Another multi billion rupee scandal of unregistered company functioning as an education centre has been unfolded following the complaint made to the Criminal Investigation Department (CID) by the Financial Investigation Unit of the Central Bank recently.
Officials of this company Athens International Education Centre located on Nawala Road, Kotte have convinced around 500 wealthy individuals to invest in phony business schemes and allegedly swindled over Rs, 3 billion out of them,
Details of the scam came to light when the Case was taken up for hearing at Colombo Fort Magistrates Court on Tusday16.
Colombo Fort Magistrate Thilina Gamage issued orders to remand coordinating officer of the company Dilum Kumara and an accounts clerk Medani Tharanga for allegations of money swindling until November 30.
The CID ha informed the court that investigations are continuing to find out as to what has happened to billions of rupees taken as investments by the suspects.
It has launched an investigation into the company dealings on complaints received from various parties, and then arrested the two suspects, who were produced before Court On Tuesday.
Another suspect named Sahan Akalanka a resident of Pollonnaruwa , who is said to be the owner of Athens International Education Centre, has been cited as the first accused of the case.
He is still absconding, CID informed court adding that they are currently carrying out investigations to apprehend the suspect.
According to the CID, the company had acquired money from around 500 individuals.
The attorneys who appeared for the aggrieved party also informed the court that the suspects had defrauded money in this manner without obtaining registration from the Central Bank of Sri Lanka, and that the second suspect named Tharanga had purchased a house for Rs. 15.5 million.
Taking into account the explanations made by the CID and the attorneys who represented the aggrieved party, Magistrate Gamage rejected the bail request made by the suspects, and ordered that they be remanded until 30 November.
Fraudulent Education Centre swindles over Rs.3 billion of 500 Sri Lankans
Sri Lanka to promote nautical tourism and luxury cruise ship arrivals
Tourism Ministry is planning to promote nautical tourism and the luxury passenger cruise ship arrivals harnessing the potential in the economic Development of Sri Lanka.
All ingredients already provided by nature, it is time, Sri Lanka is to take a special interest in emphasising that Sri Lanka really concentrate on developing the Nautical Tourism as a special niche in its new phase of Tourism Development”.
Tourism Ministry also explores the possibility of partnering top blue-chip companies to enter the lucrative 40 billion dollar cruise line business that is estimated to carry 22.3 million passengers, with the market growing at 3.2% in volume.
Aitken Spence Travels will commence the first luxury passenger cruise ship ‘Viking Mars’ USA on 18 and 19 November.
Viking Mars will be calling over at the Colombo Port with 900 passengers on board commencing the winter season for cruise calls after the pandemic.
Aitken Spence Travel is the leading destination management company (DMC) that handles the highest cruise calls for shore excursion to Sri Lanka.
The company will be offering an array of Sri Lankan shore excursion packages that are unique and diverse allowing clients to discover our island nation.
During the excursions they will visit Kandy, Pinnawela, city tours in Galle, walking tours in Colombo, boat tours in Muthurajawela and Madu river, experience an agro-village concept, tuk-tuk tours, cultural shows, culinary experiences, art and architecture tours and taste the finest of Ceylon teas.
“Our energetic and dedicated team worked extremely hard over the past 12 months to secure these cruise calls. Shore excursion destinations are usually for 24 months in advance and it’s critical that our pricing is attractive, appealing and relevant,” Aitken Spence Travels Managing Director Nalin Jayasundera said.
“We appreciate the support extended by Sri Lanka Ports Authority (SLPA) and their security teams, the Sri Lanka Tourism Promotion Bureau (SLTPB) and all other key stakeholders to ensure cruise guests have a positive experience in Sri Lanka,he added.
The country needs to have a peaceful environment to attract more visitors and as DMC’s we will continue to promote Sri Lanka aggressively through our marketing and promotional work,” he added.
Aitken Spence Travels continues to be the number one DMC in Sri Lanka because of its drive and passion to curate unique travel experiences for their growing clientele.
