Owner of Excel Property is the wife of Sajin Vaas Gunawardena.

The money was obtained to buy a block of more than 1 ¾ acre land at Ratmalana, where Asian Cotton Mills Ltd. is located and owned by Ascot Holdings.

Excel Property has made the purchase in December 2011.

Since it had failed to repay the loan, the land was auctioned, and a businessman living in London Mr. Duminda Mayadunna has bought it.

PABC chairman Nimal Perera also holds a 15 per cent stake in Ascot Holdings, the owner of the land in question.

The total extent of the Asian Cotton Mills Ltd. land at Ratmalana is eight acres, and six of them were owned by a company belonging to the Selvanayagams.

Later, the Selvanayagams sold it to Kelsi Homes.

This shady deal has come to light in the course of an investigation by the Central Bank governor into questionable transactions during the Rajapaksa regime, according to reports reaching Sri Lanka Mirror.