High Court issues interim order against Dr. Ali Gulamhusein and Malayandi Jeyapragash

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

October 19, 2018 (LBO) – Colombo Stock Exchange (CSE) listed Ceylon & Foreign Trades (CFT) recently released a disclosure with regard to its legal matters.

In the disclosure it states that the Hight Court has issued : “an interim order against the 1st to 3rd Respondents from disposing, alienating, and/or encumbering and of the assets of Ceylon & Foreign Trades PLC.”

“1st to 3rd respondents referred above are Ceylon & Foreign Trades PLC, Ali Asger Shabbir Gulamhusein, and Malayandi Jayaprakash respectively.”

“The matter was further fixed for filing of main objections on 29th October 2018.”

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.