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Faster financial data delivery needed to fight inside information: CSE chairman

Aug 25 (Island) "Although the standards of our corporate financial reporting are a lot better than most of our neighbouring countries, we need to improve on the speed at which this information is disseminated to the interested parties and the general public, or otherwise prevalent information gap can easily be construed as giving rise to inside information, CSE chairman Vajira Kulatillake said. "Foreign investors are happy with standards of our financial reporting & information. more..

Exodus of Independent Directors from Richard Pieris Board

Aug 25 (FT) Richard Pieris and Company Plc has seen an exodus of Independent Non-Executive Directors. The Daily FT understands that longstanding Independent Non-Executive Director Prof. Lakshman R. Watawala resigned yesterday. This came in the wake of another Independent Non-Executive Director, Prof. Kapila Goonasekera, resigning last week. In July, Dr. Anura Ekanayake, who also functioned as an Independent Non-Executive Director, resigned. more..

Video: My father brought in Sinhala only Bill to give country back its identity: CBK

Aug 25 (DM) Former President Chandrika Kumaratunga said her father had brought in the Sinhala only Bill in 1956 not to as a racist move but as a means of giving back to the country its identity after 450 years of subjugation by foreign rulers. “After 8 years of independence, Sinhala people, who accounted for around 75% of population, felt that they were being discriminated against, not by Tamil or Muslim people more..

Fraud in 4 billion Waste Water Project

Aug 25 (CT) The FCID informed the Chief Magistrate's Court in Colombo yesterday that they will be conducting investigations into alleged large scale financial frauds in the execution of the Waste Water Project of the Colombo City which was being carried out on a Rs 4,000 million line of credit from the Asian Development Bank. Police also told Court that the probe was launched in response to an anonymous complaint received by the Inspector General of Police. more..

Mano Tittawella as OMP Secretary?

Aug 25 (DN) Mano Tittawella has been recommended to the post of Secretary of the Office of Missing Persons (OMP), Minister Rajitha Senaratne said. The Office of the Missing Persons Act which was signed into effect on Tuesday by Speaker Karu Jayasuriya and it prescribes that seven persons representing all ethnicities be appointed to head the Office. The President will appoint the members on the recommendation of the Constitutional Council. more..

CID probe clears Ekneligoda

Aug 25 (CT) The CID informed the Homagama Magistrate on 23 August that investigations based on information received from 10 govt institutions had established the fact that missing journalist Prageeth Ekneligoda had not been in any way linked to the LTTE nor had he in any manner aided and abetted in any activities of the Tiger rebels. CID also added that Ekneligoda had also never been the subject of any legal action by more..

Speaker declines Sunil to question Navin

Aug 25 (DM) Speaker Karu Jayasuriya declined to allow JVP MP Sunil Handunnetti from directing a Supplementary Question at Minister Navin Dissanayake on his assertion that he would quit his Ministerial post if Finance Ministry proceeded with action to transfer Tea Board funds to the Consolidated Fund. At first, MP asked his main question regarding a coconut estate in Piliyandala. Then, he asked two supplementary questions on matters arising from answer to key question. more..

'Preliminary studies could have reduced defects in mini hydro-power plants'

Aug 25 (DM) An accurate preliminary study had not been conducted before building a majority of mini hydro-power plants in the country and therefore, they have defects, environmental lawyer Jagath Gunawardena said. Most of the errors are prima facie defects, he said. “It is very sad to note that from all the 145 hydro-power plants in the country not even half generate electricity. The reason behind this is that they have no capacity to generate the accepted levels of electricity. more..

'Sri Lankan reforms aims to simplify tax, increase base, compliance'

Aug 25 (Reuters) SL's new govt is drafting reforms aimed at simplifying taxes, widening the tax base and increasing compliance, Minister Ravi Karunanayake said. IMF, which disbursed the first tranche of a $1.5 billion, 3-year loan in June, has repeatedly asked SL for reforms to raise tax revenues. SL's tax revenue has steadily declined to 10.2% of GDP in 2014 from around 20% in the early 1990s as successive govts aimed at more..

Judge wants Supreme Court order in respect of Tiran Alles clarified

Aug 25 (Island) Colombo High Court gave parties time till Oct 6, 2016 to go to Supreme Court and get an interpretation of the SC Order dated Sept. 15, 2015, whereby, the highest Court said that the status quo regarding Tiran Alles should remain and he should not be arrested till the final determination of the fundamental rights violation petition, filed by him in the Court. Attorney General requested High Court Judge to serve the indictment on Alles, Emil Kanthan and Saliya Wickramasuriya. more..

