Category: Legal

June 29, 2012 (LBO) – Sri Lanka’s main opposition will push for an independent investigation into stock purchases by a state managed fund of private citizens’ retirement money and officials would be also summoned to parliament, a legislator has said. Harsha de Silva, representing the main opposition United National Party said the EPF had bought […]

June 25, 2012 (LBO) – A former financial sector professional has written Sri Lanka’s main political parties to help citizens petition parliament over risks facing the island’s banking sector following report by Standard and Poor’s, a rating agency. S & P said Sri Lanka’s banks faced high economic risks and regulatory conflicts, particularly after a […]

June 23, 2012 (LBO) – Friday Forum, a Sri Lankan citizens group has expressed concern over further deterioration of rule of law and religious freedom three years after a 30-year civil war ended. “Three years after the end of the war, we are deeply concerned about the continuing violent political culture, the deterioration of our […]

May 31, 2012 (LBO) – Sri Lanka’s central bank should strip National Savings Bank’s directors off their posts, and prevent them from serving on boards in the future, after an attempt buy stock at an inflated price, a former securities regulator said. As pressure mounted from the regulators, the media and opposition legislators led by […]

May 22, 2012 (LBO) – Pradeep Kariyawasam, the chairman of Sri Lanka’s state-run National Savings Bank had resigned ahead of more fresh planned protests by the lender’s trade unions, over a controversial stock deal, media reports said. The finance ministry halted the payment on the deal as the controversy erupted and the sellers later agreed […]

May 22, 2012 (LBO) – Sri Lanka’s securities watchdog has tightened short term trading by workers and directors of broking firms and also passed strictures on future trading by a state bank, following a controversial stock purchase on which payment was stopped. SEC said market intermediaries will not be allowed to engage in trade below […]

May 10, 2012 (LBO) – A committee is probing a controversial stock purchase more than 60 percent above market price by a state bank, with payment on the deal stopped on Treasury instruction, a minister said. Deputy economic development minister Lakshman Abeywardene said Treasury Secretary P B Jayasundera ordered state-run National Savings Bank not pay […]

May 09, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce has asked authorities to probe a recent purchase of stock of a finance company by a state bank at more than 65 percent above market price. The state-run National Savings Bank has since stopped payment on the deal raising another hornet’s nest, with a […]

Apr 09, 2012 (LBO) – The two latest disappearances in Sri Lanka has prompted appeals from family members and the Australian envoy to Colombo as one of the disappeared is a national of that country, media reports said. An Australian media report said Gunaratnam’s wife had pleaded for his release from Australia. On January 03, […]

Mar 28, 2012 (LBO) – An overwhelming majority of Sri Lankan employers have asked for changes in the island’s labour laws, saying they are archaic and actually hinder employment creation and growth. “We firmly believe labour regulation needs an overhaul in line with changes taking place today,” Peiris said. “We do not propose a hire […]

Mar 28, 2012 (LBO) – Sri Lankan employers are seeking the extension of a trial run allowing a five-day work week as part of moves to reform archaic labour laws and improve efficiency, an official said. Ravi Peiris, director general of the Employer’s Federation of Ceylon (EFC), said they have been lobbying with the government […]

Jan 19, 2012 (LBO) – Sri Lanka will be hosting a conference February initiated by the International Association of Young Lawyers (AIJA) which will also highlight the island’s potential as a legal process outsourcing destination, organizers said. AIJA will hold the two day conference from February 09 collaborating with the Bar Association of Sri Lanka, […]