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The District Courts on Wednesday turned down an interim order to clip business tycoon Harry Jayawardena's shareholding in Commercial Bank. The interim order was sought by Unions representing Commercial Bank employees, who argue that Jayawardene is treading outside banking regulation in holding over 40 percent of the banks shares through various related parties.
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Richard Rodrigo, President of the Association of Commercial Bank Executives said the Unions will appeal Wednesday’s order and continue their effort to curtail Jayawardene hold on the Bank.
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Face Off
Meanwhile Jayawardene, with his win against the Unions will go in to an Extraordinary General Meeting later on Wednesday to face off with current Chairman Mahendra Amarasuriya in what is being touted as an ugly clash of personalities.
Jayawardena, who controls over 42 percent of the bank through various businesses he owns, has sought an extraordinary general meeting to oust Amarasuriya at the shareholders meeting.
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