Category: Other
KillerQuest
Unidentified gunmen failed in a late-night quest this week, to kill the top customs official who is heading the revenue fraud investigation in the import of GoldQuest medallions.Unidentified gunmen failed in a late-night quest this week, to kill the top customs official who is heading the revenue fraud investigation in the import of GoldQuest medallions. […]
Soft Pillow
The government says it is working on US styled Chapter 11 bankruptcy laws to resuscitate ailing firms.The fresh laws will cover sole traders and partnerships, in addition to limited liability companies.rn rnUnveiling its new economic policy, the government says such laws will come under a dedicated agency to speed up the restructuring process.rn rn”Sri Lanka […]
Holy Battles
ldblquote The proposed legislation is a violation of human rights, dblquote Head of the Legal Division, Centre For Policy Alternatives (CPA), Rohan Edrisinha says. rn rnMany others warn that the Bill could lead to further communal differences in the island already divided on ethnic lines.rn rnThe CPA is just one of the civil rights organisations […]
Top Gear
Central Bank is to take action against 4000 pyramid promoters who had fraudulently helped send nearly US$ 7 million out of the country in the in the first quarter of this year.“We can impose fines up to three times the value of the foreign exchange transaction involved,” Exchange Controller H A G Hettiarachchi told a […]
Fraud Advice
The Fraud Bureau has sought Attorney General’s advice on how to proceed with the GoldQuest case, after the Controller of Exchange who is conducting a foreign exchange fraud investigation, referred the matter to the Bureau.The Fraud Bureau has sought Attorney General’s advice on how to proceed with the GoldQuest case, after the Controller of Exchange […]
Health Check
Health institutions may soon be classified according to their service standards as private sector health care is coming to the forefront with the failure of state system to meet patient needs and regular trade union actions. Health institutions may soon be classified according to their service standards as private sector health care is coming to […]
Back To The Wheel
The government has scrapped reform plans for utilities like electricity, petroleum and water.rnA donor funded government agency Public Interest Program Unit (PIPU) setup to speed up reforms will be wound-up at the end of the month.rn rnThe agency helped set up the Public Utilities Commission (PUC), a multi sector regulator that is ready to regulate […]
Dead End?
Sri Lankas public utilities need regulating, the regulatory body is manned, trained and ready to go but has nothing to regulate.The Public Utilities Commission of Sri Lanka (PUCSL), the countrys multi sector regulator, is up and about for almost one year now but cannot do its job.rn rnThe lack of political will to implement reforms […]
Land Lock
Expats buying land here will be charged a 100% tax, with a committee appointed to recommend action for new land sales and real-estate already sold. The committees advice due in 7 weeks will also cover policies on foreign ownership of other property like condominiums.rn rnFreedom Alliance Minister Anura Dissanayake told reporters in Colombo today that […]
Bond Worrys
Sri Lankas commercial banks are in for a rough ride this year with the bond markets falling on top of increased taxes.The banking sectors 2004 first quarter interim results saw commercial banks significantly under-performing the broader market.rn rnSector profits fell over 30 percent year on year and share prices fell on average by 30.8 percent […]
Warning Bells
The Securities watchdog on Wednesday threatened legal action against members firms who promote pyramid schemes as potential investments.The watchdog says it does not sanction or approve promotion of investments/participation in pyramid schemes or schemes of similar nature, by any firm or person licensed, registered or regulated by the Securities & Exchange Commission (SEC).rn rnldblquote The […]
Pyramid Warning
The Central Bank on Thursday warned public against gambling on get-rich- quick referral schemes that promise unusually high returns. The Central Bank on Thursday warned public against gambling on get-rich- quick referral schemes that promise unusually high returns. Responding questions at a media conference regarding Central Bank’s stance on the proliferation of get-rich-quick schemes in […]