$32mn meant for ETI invested in EAP Media network

Colombo (News1st) :  In the recent past, reports surfaced of instances where financial institutions collapsed after they were allowed to do away with public money as they please. The most recent incident of this nature surrounds Edirisinghe Trust Investments or ETI. Edirisinghe Trust Investments is part of the EAP Group. Following a financial issue that arose in the company, the depositors were gravely affected and they took to the streets demanding their money be given back. The Government playing the role of the saviour said after a new investor is secured, the depositors will be given their money back. Later it was reported that a new investor had come in with an investment of 75 Million Dollars. However, until now only 32 Million Dollars have been received as an investment. However, it appears, that the money is being used for another purpose rather than investing it in ETI as promised to the depositors. Our inquiries have revealed that the investment of 32 Million US Dollars had been used to obtain 100% shares of EAP Jewelers and Theaters and a 40% stake of the EAP Media Network. Following this investment, a new board of directors was appointed and 04 out of 06 directors are foreign nationals. They are Omar Qandeel, Don Cyril Rodrigo, Paul Xavier and Thomas Mathew. Usually when a 40% stake of a company of this nature is taken over it would result in the appointment of 2 members to the board of directors, however in this instance 04 Foreign Nationals to the board. The question is whether the Telecommunications Regulatory Commission of Sri Lanka is aware of this? What action will they be taking on this matter? If the law of the land is being violated, why are the respective institutions not taking any action on the matter ?