Category: Legal

July 13, 2008 (LBO) – Sri Lanka’s Stassen group controlled by tycoon Harry Jayewardene had been valued at over 24 billion rupees (228 million US dollars) by his partners who are in courts to force a buyout of their interests, a media report said. The Sunday Island newspaper said V P Vittachchi, R K Obeysekera […]

June 02, 2008 (LBO) – A new code of conduct for rating agencies has been published by a grouping of securities regulators after the sub-prime credit collapse, which is also applicable in Sri Lanka, an official said. The International Organization of Securities Commissions (IOSCO) of which the Securities and Exchange Commission of Sri Lanka (SEC) […]

May 30, 2008 (LBO) – Sri Lanka securities watchdog said Nawaloka director Jayantha Dharmadasa has been fined over a price manipulation case involving the shares of a hospital firm. The Securities and Exchange Commission said in a notice that Dharmadasa had been fined 3.3 million rupees following a request to ‘compound’ a case a under […]

May 22, 2008 (AFP) – An appeal court on Thursday overturned a two-year prison term for breaking immigration law and dropped all charges against former cricket chief Thilanga Sumathipala. Sumathipala, 43, was found guilty in April 2007 of forging travel documents to take alleged underworld leader Dhammika Amarasinghe to England to watch the 1999 cricket […]

May 14, 2008 (LBO) – Sri Lanka’s five-star city hotel Galadari Hotels said Wednesday it had been ordered to pay 101 million rupees in an arbitration hearing but that it would appeal against the ruling.The hotel said in a Colombo stock exchange filing that an arbitrator at the Sri Lanka National Arbitration Centre had delivered […]

May 07, 2008 (LBO) – Hundreds of Indian victims of the Goldquest scheme are flocking to police to lodge complaints after courts ordered authorities to re-open investigations in to the scheme, media reports said. By Tuesday, more than 600 victims who lost their money in the Goldquest’s multi-level scheme had filed complaints, Times of India […]

April 25, 2008 (LBO) – Vendors selling fake ink cartridges in Sri Lanka under the Toshiba trademark are being hunted and prosecuted, regional Toshiba officials said in Colombo. The technology firm will prosecute vendors importing and selling counterfeit Toshiba products under the Intellectual Property Laws in Sri Lanka, Jeevantha Jayatilake, legal representative for Toshiba in […]

April 15, 2008 (LBO) – Sri Lanka’s stock markets regulator is investigating a number of cases of manipulation of the share market on the Colombo Stock Exchange, a senior state counsel has revealed. Buwaneka Aluwihare, deputy solicitor general of the Attorney-General’s Department, said that the offences in some of the cases were being compounded with […]

April 12, 2008 (AFP) – A Sri Lankan court has released a man who was held in custody for 55 years without charge, a report said on Saturday. Thantriye Emis Singho, 83, was arrested by police in 1953 for carrying a sword in a Colombo suburb. A court sent him to a state-run mental hospital […]

April 11, 2008 (LBO) – A Sri Lankan supreme court judge has proposed amending regulations on stock market offences to cover markets regulators as well as all company shareholders. Supreme court judge Saleem Marsoof said a serious deficiency in the Securities and Exchange Commission (SEC) Act is that it does not provide against the use […]

April 10, 2008 (LBO) – Sri Lanka’s top state legal advisor has told company directors not to be mere ‘rubber stamps’ but to act independently and in the best interests of their companies and stakeholders. Attorney-general C R de Silva said company directors today are expected to meet an increasing range of obligations amidst commercial […]

April 01, 2008 (LBO) – Tight new immigration regulations that came into effect on April 01, will ban rule breakers from visiting Britain for ten years, but illegal immigrants would also be an amnesty leave, the UK High Commission (embassy) in Colombo said. “We will now prevent anyone who has previously broken our immigration laws […]