The Distilleries Company of Sri Lanka, one of the country’s richest and biggest business conglomerates headed by Mr. Harry Jayawardene, has appointed Ranil de Silva as Group CEO with effect from Feb. 1, the company said in a stock exchange filing.

Nalaka Godahewa will step down as chief executive of subsidiary Sri Lanka Insurance Corporation on May 31 while Suren Galagoda will take over as chief executive of general insurance of Sri Lanka Insurance Corporation and Suresh Paranavithana as chief executive of life insurance.

Prasad Samarasinghe has been appointed managing director of DCSL's mobile phone subsidiary, Lanka Bell, from April, 7 after Suren Goonawardene, its former managing director, left the company, the statement said.

DCSL which is controlled by Jayawardene’s troubled Stassen Group has in recent years been diversifying from its core business of manufacturing and marketing liquor into varied fields including insurance, telecom, plantations etc. It is into tourism, cargo logistics and infrastructure services through the Aitken Spence conglomerate chaired by Jayawardene.

There are sharp differences between Jayawardene and his partners at Stassen, Messrs V.P. Vittachi, Rajpal Obeyesekera and Zaki Alif, who together own approximately 50% of Stassen’s equity against Jayawardene’s 50% plus two subscriber shares.

Jayawardene has the majority of Milford Exports, another company in which his Stassen partners own 40%. Milford also has significant shares in group companiesincluding over 41% of DCSL.

Lanka Milk Foods Ltd., controlled by the group, owns 12% of DCSL. Lanka Hospitals Ltd., the owners of the Apollo Hospital, is also controlled by the group.

DCSL , with cash resources generated from the excise taxes collected on behalf of the government from the consumer on their arrack purchases, was able to make some valuable acquisitions during privatization of state assets.