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EPA Holdings including Swarnavahini, Swarnamahal sold ...  at 75 million American dollars


EPA Holdings including Swarnavahini, Swarnamahal sold ...
at 75 million American dollars

It is reported that EAP media network, EAP film company, Swarnamahal jewellery establishment, all inclusive were sold and finished today (4). The selling price is 75 American dollars. All EAP assets belonging to Mrs. Soma Edirisingha's sons and daughters had been sold other than the ETI finance company after her demise. 

Anyhow, steps have been taken to hide from the public the transaction of Swarnavahini channel being sold. It is a special feature to note that nothing was been mentioned in their main news broadcast about this deal. Instead of making any comments on this deal, what was mentioned was that
Swarnavahini has opened up a new news studio and that a chief figure of the company by the name of Ben Holdings and some others had arrived. No family member of Edirisingha family had been present. It was made to observe that those who were so present had activated a certain machine at Swarnavahini control room. What actually had transpired was that a chief man of a Sri Lankan company called Ben Holdings and a Singapore company by the name of Blue Smit Capitol Management Company had activated the said machine confirming this deal. 

More information was revealed in last Sunday Times newspaper about this transaction and that 54 million of the 75 million was paid before this in  and that 10 million was paid last Monday and that the balance was paid and finished in the month of June 2018, thus claiming ownership today (4), it was reported. As such, children of Soma Edirisingha, the latter of whom  passed away about one and a half years ago has no claim on assets built up by EAP company anymore. 

A discussion flared up in parliament during the past as to what extent taking ownership of Sri Lanka's EAP assets by this company called Blue Smit Capitol Management, registered in Singapore who bought over these assets is lawful according to the law of this country. It is said that the local company Ben Holdings who operates as a Sri Lankan representative of that company has been utilised for this deal in order to scrape through this transaction. 

According to this transaction, Swarnavahini, ETV, Sri FM, Ranvan FM, EFM and the whole media network has been sold. Equally so, Swarnamahal Jewellery and Pawn brokering institutions which has won a name in Sri Lanka for a long period of time too have been sold. Other than that, a number of cinema halls such as Savoy, Concord, Cinexpo, Samantha, Queens which were popular as EAP 'mandalaya' too have been sold together with EAP cinematic creations. Apart from ETI, Swarnamahal Finance firm and Wellawatta Sapphire Hotel belonging to them have been sold. 

By now, as depositors have been avoided, only ETI or Edirisingha Trust Investments has not been bought over in these transactions; Rs. 33 billion has been paid back to the depositors through it. Though Central Bank has mediated and settled 20 percent of that balance payment; former chiefs of EAP Holdings are liable to solve this problematic situation completely in future. News of Sunday Times newspaper mentioning about new owners who bought over EAP network, from below. The video where nothing was mentioned in the Swarnavahini main news broadcast today and instead has said that Swarnavahini has opened a new news studio, below that news item. 






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