Blue Diamonds Jewellery Worldwide PLC says the company has entered into an agreement with its former Deputy Chairman and Managing Director Daya Ranjith Senanayake for the settlement and the withdrawal of all litigation between the parties.

According to the settlement, Daya Senanayake has agreed to waive all rights in terms of the said litigation and shall not claim any damages or costs of litigation that may be awarded to him by any Court in Sri Lanka, against BDJWL or apply for any writ of execution in pursuance thereof against BDJW.

He has agreed that all contingent liabilities of BDJWL in respect of all litigation between the parties amounting to over Rs. 2 billion and the interest thereon will be extinguished and that BDJW shall not be called upon to pay any sums of money to him in respect of the cases between the parties.

Accordingly, Blue Diamonds has agreed to pay a sum of Rs. 12 million to Daya Senanayake and also withdraw all allegations made by BDJWL against him.

Senanayake has also been appointed “Chairman Emeritus’ of Blue Diamonds Jewellery Worldwide PLC by the Board of the Directors of the firm.

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