Sri Lanka Insurance Corp gets new board

June 26, 2009 (LBO) – Sri Lanka’s Supreme Court has approved eight people drawn from the private and public sectors as directors of Sri Lanka Insurance Corporation which it recently ordered returned to state ownership. Lawyers said the eight directors named by court are Pradeepa Kariawasam, Anura Meddegoda, R A Jayatissa, Chithral Amaratunga, Nalaka Godahewa, Ravi Abeysuriya and A P Lekamge.

Godahewa had earlier been appointed as competent authority to SLIC after it was returned to government hands on a Supreme Court order when its privatisation was challenged by a public interest petition.

The Supreme Court said the 2003 privatization of Sri Lanka Insurance Corporation (SLIC) to the listed Distilleries group was illegal.

Court said senior government officials had acted without proper authority from the island’s cabinet of ministers and the sale was ‘null and void’ from the beginning.

It ordered the government to repay more than six billion rupees originally paid by the private firm to gain control of SLIC.

Distilleries Company of Sri Lanka is part of the empire of businessman Harry Jayewardena.

SLIC life and general insurance funds control large stakes in several listed companies inclu