Australian captain Steve Smith to miss remainder of Sri Lanka ODI series

Aug 25 (CI) Australia captain Steven Smith will miss the remainder of the tour of SL - three ODIs and two T20Is - as he returns home to rest ahead of the tour of South Africa. David Warner will lead the side in the rest of the fixtures in Sri Lanka. Smith revealed the development at the end of the second ODI in Colombo, which Sri Lanka won by 82 runs to level the five-match series at 1-1. "I hate missing cricket, but in the long run it will do me a world of good," Smith was quoted as saying. more..

Water’s Edge, Hilton, Hyatt, GOH up for sale

Aug 25 (FT) Govt will shortly offer investment opportunities in the tourism sector, with plans underway to resurrect non-strategic enterprises by listing them on CSE. “Hilton Colombo, Grand Hyatt, Waters Edge and Grand Oriental Hotel will soon be listed to be divested in the private sector,” Minister John Amaratunga said. He said that with absolute peace in all parts of the country and a stable govt that has given priority to more..

‘Mohan Peiris broke the law’

Aug 25 (CT) Minister of Justice, Wijeyadasa Rajapakshe alleged that former Chief Justice Mohan Peiris had broken the law when he failed to investigate the irregular sale of assets of Lanka Marine Services Ltd (LMSL), during his tenure as Attorney-General in 2008. He elaborated that on 21 July 2007 Supreme Court had issued an order calling on the CID to initiate an investigation into the irregular sale of LMSL assets. He further noted that the CID had carried out the investigation and more..

No Indian Industrial Zones in Trinco: PM

Aug 25 (CT) PM Ranil Wickremesinghe assured Parliament that there has been no agreement to establish a special Indian industrial zone adjoining Trinco Port or in Trincomalee District. PM made this statement in response to a question raised by JVP MP Bimal Ratnayake. However, PM noted that while some Indian companies had stated their preferences no such investment proposal had been agreed to as yet. He added that a Singaporean company too had submitted plans to invest in Trinco. more..

Minister Kiriella attacked for leaks: JVP

Aug 25 (CT) Speaker informed Parliament that proceeding of various Parliamentary Committees, including the COPE would be opened to the Media from Sept, after amendments to Standing Orders are implemented. He made this announcement when a heated argument broke out between JVP MPs and minister Lakshman Kiriella concerning reports circulated in the media regarding details of ongoing COPE investigations. more..

End of the Hora Police era

Aug 25 (DM) The revival of a people-friendly, efficient, honest and independent Police Service is widely seen as an important dimension of the national govt’s mission to rebuild a just society with interracial and inter-religious unity in diversity. Towards this goal, an important step was taken yesterday when the Law and Order Minister Sagala Ratnayake and the independent National Police Commission officially launched a revised code of ethics for the Police Service. more..

Indo-Lanka Relations: history and reality

Aug 25 (DM) A lot is often made of alleged historical ties between India and SL. Too much and too often, perhaps. Historical Ties is an oft used sweetener to help one force unpalatables down the throats of another party, typically by the stronger on the weaker. It is not for nothing that democracy has been described as the opportunity for the downtrodden to choose the sauce with which they are to be eaten by the oppressor in a capitalist society. Historical Ties are like that too. more..

'If we sign ETCA, it will become more attractive for other trade agreements'

Aug 25 (DM) A lot is often made of alleged historical ties between India and SL. Too much and too often, perhaps. Historical Ties is an oft used sweetener to help one force unpalatables down the throats of another party, typically by the stronger on the weaker. It is not for nothing that democracy has been described as the opportunity for the downtrodden to choose the sauce with which they are to be eaten by the oppressor in more..

Worsening MR, MS antagonism over the removal of 41 SLFP organisers

Aug 25 (DM) In the aftermath of the removal of 41 members from the organizers posts of SLFP, a rift between party leader President Maitripala Sirisena and his predecessor Mahinda Rajapaksa looked widened, and antagonism worsened. These organizers, including stalwarts like Mahinda Yapa Abeywardane, Pavithra Wanniarachchi and Keheliya Rambukwella are the MR loyalists. more..

