Foreign buyout of Edirisinghe assets complete – Finance minister

The foreign buyout of the Edirisinghe family businesses has been completed and the depositors in the Finance Companies in the troubled group will receive another tranche of their deposits before the New Year celebrations, Finance Minister Mangala Samaraweera announced a short while ago.

Minutes before the budget was voted on Samaraweera read out a statement in parliament in which he said the final payment of US$16 million has been transferred to Sri Lanka bringing the total paid to US$ 70 million.

He said that this buyout led by Blue Summit investments has put to rest a major problem created by the last government which procrastinated making the entire ETF issue much worse.

He also criticized those who raised objections that one of the major investors is UK based Lycamobile which is owned by a Sri Lankan Tamil.

“This shows that the Tamil diaspora has seen progress in this country to the point that they are willing to invest here,” he added.

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