Category: Legal

June 20, 2007 (LBO) – Two Colombo-listed firms have opted to split their shares after a new law forced the companies to withdraw an earlier decision to give what was called a ‘bonus share’ to shareholders. One firm, Seylan Merchant, also abandoned a dividend payment after a solvency test specified in the new company law. […]

June 14, 2007 (LBO) – Sri Lanka’s highest court halted the sale of shares of the country’s largest fixed access operator to a Malaysian firm Thursday, after a lawmaker filed suit against the deal. Sri Lanka Telecom slid 1.50 to close at 37.00 on Thursday. Japan’s NTT which holds a 35.2 percent stake in Sri […]

WASHINGTON, June 12, 2007 (AFP) – US Middle East allies Bahrain, Kuwait, Oman and Qatar, as well as key trading partner Malaysia were added Tuesday to a Washington blacklist of countries trafficking in people.Algeria and Guinea were the other additions to the blacklist of the US State Department’s annual “Trafficking in Persons Report,” which analyzed […]

June 11, 2007 (AFP) – Sri Lanka has deported over 400 foreign nationals so far this year for overstaying their visas and working in the island illegally, the island’s immigration chief said Monday. Most of the deportees were of South Asian origin and had entered Sri Lanka on tourist visas, Controller of Immigration and Emigration, […]

June 08, 2007 (LBO) – A top World Bank official Thursday warned of the dangers of governments accepting unsolicited proposals in public-private partnership projects, saying it could lead to controversy and corruption allegations. Governments accepting unsolicited proposals in public-private partnership (PPP) projects should introduce some form of competitive bidding, World Bank Country Director Naoko Ishii […]

June 07, 2007 (LBO) – Sri Lanka’s capital markets watchdog is planning to impose stiffer penalties as part of an overall revamp of key statutes governing the Securities Exchange Commission (SEC), a top official said. The authorities have recently introduced a new company law and new corporate governance rules are being made mandatory for listed […]

June 05, 2007 (LBO) – Richard Pieris, a Sri Lanka listed firm, has declared a cash dividend and a stock distribution under provisions of a new company law that came into effect last month.A bonus also increased the shares in issue without affecting the assets of the company, which has the same effect as a […]

June 04, 2007 (LBO) – Sri Lanka’s new company law should encourage good governance and help deter boardroom abuses that have given the corporate sector a bad name, experts said. This act is easy to understand and reader friendly so you can read and understand your responsibilities, Cabraal said. The new companies act should only […]

June 01, 2007 (LBO) – The Free Media Movement has slammed the opposition United National Party over its continued attempts to intimidate newspaper editors using parliamentary privilege. The full statement from the FMM is reproduced below: The Free Media Movement (FMM) expresses its surprise and dismay at the statement issued by the United National Party […]

May 30, 2007 (LBO) – Tableware exporter Dankotuwa Porcelain has announced plans to reduce its share capital to wipe off accumulated losses amounting to 244 million rupees, making it the first company to do so after a new company law came into effect. A company statement said it proposes reducing the stated capital to 231.5 […]

May 30, 2007 (LBO) – Sri Lankan companies that securitize leases will get to retain capital allowances and be exempt from stamp duty under a new law being drafted by capital markets regulators, officials said Monday. Such instruments required mature markets, developed infrastructure, comprehensive legislation, and human expertise. Asset-securitization would help reduce the cost of […]

May 30, 2007 (LBO) – The Securities and Exchange has hired three new specialists to push asset management, debt markets and communications, the regulator said Wednesday. Namal Kamalgoda has been appointed as, Director, Capital Market Development – Asset Management. He was chief investment officer at Eagle NDB Fund Management Company which had 18 billion rupees […]