April 09, 2012 (LBO) – The ownership of a prime beach front property the listed Citrus Leisure bought on Sri Lanka’s east coast for 169 million rupees is now being disputed in court. The newspaper said the land, owned by two Swiss nationals, had been illegally sold by a local party to other local parties from whom the listed Citrus Leisure had bought it.
The newspaper alleged local government politicians and military officers had become involved in the land dispute.
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A stock exchange filing said the 12-acre land was bought in November 2011 by Passikudah Beach Resorts, a fully-owned subsidiary of Citrus Leisure.
“Passikudah Beach Resorts Limited purchased the property, which is now owned and possessed by the said company, based on professional advice it has clear legal title,” the statement said.
“The Board of Directors of Citrus Leisure now wishes to announce that legal proceedings have been instituted in the District Court of Valachchenai against a predecessor in title as the 1st defendant with Passikudah Beach Resorts being added as a party, disputing the title of the said predecessor.”
The stock exchange announcement by Citrus Leisure came a day after the Sun