Call for sevenfold increase in fines on dirty cafes

Aug 25 (ST) With at least 60 Colombo restaurants hauled into court last month on charges of food poisoning and lack of hygiene, city authorities are calling for sharp increases in penalties to protect customers. Many eateries and restaurants look clean enough on the outside, but most have dirty kitchens, dirty toilets, and a vermin-infested environment alive with rats and cockroaches. more..

JHU wants CoI into racism in North and East

Aug 25 (DN) JHU called on the govt to appoint a Commission of Inquiry into the campaign carried out of by certain racist and separatist elements of TNA against Sinhala people in the North and East, and building of Buddha statues, in these regions. JHU National Organiser Nishantha Sri Warnasinghe said that these elements have launched a campaign against Sinhalese villages such as Navathkuli, Bogaswewa & Murukandi more..

OMP : Boon or Bane to democracy?

Aug 25 (SL) President Maithripala Sirisena addressing the recent Law Asia 2016 Summit emphasized that law should be equal to everyone. The President said that the public questioned him as to how far it was fair for privileged persons who are in remand custody to ward themselves at the Merchant ward in a govt hospital. He remarked this at the Inauguration Ceremony celebrating 50th Anniversary of establishing Asia Pacific Law more..

UK PM rapped over SL militant’s asylum bid

Aug 25 (HS) ONE of Scotland’s most senior judges has said Theresa May acted unreasonably when she dismissed a former Sri Lankan militant’s asylum bid after he claimed his life would be at risk if he returned home. Former Lord Advocate Lord Boyd of Duncansby said that during her time as Home Secretary May was wrong to reject the unnamed petitioner’s bid to remain in Scotland by concluding he had no realistic more..

TNA leader seeks Tamil prisoners' release

Aug 25 (PTI) TNA has asked the govt to immediately release all Tamil political prisoners besides repealing an obnoxious anti-terrorism law. TNA leader R Sampanthan accused the govt of not acting promptly since coming to power. "Even the Rajapaksa govt released over 11,000 persons in custody. They gave them rehabilitation and released them. But this govt in the course of the past almost 18 months or more than that more..

Speaker promises submission of National Audit Bill soon

Aug 25 (Island) Combined Trade Union Alliance of the AG’s Department has received an assurance from Speaker Karu Jayasuriya that the National Audit Bill will be presented to Parliament soon. Speaker Jayasuriya is also the head of the Constitutional Council responsible for appointing the Independent Audit Commission. Deputy Auditor General and Convenor of the trade union grouping A.H.M.L. Ambanwela said they discussed more..

JO to present proposal in Parliament demanding LG polls

Aug 25 (DM) The Joint Opposition would today present a proposal in Parliament demanding immediate local govt elections, which has been already delayed by one year and three months, the Joint Opposition said yesterday. Joint Opposition member MP Bandula Gunawardane said the Govt’s motive behind the postponing of the local government elections, was an attempt to grab hold of the democratic rights of the public. more..

Video: Body recovered in Mawanella suspected to be of missing businessman

Aug 25 (DM) A man's body believed to be that of the missing businessman, Mohamed Sakeem Sulaiman, was found on the Hemmathagama Road in Rukulagama in Mawanella yesterday evening, police sources said. The victim whose face had been disfigured with serious injuries, believed to have been made by a blunt instrument, was in the process of being identified. Several police teams including a special team more..

Sri Lanka advised not to ignore mid-range hotel development

Aug 25 (EN) Although a lot of investments are going into building up-market hotels to attract high spenders, Sri Lanka should not lose sight of the need to cater to domestic and mid-range tourists, a hospitality forum in Colombo was told. Kevin Wallace, Managing Director, Dream Hotel Group, said Sri Lanka has a sizeable segment of domestic tourists which the industry needs to cater to and which do not patronise five-star hotels. “Sri Lanka has a lot of domestic tourists who more..

Lost evenings, lost lives: Tamil poems of Sri Lankan civil war

Aug 25 (CT) This bilingual anthology of fifty poems is by the very nature of its subject (ethnic conflict) political, and yet it would be inaccurate and unfortunate to describe the volume as a political work. It is about the experience of politics: politics as experienced not by the makers of History but by those who endure it; politics not as an abstraction but as something personally felt by ordinary, sentient, human individuals. As several of these poems attest, whether we are interested more..

