Dr. Ali Gulamhusein resigns from People’s Leasing board, amid litigation/floundering listed companies

Former MP Duminda Silva opens trading in Adam Investments (AINV) at the CSE, Photo Credit Hiru News

October 17, 2018 (LBO) – Controversial Colombo Stock Exchange (CSE) investor Dr. Ali Asgar Shabbir Gulamhusein has resigned as an independent non-executive director of listed state controlled leasing giant Peoples Leasing and Finance (PLC).

According to a stock exchange disclosure the resignation is “effective from August 31st in terms of section 5 of the Finance Companies (Structural Changes) Direction No. 1 of 2013.”

“Please note that the Central Bank of Sri Lanka by its letter dated 16th October 2018 has granted approval for the said resignation of Dr. Ali Asgar Shabbir Gulamhusein.”

After the surprise move to dissolve the board of PLC’s largest shareholder People’s Bank, there is speculation that the entire board of directors of PLC will also be replaced.

Dr. Gulamhusein has been the key promoter of several listed companies, most of which have caused massive losses to their investors.  Among them are:

  1. PC House PLC (PCH)
  2. PC Pharma PLC (PCP)
  3. Adam Capital PLC (PCHH)
  4. Adam Investments PLC (AINV)
  5. Orient Garments PLC (OGL)
  6. Ceylon & Foreign Trades PLC (CFT)

He is also involved in significant litigation with family members over his late father’s estate, in which significant malpractices have been alleged in court proceedings.