The company has been in operation for over 45 years and the long-standing relationships, trust and reliability have helped them to continue to work with their partners to become the most sought-after DMC in the country.
Sri Lanka and South Africa to recalibrate its trade and investment strategy
South African President Cyril Ramaphosa arrived in Sri Lanka for a short visit yesterday (16) after attending the G20 Summit. He met with President Ranil Wickremesinghe at the Katunayake Air Force base for discussions on bilateral issues.
The discussions were focused on further strengthening the bilateral relationship aiming at economic cooperation and investment, expanding tourism in Sri Lanka, and receiving South African assistance, guidance and counseling in setting up a credible truth-seeking mechanism to achieve a lasting reconciliation amongst communities.
The two state leaders exchanged mementoes. Minister of Foreign Affairs Ali Sabry, President’s Secretary Mr. Saman Ekanayake, Senior Advisor to the President on National Security and Chief of Staff to the President Sagala Ratnayake and senior officials from both countries were present on the occasion
South Africa has been able to expand its trade footprint in Sri Lanka and that overall trade stood hugely in favour of that country
South Africa is Sri Lanka’s largest source of imports and the second-largest export destination in the African region. Imports from South Africa largely consist of coal and Sri Lankan exports comprise of bulk tea, apparel, and rubber products.
The two leaders underscored the need to in Sri Lanka and the desire for a more balanced trade relationship between the two countries.
“In terms of investment, the international retail brand, SPAR, through a joint venture between SPAR Group Ltd South Africa and Ceylon Biscuits Limited has opened four outlets in Sri Lanka with plans to expand up to 20 retail stores.
There was high potential of boosting fish exports to South Africa from Sri Lanka , value addition and knowledge sharing in the gem and jewellery industry, opportunities in the renewable energy sector, and sharing expertise in food preservation in the canning industry.
Economic ties between the two countries have been based on apparel, tourism and maritime connectivity.
However, bilateral trade between the countries leans in favour of South Africa.This trade imbalance can be mainly attributed to the relatively high tariffs imposed on Sri Lankan goods entering South Africa.
In order to overcome this negative trade balance the government is exploring new avenues for favourable access to the South African market and to promote Sri Lankan businesses in the Southern African nations.
Bilateral trade between the two nations could however be improved if South Africa could adopt lower tariffs and increase incentives for its imports from Sri Lanka.
Sri Lanka and South Africa are member states of regional intergovernmental unions namely the South Asian Association for Regional Cooperation (SAARC) and the Southern African Development Community (SADC) respectively. Of late there have been many deliberations on the possible cooperation between the common markets of SAARC and SADC for enhanced trading opportunities between South Asia and Africa. There are however, implications that influence the collaboration of these markets.
For instance, the average tariff rate imposed on goods from SAARC nations entering the South African market is higher than the corresponding rate imposed for non SAARC nations. In contrast however, the trend in South Asia has been towards lower taxes when engaging in international trade. Furthermore, intra-regional trade among SAARC nations is at a low of 5% which is predicted to climb to 10% in the next 10 years. In order to overcome such economic disadvantages, SAARC member countries such as Sri Lanka have entered into the South Asian Free Trade Area (SAFTA) agreement in 2004.
The structural question of binding the two economically important common markets of South Asia and Africa is central for understanding the future prospects of bilateral relations between Sri Lanka and South Africa. On the one hand, South Africa has been one of the main engines of growth among the 15 Southern African states In the SADC economic area.
On the other hand, Sri Lanka’s geostrategic position in the Indian Ocean connecting east and west on the new Maritime Silk Road and its possibility of accessing South Asia’s 1.5 billion consumer market offers the opportunity for the country to be a logistic hub for the two large common markets.
In addition, liberalised markets like Sri Lanka make it easier for big nations like South Africa to compete with globally competitive markets. From an economic stand point the ties between South Africa and Sri Lanka can be taken to whole new level if the two nations can succeed in binding SAARC and SADC.