Daily Mirror Cartoon: Rich Man Poor Man

Stocks end steady; turnover moderate

Aug 25 (Reuters) Shares ended steady on Thursday in moderate trading volume as local buying boosted by positive sentiment was offset by foreign outflows and selling for month-end settlement. Sentiment has been positive after the authorities started to take some bold steps to counter a balance of payments and credit problem. Sri Lanka's new govt is drafting reforms aimed at simplifying taxes, widening the tax base and increasing compliance, Finance Minister Ravi Karunanayake said on Wednesday, more..

OMP now a sword of damocles

Aug 25 (CT) President Sirisena's swift response to resignations by the SLFP's Matara and Homagama leaders, replacing Bandula Gunawardena and Dullas Alahapperuma with Gamini Thilakasiri and Lakshman Yapa Abeywardena, respectively, made evident the fact that the SLFP leader is not short of options when it comes to a matter of crisis management in the Party. We've been stressing the inevitability of this major split in the Party ever since President Sirisena took that stunning step to more..

Dilshan to retire from ODIs and T20Is

Aug 25 (CI) Tillakaratne Dilshan has confirmed he will play his final ODI in Dambulla on Sunday, third of the series against Australia, and his last T20 in Colombo on Sept 9. His retirement comes in the wake of significant pressure from selectors. Dilshan's own performance has been outstanding over the past few years - he averages 49.18 in ODIs since the start of 2013, and had his most successful ODI year in 2015, more..

Injured Coulter-Nile out of Sri Lanka tour

Aug 25 (CI) Fast bowler Nathan Coulter-Nile has been ruled out of the remainder of Australia's tour of Sri Lanka with an injury to his lower back. Australia have named a 13-man squad for the two T20s that round out the tour, with wicketkeeper Peter Nevill retaining his place and allrounder Glenn Maxwell and batsman Chris Lynn set to join the group. But Coulter-Nile, who played in all four of Australia's matches at the World T20 in India earlier this year, will not be part of the series more..

Alleged move to sell state ventures irks NGOs

Aug 25 (Island) Anti-Corruption Front (ACF) claimed the govt was planning to sell several profitable state ventures including Litro Gas, Colombo Hilton and Lanka Hospitals while delaying probes into financial corruption. Its adviser Rajith Keerthi Tennakoon said the govt had still not set up Procurement Commission under 19th Amendment, but was prepared to sell govt institutions underhand. "Litro Gas made a profit of Rs. 9 billion annually," he said, noting that the expected income from more..

Millionaire’s murder: 5 businessmen barred from leaving country

Aug 25 (AD) Colombo Additional Magistrate Nishantha Peiris today issued an order preventing overseas travel of 5 businessmen in connection with the murder of Bambalapitiya-based businessman Mohamed Shakeeb Sulaiman, who was found dead in Mawanella after allegedly being abducted. The court order preventing them from leaving the country was issued by the court after considering a request made by the CCD. more..

Customs seeks AG’s advice to act against illegally assembled vehicle racket

Aug 25 (Island) Customs Central Investigation Bureau (CIB) had sought the advice of the Attorney General in respect of its raid conducted on July 11, and detection of 62 illegally assembled vehicles in Minuwangoda. Following our expose the consignee has sent letters of demand to the Director of Customs CIB, all the officers who had participated in the raid and this newspaper. Officers involved in the raid told The Island that they had obtained a court order for conducting the raid. more..

President may have referred to SLFP secrets: Rajitha

Aug 25 (Island) President Maithripala Sirisena may have referred to political secrets of the Sri Lanka Freedom Party, when he threatened to reveal such details recently, Minister Rajitha Senaratne said. Responding to questions during the weekly Cabinet Press Briefing, Senaratne said that the secrets the President had spoken of, may not pertain to the ongoing criminal investigations against some members of the Rajapaksa family, but matters relating to the SLFP. more..

Five Lankans drowned in London

Aug 25 (MO) These are the first pictures of five best friends - including two brothers - who drowned off Camber Sands on the hottest day of the year as beachgoers today urged the police to reveal more about their mysterious deaths. Three victims were pulled from the sea off the East Sussex beach yesterday afternoon and emergency services tried and failed to revive them in front of thousands of horrified holidaymakers. more..

'More SLFP organizers to quit soon'

Aug 25 (CT) Joint Opposition (JO) and SLFP Ratnapura District MP Janaka Wakkumbura confirmed his resignation as SLFP organizer for Kalawana electorate with effect from yesterday. He announced this decision after a proposal calling for his resignation as Kalawana Organizer was approved at an SLFP central organizations meeting held at his residence in Elapatha yesterday. "They asked me to step down and I will respect their decision," he said. more..