Imminent deal on the sale of EAP Group Assets

Reports emerge of an imminent deal on EAP Group assets

by Staff Writer 20-02-2018 | 9:28 PM

Reports emerged on Tuesday of an imminent deal on the sale of EAP Group Assets to a UK company for $60 million. News 1st inquired with the director of The department of Supervision of Non-Bank Financial Institutions at the Central Bank. W Ranaweera confirmed that the EAP Group owners were in negotiations but must obtain the approval of the Central Bank. According to the Daily FT newspaper the other parties involved in these negotiations are the Singapore-based Straits Grid Ltd and intermediary, Malaysian businessman Sudhir Jayaram. The buyer is believed to be Lyca Group UK which is owned by Sri Lankan-born entrepreneur Allirajah Subaskaran. The intermediary Sudhir Jayaram, was picked up for allegedly trying to take out undeclared, foreign currency at Katunayake airport. Jayaram is also part of the consortium engaged in the controversial $250 million Horton Square Development Project. In this same consortium is R.M. Manivannan who is associated with Supreme SAT and named in the UN investigation into the Iraqi oil-for-food scandal in late 2000. The buyer, Allirajah Subaskaran's company Lycamobile has been under investigation in France for various charges including money laundering profits from crime. Lycamobile was also under investigation in the UK for tax irregularities.