Category: Legal

November 22, 2006 (LBO) – Sri Lanka’s securities watchdog has filed action against nine people for misleading market players with transactions connected with shares of Nawaloka Hospitals Ltd. The nine persons, the SEC says committed “acts to create a false/misleading appearance of an active share market and the offences of aiding and abetting and conspiracy […]

BERLIN, Nov 6, 2006 (AFP) – Haiti, Myanmar and Iraq are perceived as the most corrupt countries in the world while Finland is seen as the cleanest, a respected global graft watchdog reported Monday.Transparency International (TI) said in its annual Corruption Perceptions Index covering 163 countries that some of the world’s poorest nations were also […]

Nov 03 (LBO) – Sri Lanka’s securities watchdog settled a case against Mr. Sajee Lakshman Perera, relating to share trading of Ceylon Grain Elevators (CGE). The accused was charged with creating a false or misleading impression relating to the market and price of CGE shares and misleading the SEC in its investigations, the Securities and […]

Oct 16, 2006 (AFP) – Sri Lanka’s Supreme Court Monday ordered the breakup of the restive Northeastern Province, a massive administrative region claimed by Tamil Tiger rebels as a separate state.The creation of the province was a key Tamil demand accepted by a 1987 peace accord that gave limited authority to minority Tamils in the […]

September 8, 2006 (LBO) – A bill to counter computer crimes is stuck in parliament for over a year, illustrating the daunting task facing those who try to modernise laws to take Sri Lanka towards a digital age, officials said Friday. The law was first debated in August 23, 2005 but has since been blocked […]

July 18, 2006 (LBO) – Sri Lanka’s monopoly cigarette maker has asked for six months to enforce a public smoking and advertising ban, following legal amendments to anti-smoking laws that were passed in July. The amendments to the National Tobacco and Alcohol Authority Act softens some of the rules on public smoking in hotels, restaurants […]

July 13, 2006 (LBO) – The controversial marketing firm GoldQuest has gone to the Court of Appeal in Sri Lanka asking for an opportunity to explain its position to the country’s central bank. They also asked court to direct the Central Bank to determine if GoldQuest’s marketing plan is against Sri Lanka’s Banking Laws, following […]

LONDON, July 12, 2006 (AFP) – The British government announced Wednesday it had ruled out the possibility of an anmesty for immigrants who are in the kingdom illegally, in a review of immigration procedures. “In the end a system that denies full rights to all migrants in the UK is both socially unjust and is […]

July 7, 2006 (LBO) – Sri Lanka’s main employers’ body has introduced a code of conduct as part of its efforts at encouraging firms to hire disabled persons.The voluntary code, which contains guidelines to employers for hiring and retaining disabled persons, was launched by the Employers’ Federation of Ceylon (EFC) Thursday. “We at the Federation […]

June 22, 2006 (AFP) – Sri Lanka Thursday announced plans to re-launch a state institution to investigate complaints against newspapers despite the existence of a similar operation run by editors.Media Minister Anura Yapa said the government decided to re-activate the state-run Press Council to work in parallel with the Press Complaints Commission (PCC), a private […]

June 22, 2006 (LBO) – Sri Lanka announced plans to set up a special company to take over bad debts of state banks and revive the failed Pramuka Bank under a new tag – Sri Lanka Savings Bank, Treasury Secretary P B Jayasundara said Thursday. Last year, the four banks reported non-performing loans of around […]

June 19, 2006 (LBO) – A new securities law giving legal muscle to companies who raise debt by securitising the assets are likely to come through this year as part of a government lending agreement with the Asian Development Bank. Securitisation process which uses future cashflows to back a debt instrument, has been carried out […]