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Altair debacle – Legal action against PwC Sri Lanka

The major shareholders of the Altair project have filed legal action in the District Court of Colombo against PricewaterhouseCoopers Lanka (Pvt.) Ltd. (PwC Sri Lanka), a leading professional body, for its alleged contribution to facilitate a hostile takeover of the Altair project in November 2019 through what the shareholders term a “fabricated and unauthorised” report. 

AA Infraproperties (Pvt.) Ltd., 100% owner of the Altair project together with its parent company South City Projects (Kolkata) Ltd. (plaintiffs) have filed legal action in the District Court of Colombo against PwC Sri Lanka along with Jaideep Halwasiya and Pradeep Moraes, who are alleged to be the main conspirators who perpetrated the hostile takeover as per recent media reports in Sri Lanka.

The plaintiff in the District Court of Colombo appealed that the purported report was a “concerted act of conspiracy” of the three co-defendants, to create an environment to facilitate the said “fraudulent and hostile” takeover of Indocean Developers (Pvt.) Ltd. (IDPL), the Altair project company.

They said the Board of Directors of IDPL had never requested nor approved to commence or proceeded with any such investigative procedure with PwC Sri Lanka in early 2019. PwC has been acting as the internal auditor of IDPL since 2015.

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