May 31, 2009 (LBO) – A decision on a case challenging the privatization of Sri Lanka Insurance Corporation (SLIC) is listed for delivery at Sri Lanka’s Supreme Court on June 01, lawyers said.
Distilleries Company of Sri Lanka closed at 90.25, down 2.25 rupees Friday.
SLIC was sold to the listed Distilleries group of businessman Harry Jayewardene but the deal was challenged by Vasudeva Nanayakkara, a politician.
Sri Lanka’s courts had earlier reversed, or changed two deals involving the sale of state assets to private parties, on cases filed under provisions protecting fundamental rights.
One involved the sale of state land, where a golf course was built and another involved the sale of a bunkering firm.