Category: Legal

Nov 11, 2011 (LBO) – Sri Lankan lawmakers expressed deep concern over a hastily passed expropriation law, which they said arrogated judicial and executive roles to elected members, undermining a constitutional separation of powers and violated property rights. “This bill has been drafted with no regard to the basic process of legislating,” opposition lawmaker and […]

Nov 11, 2011 (LBO) – Two Sri Lankan visa applicants for travel to the United Kingdom were arrested this week when their attempt to use fake identities were detected with the help of fingerprints scans. UK visa applicants worldwide are required to provide their biometric data, having their fingers scanned and a digital photograph taken […]

NEW YORK, November 8, 2011 (AFP) – Disgraced hedge fund manager Raj Rajaratnam, already sentenced to prison for 11 years, was ordered Tuesday to pay almost $93 million dollars as part of an insider trading case brought by financial regulators. A New York federal judge ordered Rajaratnam to pay the $92.8 million in a case […]

Nov 09, 2011 (LBO) – Sri Lanka passed a law to expropriate assets of dozens of enterprises despite protests from trade chambers, religious and opposition groups who warned that it will scare off investors. A 30-year war ended in 2009, but expected foreign direct investment had not materialized. “[W]e believe that the proposed Bill may […]

Nov 08, 2011 (LBO) – Sri Lanka’s Supreme Court has said a draft law to expropriate assets of some three dozen private enterprises is consistent with the island’s constitution in a determination read out by the deputy speaker in the island’s parliament. The controversial bill was referred to the Supreme Court by Sri Lanka’s President […]

Nov 07, 2011 (LBO) – Senior Sri Lankan Buddhist monks asked the state to withdraw a planned law to expropriate businesses, saying it violated citizens rights and that loss-making state enterprises should be turned around first. “We hope the government will not go ahead with this new bill and give people an opportunity to voice […]

Nov 04, 2011 (LBO) – Sri Lanka’s lawyers have called for the withdrawal of a secretly hatched draft law to expropriate assets of citizens which is being rushed to parliament next week as an ‘urgent bill. ‘ The draft bill seeks to expropriate assets of three dozen ventures including two listed companies, violating the property […]

Nov 02, 2011 (LBO) – Malik Cader, the director general of Sri Lanka’s securities and exchange commission, who came under fire for cracking down on widespread micro cap fraud and insider dealing has been made an advisor of the finance ministry. The SEC director general’s removal came a day after reports that a former mayor […]

Oct 30, 2011 (LBO) – At least two listed companies in Sri Lanka have been named among several dozen, in a secretly hatched law to expropriate assets of firms deemed by the state as ‘underperforming’ or ‘underutilized’, a media report said. The two listed firm named in the secret law in Hotel Developers (Lanka) Plc, […]

Oct 28, 2011 (LBO) – A citizens group has raised concerns about a new process of resolving and proving ownership of land in former war zones, outside established procedures and the court system. In July 2011, Sri Lanka’s Commissioner General of Lands had issued a circular Regulating the Activities Regarding Management of Lands in the […]

Oct 27, 2011 (LBO) – A court decision is expected shortly on a proposed law in Sri Lanka to expropriate assets of citizens which are deemed as ‘underutilized’ by the state about which little information is publicly known, reports said. Sri Lanka’s Daily Mirror newspaper has said that an “Act to provide for the vesting […]

NEW YORK, October 27, 2011 (AFP) – Rajat Gupta, who stands accused of insider trading, was a pillar of New York society, courted by charities, corporations and wealthy individuals seeking ways and means to make even more money. But just as his friends and influence grew exponentially during a dizzying climb to the top of […]