Category: Legal

Oct 18, 2009 (LBO) – A repayment plan proposed for Ceylinco Shriram Capital Management Services, a unit of Sri Lanka’s troubled Ceylinco group has been rejected by customers who put money in the company, a media report said.In Sri Lanka’s Supreme Court where the case relating to Golden Key is being heard, 259 million rupees […]

WASHINGTON, October 18, 2009 (AFP) – A US-based hedge-fund billionaire charged as part of an insider-trading case was investigated by US authorities for allegedly raising funds for a Sri Lankan separatist group, The Wall Street Journal reported late Saturday. Citing people familiar with the probe, the newspaper said federal agents had uncovered documents showing that […]

NEW YORK, October 16, 2009 (AFP) – US authorities Friday charged a billionaire hedge fund manager and five others with insider trading that netted 20 million dollars on trades in Google, Hilton Hotels Corp. and other companies. The case was helped by a cooperating witness, who indicated that Rajaratnam learned, for example in 2007 that […]

MERAK, October 16, 2009 (AFP) – Two asylum-seekers were hospitalised Friday from a boatload of 255 Sri Lankans who have declared a hunger strike in Indonesia to demand UN refugee status, an official said.Indonesian immigration and navy officials were trying to negotiate with the migrants who were intercepted off the Indonesian coast on Sunday as […]

Oct 16, 2009 (LBO) – Galleon group chief Raj Rajaratnam, a top equity markets investor in Sri Lanka, and five others have been charged in a 20 million US dollar insider dealing case in the United States. The complaint alleged that profits were made on trading in Google, Polycom, People Suppport, Clearwire and Advanced Micro […]

Oct 14, 2009 (LBO) – Sri Lanka’s central bank has warned the public against persons claiming to have been authorized to sell gold belonging to the monetary authority, saying it is a scam. “The relevant authorities are now investigating these scams and steps will be taken by them to trace, identify and take the necessary […]

Oct 14, 2009 (LBO) – Sri Lanka’s Securities and Exchange Commission (SEC) said it had withdrawn charges of market manipulation case and issued a reprimand to a company director on the advice of the attorney general. The SEC withdrew charges against Mr. Harshith Dharmadasa subject to a severe reprimand with the sanction of Court recently […]

September 27, 2009 (AFP) – The Sri Lankan government said on Sunday it would study the United States’ treatment of suspected Islamic militants to learn how to deal with thousands of alleged former Tamil Tiger rebels. Sri Lanka’s attorney general Mohan Peiris was set to arrive in Washington on Monday for talks with his US […]

Sept 24, 2009 (LBO) – Sri Lanka’s Supreme Court has allowed the island’s former Treasury Secretary to return to public service from which he was ousted by court, lawyers said.In 2008 a three judge bench headed by former Chief Justice Sarath Silva faulted Jayasundara over the privatization of a ship fuel or bunkering monopoly.Former Treasury […]

Sept 23, 2009 (LBO) – The Securities and Exchange Commission of Sri Lanka (SEC) has filed charges against two senior executives of Singalanka Standard Chemicals for falsifying accounts and forging auditors’ signatures.They had committed an offence under section 51(1) (b) of the Securities and Exchange Commission Act, the statement said.Singalanka Standard Chemicals said in a […]

Sept 18, 2009 (LBO) – The 28th LBR-LBO chief executive forum debated the economic impact of public interest litigation, with a four member panel made up of legal and private sector representatives. Presentations were made by Rohan Samarajiva, head of LirneAsia, a think tank and a former telecom regulator, Preethi Jayawardena chief executive of Chemanex, […]

Sept 18, 2009 (LBO) – Sri Lanka’s private sector should have been more forceful in challenging a chief judge seen as brilliant but dominating whose judgments raised questions about the process of public interest litigation, a public forum was told. Affected businesses could have asked for immediate reviews of what they considered bad decisions of […]