June 05, 2014 (LBO) – Sri Lanka’s courts have ordered the liquidation of Touchwood, a controversial forestry investment company, but a appeal of the decision is planned, a media report said. Meanwhile recent media reports said trees in some forestry plantations and some investors were attempting to prevent it.
Adaderanabiz.lk, a Colombo based business news portal quoted Touchwood chief executive Lanka Kewlegedera as saying that they firm planned to appeal the liquidation order.
Court has ordered a liquidator to be appointed by July 14, he was quoted as saying.
Touchwood ran a forestry investment scheme where investors were promised high returns from mahogany and other plantations.
Several investors however went to court asking it to be liquidated.