Lalith Kotelawala

Updated on Nov 08, 2023

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Other names Lalith Kotelawala Name Lalith Kotelawala Uncles John Kotelawala Conviction(s) fraud Grandparents John Kotelawala Sr		Spouse(s) Sicille Kotelawala Education Royal College, Colombo Criminal charge Financial Fraud Parents Justin Kotalawela Awards Deshamanya


Full Name Jeewaka Lalith Bhupendra Kotelawala Born 29 October 1938 Colombo, Sri Lanka Criminal status Remanded by the Mount Lavinia Magistrate’s Court ruling Similar Podi Wije, Premalal Jayasekara, Vijitha Herath

Deshmanya Deshabandu Jeewaka Lalith Bhupendra Kotelawala is a Sri Lankan businessman, who was the chairman of Ceylinco Consolidated and also was the founding chairman of Seylan Bank. He was listed in 2007 Sri Lanka Richest List. He was remanded for the misappropriation of 26 billion rupees of investments from the failed Golden Key Credit Company.

Lalith kotelawala after jail sathyagaraya 2015 02 12 youtube part 01 of 02

Early life and education

Lalith Kotelawala Golden Key Depositors Slam Lalith Kotelawala Colombo Telegraph

Born to Millicent Kotelawala and Senator Justin Kotalawela a Ceylonese politician and businessman, he was educated at Royal College, Colombo and studied chartered accountancy in the UK. He is the nephew of Sir John Kotelawala, the third Prime Minister of Ceylon.

Career

Lalith Kotelawala Business Magnate Lalith Kotelawala remanded over Golden Key fruad

Taking over Ceylinco Consolidated from his father in the 1960s, Kotelawala expanded the group into new fields including banking, non-banking finance, investment banking, housing and property development, travel and leisure, communication & information technology, education and healthcare and, more recently, microfinance. He also founded a peace initiative in Sri Lanka, three years after being wounded in an LTTE attack in 1996.

Golden Key Scandal

Lalith Kotelawala Lalith Kotelawalas wife arrested Nation

Following the collapse of the Golden Key Creditcard Company, which was affiliated with Ceylinco Consolidated, Kotalawala who was the Chairman of the company was accused of misappropriation and Financial mismanagement. He was remanded on February 26, 2009 by the Mount Lavinia Magistrate and an ultimatum was issued to settle the Rs. 26 billion deposits of Golden Key Creditcard Company customers in 10 days. Weeks earlier the CEO Khavan Perera, the CFO, and several other directors were remanded by the same Magistrate. In March the Magistrate refused to consider the application for bail on the grounds that the matter was under consideration in an ongoing high court case. Kotelawala was moved to the prison hospital.

Lalith Kotelawala Lalith Kotelawala speaks out on Golden Key YouTube

In a hearing for bail at the Mount Lavinia Chief Magistrate's court on March 27, 2009 Kotelawala was accused by Deputy Solicitor General Sarath Jayamanna of running a Ponzi scheme. Lawyers representing the investors said that he was not, but, rather had misappropriated depositors’ monies, violating sections of the Companies Act, Act No. 7 of 2007. He stated a willingness to sell off assets worth Rs. 14.5 billion and settle the deposits.