However, the hostile corporate raiders have embarked on a vicious mudslinging campaign in a desperate attempt to garner support for their malign objectives. The obvious malice and vengeance of what was initially portrayed as a seemingly innocuous so called “shareholder dispute”, surfaced when Nissanka Samaratunga (who has multiple allegations of arms dealings and is the husband of Nirmali Samaratunga), made threatening and grossly derogatory remarks against Dr Chris Nonis, calling him a “Son of a B - - - - ” and calling the highly respected and much loved late Mrs Sriyani Nonis a ”B - - - - ”. Nissanka Samaratunga who stated “your mother was a B - - - - ” has since been sent a letter of demand for hundred million by Dr Chris Nonis. Mrs Sriyani Nonis was much loved and admired and ran the Mackwoods Group for a period of over 40 years with grace and kindness. Onlookers witnessing the insults of Nissanka and Nirmali Samaratunga were also shocked and disgusted that FGN (Ricky) Mendis, and Mary Varma were part of this group maligning and insulting their younger sister the late Mrs Sriyani Nonis, a kind and gracious lady, who had passed away 10 years ago.

Onlookers are also surprised by the bizarre choice of three rank outsiders Daya Ratnayake, previous Army Commander, Mano Tittawela , and Shraepathy Attanayake, director of Trico, as suggested by FGN Mendis , Mary Varma, and Nirmali Samaratunga, in their failed attempt to enter Mackwoods Securities.

The next twist in the Mackwoods Saga was the sale of the 60.8% shareholding of Agalawatte Plantations PLC by Mackwoods Plantations (Private) Limited to a Browns Group Company during the plantation crisis. Agalawatte insiders when asked about the share sale emphasized that the sale of Agalawatte Plantations to Browns Group came as no surprise considering the severe financial crisis faced by the plantation industry of Sri Lanka and the fall in global commodities over the past few years. The position was severely negatively impacted by the recent court action by the hostile raiders.

Having failed in their machinations, the hostile parties seem to be now engaged in a futile attempt to compensate for their ineptitude, and seek revenge from Mackwoods and its Board. They seem to be now engaged in an attempt to cast aspersions on the Seller’s Stockbroker, by exerting pressure on the Securities Exchange Commission (SEC). We understand the SEC was compelled to issue a Directive to the Seller’s Stockbroker, apparently based on an unsubstantiated and frivolous complaint made by Mrs. Samaratunga and Mrs. Varma, neither of whom are Shareholders of Agalawatte Plantations (PLC) and nor do they have any interest or stake in the share sale.

Analysts say that what is even more surprising is to hear that the SEC issued this belated Directive on 20 th July, six days after the share transaction of the 14 th July, and prior to making any formal inquiries into the matter. Traders and analysts say that it appears that the SEC is being partial and is being compelled to make inquiry into areas outside its scope, ostensibly due to inordinate pressure from an interested party with a collateral agenda. We understand the Company has written to the SEC in response to their letter dated 20 th July 2016 published in the SEC website, and in its reply has said that the sale of Agalawatte shares was completed on 14 th July 2016 consequent to due authorization and instructions being issued to the seller’s Stockbroker. They have further stated that the SEC should not interfere with the internal affairs of Mackwoods Plantations (Private) Ltd, and we understand the Company has requested that the SEC withdraw its allegations.

It is becoming increasingly clear that the much talked about Agalawatte share sale to the Browns Group was successfully completed, and that there are no valid grounds for it to be challenged by any party as it has taken place at the prevailing market price on the stock exchange, in full compliance with all laws and regulations.

It seems that the dust is now settling, and the Mackwoods Companies are beginning to see the light at the end of the tunnel, in their 175 th year.