Nevertheless, it is still early to determine the tendencies of these two economically viable common markets in Africa and Asia as little has been done to tap into these economies. To begin with South Africa could consider lowering its tariffs for SAARC nations to initiate mutually beneficial cooperation between SAARC and SADC.
The next great shift in the Island nation’s relations with South Africa is within sight. It is the task of the foreign policy makers of both nations to deal with this special phase in accessing SAARC and SADC consumer markets utilising bilateral or multilateral channels. Such opportunities would have positive effects in advancing initiatives to build beneficial ties to achieve full potentials in economic growth for Sri Lanka and South Africa
Date fixed for another lawsuit against Shashi Weerawansa
A lawsuit filed against Shashi Weerawansa, wife of MP Wimal Weerawansa, accusing her of submitting an application with false information to the Controller of Immigration and Emigration to obtain a diplomatic passport thereby allegedly committing an offence under the Immigration and Emigration Act was taken up before the Colombo Chief Magistrate Court yesterday (18).
The case will be taken up for trial on February 24, 2023 as ordered by the Court, and the witnesses to the case were also ordered to appear on the fixed date.
Mrs. Weerawansa was previously convicted of obtaining a diplomatic passport via irregular means and sentenced to a two years in rigorous imprisonment, but was granted bail based on an appeal submitted against the verdict.
The second lawsuit was filed accusing her of submitting false information to the Immigration and Emigration Controller about her birth date in the process of obtaining that diplomatic passport.
MIAP
Sri Lanka opts for US$ 1 Bn “debt-for-nature” swap deal
Sri Lanka is in talks for a “debt-for-nature” swap deal of up to US$1 billion in climate-focused finance, a kind of agreement discussed at the United Nations COP27 summit in Egypt, informed Finance Ministry sources revealed.
Such agreements are part of efforts to address an intractable quandary facing world leaders as to who would pay the bill for the global fight against biodiversity loss and climate change.
Debt restructurings tied to nature or climate-friendly outcomes present a multi-billion-dollar possibility, according to one of the world’s largest conservation organizations that’s been involved in three such deals.
There’s now a big push to get nature into sovereign debt markets,” said Simon Zadek, executive director at Nature Finance, which advises governments on debt-for-nature swaps and other types of climate-focused finance.
Sri Lanka is holding talks with banks and a nonprofit group in an attempt to reach a deal that would see about $1 billion of its debt refinanced more cheaply, freeing up the savings for conservation efforts, according to the three people with knowledge of the deal, who declined to be named as the discussions are confidential.
At that level, it would be the biggest debt-for-nature swap struck to date. for Sri Lanka, which has been discussing a deal of up to $1 billion according to people familiar with those talks.
“The opportunity for conservation here is huge.”Debt-for-nature or climate swaps are deals that typically allow a country to restructure its debt at a lower interest rate or longer maturity, with the proceeds being allocated to conservation or green projects, they added.
Since 2016, the Nature Conservancy has organized debt-for-nature swaps for the Seychelles, Belize and Barbados, which overall helped to convert more than $500 million of debt into $230 million of money for conservation.
The swaps are still a niche business, mainly because of high transaction costs, the need to monitor conservation or climate projects, and the requirement that a debtor country makes a long-term financial commitment.
There’s growing interest from the developing world. Gabon signaled its plans last month for a $700 million debt swap to fund marine conservation in what may be the biggest transaction yet.
While the instruments have been around for decades, their appeal has grown following the deals arranged by Nature Conservancy and the recent debt crises for developing nations caused by the Covid-19 pandemic, fallout from Russia’s war in Ukraine and rising interest rates.
Fifty-eight of the world’s developing countries most vulnerable to climate change collectively have almost half a trillion of debt servicing payments due in the next four years.
“This huge debt service payment could obstruct opportunities to invest in adaptation or the low-carbon transition,” said Sara Jane Ahmed, finance adviser to the Vulnerable Twenty Group, a coalition representing those 58 countries, in an interview. Debt swaps must scale, Ahmed added. “We’re just not in a situation where we can have austerity because we need to invest out of the pandemic and invest out of climate impacts.”
