People's Bank to auction Sri Lankan businessman's assets

People's Bank of Sri Lanka is to auction the assets of a well-known businessman Yasasiri Kasthuriarachchi who owns Yashodha Enterprises soon. The step has been taken to recover a credit of Rs. 165 million obtained from the bank by mortgaging company assets.



The injunction issued by the Court of Appeal against the public auction was nullified by the Supreme Court yesterday clearing the auctioning for the Bank in accordance with the settlement between the parties dated July 10, 1997.

The People's Bank and its Chairman W. Karunajeewa petitioned the Supreme Court appealing to repeal the Court of Appeal injunction against the public auction.

A panel of Supreme Court judges comprising Ms. S. Thilakawardhana, Mr. K. Sripavan and Mr. P.A. Rathnayaka delivered the judgment unanimously.