Category: Legal

NatWealth Corp., says the fund misappropriation allegations in the State media are politically motivated, baseless and a distortion on facts.The retort came Thus., following up the State medias second onslaught on the Mahapola Trust fund management subsidiary.rn rnThe allegations has also halted moves by DFCC to invest in NatWealth, and slowed efforts to grow the […]

Moves by DFCC Bank to invest in National Wealth Corp. were put on hold following defamatory reports by the state media on Tuesday.NatWealth, which is a fully owned subsidiary of the Mahapola Trust Fund, has denied allegations of misappropriation of funds.rn rnState news reports alleged that Rs. 3.16 bn in Mahapola Funds were illegally transferred […]

The Mahapola Trust Fund and GTECH filed a counter case in courts Tuesday to fight a fundamental rights petition against the launch of its online lottery. The case is due to be taken up on March 25.The Development Lotteries Board (DLB) got an interim injunction on Monday from the Supreme Court preventing Mahapola from launching […]

The Supreme Court sought time till March 29, to give President Chandrika Kumaratunga an opinion on the controversial tax amnesty law.President Kumaratunga had used her constitutional powers on March 8 and asked the Supreme Court for its opinion.rn rnThough the Constitution requires an opinion to be given within 10 days, the five-member Bench presided by […]

Ten years of trying and the biggest bargaining tool in the local economy saw the light of day at the Labour Ministry on Wednesday bearing the harmless title lquote The Labour Code of Sri Lanka.The Labour Code of Sri Lanka brings together 26 of the most important labour legislation in Sri Lanka that directly influence […]

The government says it has put out a fresh draft, which gives the Auditor Generals Dept., more teeth to flex its muscle.An independent Audit Commission on the lines of other government commissions is expected to ensure autonomy of the Auditor General, says V Kanagasabapathy, Director General of Public Enterprises. rn rnldblquote The present situation is […]

President Chandrika Kumaratunga has made a fresh attempt to overturn tax amnesty extension given by the government last year.In a petition to the Court of Appeal through her Additional Secretary, Chitra Athurugiriya, she says the amnesty should not be given to lawbreakers like arms dealers, fraudsters, contract killers, drug peddlers, smugglers, bootleggers etc.rn rnThe amnesty […]

When it comes to company law whats good for the Brits doesnt automatically become good enough for Sri Lanka endash unless UK legislators adopt it first.Lawmakers assigned to redraft the new Companies Act could be left waiting until Britain adopts a new law based on the Canadian Model.rn rnSri Lankas 55-year-old Companies Act, another colonial […]

The telecom watchdog has asked the Treasury to remove Sri Lanka Telecom chief, who has been charged for breaking immigration laws to help an alleged underworld figure.Thilak Ranavirajah, Telecommunications Ministry Secretary and the Telecommunications Regulatory Commission Chairman, has written to Treasury Secretary Charitha Ratwatte seeking SLT Chairmans removal.rn rnState-run news channels said Ranavirajah has sought […]

A consortium led by the Asia Capital and Richard Peiris Group were given time till July 22 to infuse cash and resurrect Pramuka Savings & Development Bank.As reported by LBO on Wed. the Monetary Board has decided to allow Pramuka to resume business from July 22, subject to its new investors complying with certain concerns.rn […]

The Central Bank has extended the suspension of Pramuka by another six months, to give monetary authorities extra time to restructure the bank.ldblquote The six months extension is subject to several conditions. But it gives the bank management the powers to recover loans, dblquote Central Banks Deputy Governor, Manik Nagahawatte told Lanka Business Online.rn rnThe […]

The telecom watchdogs case against Mobitel (Pvt) Ltd is likely to be settled out of court, with the cellular operator suggesting a compensation package, which includes paying a million rupee fine. Sources close to the deal told Lanka Business Online on Friday that the cellular operator has also agreed to bear the regulators legal fees […]