ventured into diverse industries and sectors to fulfil the vision and become a powerhouse providing value-added investment opportunities and unmatched wealth creation services. Currently, operations consist of leisure, project management, investment banking, and advisory services. ACAP also has a presence in property management, real estate, asset management and information technology services.

ACAP’S 76 percent is owned by Malaysians whilst 16 percent is owned Japanese investors.