Agalawatte Plantations PLC Employees Oppose Takeover By Browns Group
July 22, 2016
With Sri Lanka’s capital market watchdog – the Securities and Exchange Commission (SEC) of Sri Lanka announcing the withholding of sale proceeds of Agalawatte Plantations PLC this week, employee representatives all six estates of Agalawatte Plantation say they will oppose the gaining of effective control by the buyer Browns Group till the SEC clears out the imbroglio.
“Nearly all of Agalawatte Plantations PLC employees from all six estates belonging to the Company oppose the illegal takeover of Agalawatte Plantations PLC since SEC has issued a directive withholding the sale. Officials of Pussellawa Plantations Ltd attempted this week to conduct stocktaking of our factories illegally. All employees including the management opposed their actions stating that SEC had issued a directive withholding the sale and that until Browns Group is given the green light by the regulator to take effective control, we would oppose all action to takeover the management and possession by any illegal means,” Joint Employees Union for the Protection of Agalawatte Plantations PLC Convener Lakshman Kumara told Colombo Telegraph.
According to Kumara black flags have been put up in almost all factories and estates and estate workers have opposed the illegal takeover by burning tyres.
He added that all unions of all six estates belonging to Agalawatte Plantations PLC, namely – Pinkanda , Kiribathgala, Noragalla, Wataptha, Niriella and Doloswala, were on standby to resort to further trade union action in the event they continue their illegal attempts.
On July 20, SEC suspended the sale of 15.2 million shares belonging to Agalawatte Plantations PLC by Dr. Chris Nonis, reportedly without due authorization and approval from shareholders.
