Category: Legal

February 27 (LBO) – Sri Lanka’s accounting watchdog said Tuesday it would take action against Touchwood over its accounting practices and would also probe the listed forestry investment firm’s auditor. The firm was audited by KPMG. The Colombo Stock Exchange referred the company to the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) when […]

February 27 (LBO) – Sri Lanka will allow hearing of appeal cases to be decentralized to its provincial courts, to clear a ten-year backlog of cases, officials said Monday. There is a backlog of appeal cases from 1995, with Sri Lanka having only three courts in its court of appeal to handle all cases that […]

Feb 26 (LBO) – Sri Lanka’s trade ministry is looking at appointing a liquidator to close a state trading firm that went bankrupt in a failed privatization attempt, an official said. Sathosa Retail, incorporated to take-over the supermarket operations of the Co-operative Wholesale Establishment (CWE) is estimated to owe more than 800 million rupees to […]

February 23 (LBO) – Sri Lanka’s foreign minister has summoned the Saudi envoy in Colombo over the beheading and ‘crucifixion’ of four Sri Lankans, including a man who was told he was serving a prison term, the foreign affairs ministry said Friday, . Four Sri Lankans Victor Corea, Ranjith Silva, Sanath Pushpakumara and Sharmila Sangeeth […]

RIYADH, Feb 24, 2007 (AFP) – A 97-year-old Saudi man waiting to be beheaded for murder has launched an appeal for donations of blood money in order to spare him from the death sentence, a local newspaper reported on Saturday.H. al-Zahrani, who has been imprisoned for several years, made his plea to raise 2.6 million […]

February 21 (LBO) – Saudi Arabia has ‘crucified’ four Sri Lankans after beheading them, including a man who was told he was only serving a prison-term, media reports from the desert kingdom said. In 2006 consumer inflation in Sri Lanka rose by 19.3 percent and the rupee fell to 109 to the dollar after the […]

February, 21 (LBO) – Every attempt is being made to bring the new companies act into effect from next financial year starting from April 02 making it easier to set up and operate firms, an official said. An advisory committee charged with giving effect to the act met this week to iron out remaining stumbling […]

RIYADH, Feb 19, 2007 (AFP) – Four Sri Lankans convicted of armed robbery were beheaded by the sword in the Saudi Arabian capital Riyadh on Monday, the interior ministry said. Victor Korea, Ranjith De Silva, Santhosh Kumar and Sharmila Sangeeth Kumar were executed for robbing a number of businesses at gunpoint, the ministry said in […]

January 19 (LBO) – Saudi Arabia has beheaded four Sri Lankans by the sword including a man serving a jail sentence, reports from the desert kingdom said, bringing an abrupt end to a three year struggle by rights organizations and the prisoners themselves for clemency. An AFP news agency report quoting the Saudi Press Agency […]

January 31 (LBO) – The Securities and Exchange Commission has clamped down on brokers who finance customers by giving them extra time to settle, because the practice is undermining the finances of the intermediaries, an official said. No single client (a company, a group of companies or immediate family members) can be given more than […]

January 05, 2007 (LBO) – Sri Lanka’s securities regulator will include a revised corporate governance code into the Colombo bourse’ listing requirements, making it mandatory for quoted companies to adopt the rules from April onwards. Drawn up by the Securities a& Exchange Commission of Sri Lanka (SEC), the Institute of Chartered Accountants of Sri Lanka […]

Nov 23, 2006 (LBO) – Foreign investors in Singapore who attended a road show by the Colombo Stock Exchange have raised questions about Sri Lanka’s growing infamy as a money laundering hub, and the inability of authorities to counter such activities, participants said. One foreign investor asked the head table what action the authorities planned […]