Category: Legal

May 18, 2007 (LBO) – Colombo Stock Exchange has withdrawn the approval for bonus issues of some companies, and asked twelve firms to submit fresh applications after checking compliance with a new company law, in a circular issued to brokers and listed firms. The new company law came into effect on May 03. CSE said […]

May 14, 2007 (LBO) – A listed Islamic insurer said it was suspending a proposed bonus issue, while a shipping firm said it had sought legal advice on how to proceed after a new company law made bonus issues redundant. The new law does not recognize bonus issues, and firms that want to issue more […]

May 11, 2007 (LBO) – Chemanex, a listed chemical firm, has postponed a shareholder meeting called to ratify a bonus issue after a new company law came into effect earlier this month, the company said Friday. The company said the Stock Exchange had informed Chemanex that a ‘bonus issue’ declared by the board of directors […]

May 10, 2007 (LBO) – A listed hotel firm in Sri Lanka has decided not to go ahead with a share split citing provisions in a new company law that came into effect earlier this month. Dividends declarations are subjected to solvency tests under the new law. Associated Hotels, went through a process to split […]

May 9, 2007 (LBO) – Firms that declared a ‘bonus’ issue but have not yet ratified it with a shareholder vote will have to go through a process under the new company law and ‘split’ the shares, officials and legal experts said. A new company law came into effect in Sri Lanka on May 03, […]

May 7, 2007 (LBO) – Indonesian police have arrested top operatives of the GoldQuest scheme, while its founder is also wanted by Interpol for his activities in the Philippines, reports said. Quest International (QI) group Chief Executive Vijayeswaran Vijayaratnam, director Joseph Bismark, and two other senior executives, Donna Marie Imson and Tagumpay Kintanar were arrested […]

May 7, 2007 (LBO) – Sri Lanka’s new Companies Act will force firms to better comply with listing rules and help clean up the ‘Default Board’ of the Colombo Stock Exchange, legal experts and officials said. The new law imposes tougher penalties for non-compliance with disclosure requirements and could have a deterrent effect on listed […]

May 07, 2007 (LBO) – Sri Lanka plans to include tough anti-terror financing laws into banking, insurance and securities market, in a bid to crack down on unscrupulous people using the financial system to launder money, officials said Monday. “We are looking at including elements of our anti-money laundering and financial transactions reporting laws into […]

April 26, 2007 (LBO) – Securities and Exchange Commission of Sri Lanka (SEC) is considering introducing computerized surveillance systems to monitor stock market activity and detect abuses as trading volumes get bigger. The SEC is looking at a few systems by vendors here and in India, including the National Stock Exchange, de Silva said. We’re […]

April 24, 2007 (LBO) – The Central Bank of Sri Lanka is warning the public against payment card fraud following the discovery of a massive fraud in the United Kingdom which has been linked with Sri Lanka’s Tamil Tigers. “This scam which has been said to be running for several years has involved in cloning […]

April 24, 2007 (LBO) – Tough new corporate governance rules were being made mandatory to make the markets more attractive to foreign and local investors, Sri Lanka’s capital market regulators said. The SEC has also put in rules on money laundering, but so far no prosecutions have been made. We firmly believe it to be […]

LONDON, April 21, 2007 (AFP) – British police are investigating a global credit card scam, allegedly linked to Sri Lanka’s Tamil Tiger rebels, which has conned thousands of British motorists out of cash, the BBC reported Saturday. BBC television said that the Sri Lankan government has claimed that its opponents, the Tamil Tigers, are behind […]