Nonis' s family feud effecting more than 10,000 Families

Jun 27, 2016

Dr Chris Nonis' s Mackwoods group embraced in a bitter legal battle with in the family, for the controlling interest. Certain elements who have chased away by the Founder N SO Mendis is involved in this fresh power struggle to full fill his long term vicious ambition to come back to his home where he was chased away 40 Yrs ago. May be he is using some of the black money involved in Panama Scandal. Or else the Business tycoon whom he sold his LB Finance and Delmege group is behind this hostile takeover attempt. It's better for him to look after his hidden and siphoned proceeds in Singapore out of Delmege deal, rather than jeopardising the innocent lives of Sri Lankans who are employed in this group.

Some of these major share holders of Mackwoods have benefitted over the last 2 decades by enjoying the Dividends and Management Fee derived out of Agalawatte Placations which amounts to Billions of Rupees. Every one knows the struggle that Plantation Companies going thro for existence amidst the global downturn of Tea and Rubber commodity prices. Despite that some elements of the family just for the greediness to gobble more money want to grab power and who are in power not wanting to let go.

When the Rubber prices were remunerative this group benefitted by drawing money from the plantation company and they even voted for the Dividends and Management fee as shareholders,without fulfilling some of the statutory payments such as EPF and ETF etc of the employees.

However since the going got bad Agalawatte plantations managed to get back some assistance from the Mackwoods group to settle some of its obligations. This Bailing out was going on until this greedy owners of Mackwoods went to court to grab the power. This respectable Catholic family could have sorted their private and family issues amicably without jeopardising the lives of thousands.

As a result of this legal battle and adverse publicity, the Only performing company in the group Agalawatte Plantations Plc is effected terribly. All the Banks and financial institutes ceased funding the operation immediately. Some elements of the family behave as rumour mongers and spreading false gossips just to make things difficult for the plantation company. The Brokers, Suppliers and other stake holders are getting jittery about dealing and supporting Agalawatte Plantations.

When the funding lines are drying up only the poor innocent employees only finally get effected not the big share holders. Also there is a very important issue here there is a Malaysian Shareholder in Agalawatte Plantations Plc whose money has been invested in this listed Company as a FDI . What is the message we tell the world,in one side the Government of Sri. Lanka inviting FDI and from hind side we do not look after the interest of already invested FDI s.
All the above is due to the simple greediness and a Ego of few individuals but can we allow that to destroy the lives of approx 10,000 employees in three districts of Sri Lanka and to tarnish the image of our Mother Lanka.

By Paul Solomons.