Category: Legal

Sept 06, 2012 (LBO) – Sri Lanka’s Securities and Exchange Commission said there were no investigations into companies themselves that were named in recent media reports as being probed by the regulator in relation pump and dump frauds. “The SEC wishes to categorically mention that there are no ongoing or pending investigations at present in […]

Aug 30, 2012 (LBO) – Several new appointments announced to the Securities and Exchange Commission of Sri Lanka had connections to firms which were reportedly being probed, and fresh choices with professionals with a clean record should be made, a legislator has said. Former regulator Tilak Karunaratne has said that 17 probes were reaching their […]

Aug 28, 2012 (LBO) – Nalaka Godahewa, former chairman of Sri Lanka’s tourism development agency has been appointed as the chairman of the Securities and Exchange Commission, a state official said. The SEC chairman before Karunarantne, Indrani Sugathadasa, a retired senior public servant also resigned saying she was upholding her principles. Sri Lanka has had […]

COLOMBO, Aug 26, 2012 (AFP) – Sri Lanka’s stock market, once a darling of investors, has seen its value plummet 26 percent in the past year and now faces a crisis of confidence after its regulator quit in a storm of controversy. The tiny bourse became the world’s top gainer soon after the country ended […]

Aug 24, 2012 (LBO) – Sri Lanka will tighten its anti-money laundering and terrorist financing laws to comply with international requirements, minister Keheliya Rambukwella said. Rambukwella said cabinet of minister had given the nod to draft necessary changes to an existing Convention on Suppression of Terrorist Financing Act No 25 of 2005 to comply with […]

Aug 20, 2012 (LBO) – Sri Lanka Securities Exchange Commission chief Tilak Karunarane has resigned as 17 probes were drawing to a close, a few months after his predecessor also stepped down, a media report said. In a wide ranging interview published in Sri Lanka’s The Nation newspaper, Karunaratne was quoted as saying that he […]

Aug 15, 2012 (LBO) – The head of Sri Lanka’s Securities and Exchange Commission is expected to quit this week amid pressure from investors who were being probed for malpractices, a media report said. “I’ll be doing it (quitting) within the course of this week definitely. Definitely before Friday,” SEC chairman Tilak Karunaratne was quoted […]

Aug 11, 2012 (LBO) – Sri Lanka has begun archiving legal documents of its international commitments, the island’s foreign office said. Minister of External Affairs, G. L. Peiris has made a token handover of 171 legal documents kept by the ministry’s legal office, the satatement further said. The ministry said originals of all bilateral and […]

July 12, 2012 (LBO) – Sri Lanka will bring laws to make registration of news websites with with the state compulsory and charge annual renewal fees, information minister Keheliya Rambukwelle said. Police arrested several journalists and closed down two websites connected to Sri Lanka’s main opposition last month. Rights activists, media freedom organizations, the US […]

July 12, 2012 (LBO) – Sri Lanka and India will sign an agreement to prevent double taxation and tax avoidance, minister Keheliya Rambukwelle said. Agreements signed between Sri Lanka and other countries provide reduced tax rates on dividends, interest and royalties. Sri Lanka’s cabinet had approved changes to an earlier draft following bilateral negotiations conducted […]

July 04, 2012 (LBO) – Sri Lanka should implement several key measures contained in a report by a commission which studied lessons to be learnt from a recent civil war, some of which can be done without delay, a civil organization of professionals has said. Sri Lanka’s Organization of Professional Association, a civil society organization […]

June 30, 2012 (LBO) – Sri Lankan police Friday shut down main two opposition websites and arrested nine employees, and the house of its editor has also been raided, media reports said. Some 17 journalists and media employees have been killed in Sri Lanka in the past decade, pro-opposition websites have been blocked and media […]