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| Thursday, 30 September 2004 |
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Hayleys AIG and Ceylinco issue takes different turn The issue on 500 Fortunes AIG insurance between Hayleys AIG Insurance and Ceylinco Consolidated took a different turn yesterday after Ceylinco Group Chairman Dr. Lalith Kotalawela received a 'warning' and 'threatening' letter of demand from the lawyers of AIG Insurance. Dr. Kotelawala has told AIG Managing Director Micheal Blackeway that he does not take kindly to threats. Dr. Kotalalwela in his letter outlining the sequence of events which started with a report in the Daily News on September 6 said that he acted in bona fide in the interest of the insurance industry of the country. In his letter Dr. Kotalawala questioned how much of premium goes abroad? What are AIG's reserves? Are they adequate to meet the local claims? What fees and emoluments they get or their company gets is unknown to the Sri Lankan policyholders. Who purchase their policies, as AIG's accounts are not published? "You are a foreign company coming to my country selling insurance policies to Sri Lankans in Sri Lankan rupees and remitting premium abroad. I ask you AIG as a Fortune 500 company listed in USA, would these be permitted in your country", Dr.Kotalawala questioned. Dr.Kotalawala said the report in the Daily News on this issue was not contradicted by the AIG or anyone authorised by AIG until his press conference. He said that, "I received a letter from the Insurance Board of Sri Lanka (IBSL) who had contacted you confirming your willingness to discuss a sale of your business to us." All statements at the press conference that were made at the time were on the basis that the interest of the Insurance Industry was paramount and secondly you were willing to discuss the sale of your Life Insurance Fund Ceylinco Insurance Company. Imagine my surprise, when we see you on TV you expressing your disappointment with me for holding a press conference; and stating that Hayleys AIG Life Insurance is not for sale, and that I should have contacted you directly and not through IBSL. |
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