Status Quo

Mar 03, 2011 (LBO) – Sri Lanka’s state investment promotion agency said its chairman will stay on and “appropriate notice” will be given when he leaves. The BOI is being restructured and there had been protests by staff. The Board of Investment said its chairman, Jayampathy Bandaranaike, had taken over the agency with “specific understanding as to the tenure of office.”

Bandaranaike was earlier an executive of Sri Lanka’s British American Tobacco unit. The agency was responding to media reports that its chairman had wanted to resign.

The BOI said that his intention to abide by the original understanding has been confirmed and said appropriate notice will be given to investors and staff, without disclosing the time period.