Touchwood in another dodgy move, appoints new chairman

In another bizarre turn of events, troubled Touchwood Investments Ltd late on Friday announced that Lanka Wijendra Kiwlegedera has been appointed chairman, barely 24 hours after the Annual General Meeting (AGM).

In an announcement to the Colombo Stock Exchange (CSE), the company said that founder chairman Ross Maloney stepped down as chairman effective Thursday, September 26 and will continue as a non-executive director while his wife, Swarna also stepped down on the same day as Vice Chairman. She will also continue as a non-executive director.

Shareholders who were present at Thursday’s AGM heard a speech by Mr. Maloney from abroad via a video presentation but at no time were they informed or given any hint of the changes taking place on the very same day. Some had also raised the issue of insufficient notice ahead of the AGM to other changes in the directorate during the week where controversial parliamentarian Duminda Silva and a football administrator were appointed to the board. Mr. Kiwlegedera was during the week appointed executive director, acting CEO and finally chairman changing chairs in three separate announcements, raising issues of good governance.

Trading in the stock was suspended on Friday pending the announcements made at the AGM where shareholders were told that a fresh infusion of capital of US$21 million from Duminda Silva’s overseas business partner would resuscitate the crisis-hit forestry management firm.