Category: Banking and Finance

Eagle Insurance paid some Rs. 145 mn for International Finance Corporations (IFC) 15 per cent stake in Union Assurance, in a deal that went through the Colombo bourse on Wednesday.IFC has been trying to exit the holding for about a year now.Industry sources said John Keells Holdings and Carsons Cumberbatch together sharing a 73 per […]

ADB will help restore basic social infrastructure and community services in conflict-affected northern and eastern regions of Sri Lanka, through a US$10 million loan approved Tuesday. rnIn support of existing rehabilitation and relief efforts under ADBs North East Community Restoration Development (NECORD) project, this extension project will address basic needs in health, education, agriculture, community, […]

Sri Lanka was considering bringing back heavy taxes to discourage foreign ownership of land amid a surge in the sale of beach property to non-nationals, a senior government minister said Friday.The cabinet on Wednesday decided to reconsider imposing a 100 percent tax on foreigners buying land, cabinet spokesman Mangala Samaraweera said adding that a committee […]

A former securities regulator is calling on authorities to mount a public education campaign to increase awareness about pyramid schemes.Central Bank has already drafted some legislation to combat pyramiding as part of their come in their upcoming Banking Act, but there is no sign that the parliament will pass it any time soon.rn rnldblquote Even […]

The Customs Department investigators are probing whether Gold Quest customers defrauded the state of revenue, by undervalueing imported Gold coins to the country.GoldQuest customers or Tracking Centre Owners, paid only Rs. 3,000 in duty and taxes for the Rs. 80,000 plus priced gold coins purchased from the companys website.rn rnThe coins are cleared by a […]

Customers of Gold Quest, who were hoping to gain total financial freedom within three years by joining the firms controversial lquote binary compensation plan, may now have to spend up to five years in jail for foreign exchange fraud.Authorities have started gathering data on Gold Quests Tracking Center Owners (TCOs) who fraudulently used credit cards […]

Sri Lanka has been asked to submit its proposal promoting economic growth to draw down funds from the Millennium Challenge Corp.s (MCC) billion-dollar kitty.The MCC is a U.S. Government corporation created in January, to work with developing countries by providing grants through the Millennium Challenge Account (MCA).rn rnSri Lanka is one of the 16 countries […]

The Seylan Merchant Bank (SMB) Groups earnings doubled for the first quarter ending March 31, boosted by its booming leasing portfolio.In results released this week, SMB Group reported a consolidated post-tax profit of Rs 10.4 million, up 100.30 per cent from the Rs 5.2 million reported in the first quarter of 2003.rn rnNet Interest Income […]

Commercial Bank of Ceylon will scrap the commission charged on cheques drawn on its outstation branches starting June 1, 2004.This means that recipients of Commercial Banks outstation cheques will henceforth receive the full face value on these cheques.rn rnThis move supplements the existing practice where the commission on outstation cheques of other banks deposited with […]

Leasing specialist, Ceylease Financial Services, has secured a BBB-(sri) national rating for its long term senior debt, from Fitch Ratings Lanka.A BBB-(sri) or triple B minus rating denotes a low expectation of credit risk. It reflects the firms ability to meet timely payments, but its exposure to external economic changes may impair this capacity, Fitch […]

The Sri Lanka Banks Association (SLBA) warned the public not to invest in get-rich-quick pyramid schemes, which may result in losses.Pyramid schemes are money making methods that have one person recruiting several others, with each person paying a recruitment fee, or overpriced goods.rn rnThe build up of the network of participants, starting from one person, […]

Shifting its revenue balance away from interest-income, Seylan Bank will introduce new fee-based products to its current product offer. SeyLink, its version of bancassurance was launched this week in this effort, with its group company Ceylinco Life, to offer life assurance and other life related products to customers in over 60 branches.rn rnThe service has […]