Category: Legal

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 […]

NEW YORK, October 27, 2011 (AFP) – Ex-Goldman Sachs director Rajat Gupta turned himself in Wednesday to the FBI, and then pleaded not guilty in court to massive securities fraud before being freed on $10 million bail pending trial. The indictment of the biggest fish yet in a growing insider trading scandal reverberated around Wall […]

SYDNEY, October 26, 2011 (AFP) – A Sri Lankan man died in Australian immigration detention, officials said Tuesday, with refugee advocates claiming he killed himself with poison after being refused permission to attend a Hindu festival. An immigration spokesman said the man died shortly after midnight at Sydney Immigration Residential Housing — a family compound […]

Oct 23, 2011 (LBO) – The head of Sri Lanka’s Securities and Exchange Commission said she had not received instructions to sack its director general, following strong speculation that he would be dismissed for probing securities fraud. Asked by reporters whether the SEC would continue its investigations, Sugathadasa said before a formal investigation is started, […]

SYDNEY, October 19, 2011 (AFP) – Sri Lanka’s envoy to Australia Wednesday said a dossier alleging war crimes during the dying days of his country’s civil war only served to fuel the agenda of “vested interests”. Thisara Samarasinghe, who was a commander in the Sri Lankan navy during the conflict which ended in 2009, said […]

SYDNEY, October 17, 2011 (AFP) – Australian police were Monday examining a war crimes dossier alleging Sri Lankan authorities bombed and shelled civilians during the country’s civil war, which ended in 2009. Prepared by the International Commission of Jurists’ Australian chapter, the brief contains testimony from Sri Lankans now living in Australia that they were […]