Nahil steps down

Powerful businessman Nahil Wijesuriya has stepped down as chairman of East West Properties Ltd with Nishantha Sooriyaarachchi being appointed the new chairman.

Confirming this announcement which appears on the Colombo Stock Exchange website, Mr. Wijesuriya said Mr. Sooriyaraachchi, earlier an Executive Director, has been hands on with the company for the past two decades.

“He’s more aware of what’s going on. At this stage I felt it was better to step down and let him take the reins,” said Mr. Wijesuriya who will continue as an Executive director.

Earlier on October 17, a sizable chunk of East West Properties shares – 21.30 per cent each - were transferred to his children, Vijitha (Managing Director), Anika Vinodhini (Executive Director) and Vajira.

This 63.90 per cent stake in East West was owned by Asia 2000 Investments in which Mr. Wijesuriya is the sole shareholder/owner. Recently the media reported that Ms. Anika Wijesuriya had fled the country following a threat levelled against her for giving evidence at the Treasury Bond Commission. The Government has promised protection to the Wijesuriya family.