May 22, 2012 (LBO) – Sri Lanka’s Blue Diamonds Jewellery Worldwide PLC said it has settled a long-running legal case with its former deputy chairman, Daya Senanayake for 12 million rupees.
Senanayake had earlier sought legal redress in 2000, after claiming he was illegally removed from his post as deputy chairman.
“Mr. Senanayake has been appointed ‘Chairman Emeritus’ of Blue Diamonds Jewellery Worldwide PLC by the board of directors of the company,” the firm said in a stock exchange filing on Tuesday.
“This position does not involve any representations on the board of directors of Blue Diamonds nor any financial commitment on the part of Blue Diamonds,” the statement said.
The company has also agreed with Senanayake to dispense with the litigation between both parties which amounted to over two billion rupees.
Senanayake has also agreed not to make any claims against the current Blue Diamonds directors.
A founder deputy chairman and managing director of Blue Diamonds since 1990, Senanayake fell out with Ceylinco Group and its chairman Lalith Kotelawala over an energy investment, in Energen International Limited.
source - www.lbo.lk
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