Countries that are especially vulnerable to climate change face a “triple whammy” from the need to spend more to improve resilience and reconstruction, while simultaneously facing higher borrowing costs, Kristina Kostial, deputy director of the strategy policy and review department at the International Monetary Fund, told the COP27 panel.
Climate or nature-related swaps might help break that cycle as they “offer developing countries, with little fiscal space, the opportunity to undertake urgently needed climate investments,” Kostial said. Carbon credits could feature as part of the swaps, she added.
‘Lotus Tower’ to receive grand investment!
An investment deal was entered between Singapore-based Kreate Design Pte Limited and the Nelum Kuluna (Lotus Tower) Company in Company yesterday (18), hoping the establishment of a full equipped amusement park even featuring the famous water pool games inside the premises.
These establishments are expected to be completed within a period of six months.
Joining the occasion, State Minister of Tourism Diana Gamage revealed that this will be the biggest investment yet received to Sri Lanka, allowing the country to receive US $ 01 billion within the next two-to-three years, whilst the establishments will also allow the reception of investment greater than that.
MIAP
Sri Lanka Original Narrative: 19/11
- SLPP Leader and former President Mahinda Rajapaksa marks his 77th birthday amongst family and friends with religious observances: large crowds throng his hometown in Tangalle, to greet him.
- UNP General Secretary Palitha Range Bandara says the much-awaited IMF agreement may be delayed further till around mid-2023: if so, it will be over 15 months since Sri Lanka sought IMF help: previously CB Governor Dr Weerasinghe had stated IMF assistance would be forthcoming in a much shorter period.
- UNP Chairman and MP Wajira Abeywardene says Parliament hasn’t approved announcement of bankruptcy by a few officials: also says in most countries persons who did so without authority would have been jailed: calls for an immediate investigation into the matter: urges Parliament to take control of economy and not allow foreign forces to do so: asks Parliament to place cap on interest rates.
- Dissident SLPP MP Dr. Nalaka Godahewa says the Government has ignored youth in Budget 2023: also says 50% of population is under 35 years, while 25% is under 15: asserts the country can’t progress without focusing on youth needs & demands.
- Former Finance Minister and SLPP National Organizer Basil Rajapaksa due to return to Sri Lanka today: expected to reorganize the Party upon his arrival.
- Centre for Environmental Justice Chairman Ravindranath Dabare says Sri Lanka could file legal action in Singapore over the MV X-Press Pearl disaster: President Wickremesinghe has also instructed Justice Minister Wijedasa Rajapakshe to do so at the Int’l Court of Arbitration in Singapore.
- Police shoot & kill 2 alleged accomplices of notorious underworld gangster Uragaha Indika in a shoot-out at Minuwangoda: one Police officer also injured.
- Pivithiru Hela Urumaya Leader MP Udaya Gammanpila says issue of T-Bills to the Central Bank has increased by a staggering 55% under CB Governor Dr Weerasinghe compared to former Governor Cabraal: queries how “money printing” was considered inflationary at that time, but not now.
- CSE’s ASPI index closes 217 points lower at 7,818: lowest since 1st August: crashes for 5th straight session: brokers say it’s because of high taxes & fees, Government’s indecisive stance re. local debt restructuring, and incomplete information re. impending IMF deal.
- Top Cricketer Danushka Gunathilake who had been accused of sexual assault by a Australian woman introduced via a “dating website”, granted bail by a Magistrate Court in Sydney: Gunathilake due to reside in a wealthy Sri Lankan’s house during the period of his bail.
Sri Lanka to set up a new agro-technology university
The government is collaborating with the Californian university system to obtain assistance to modernize agriculture in Sri Lanka and to set up a new agro-technology university, said Sri Lankan President Ranil Wickremesinghe.
He was addressing the 70th anniversary of the United States-Sri Lanka Fulbright Commission Program in Colombo on Wednesday (16).
He said that the government discussed with a group of Singaporean investors on Tuesday (15) the supply of food for island nations and Middle East countries which lack their food resources.
He said that this was only the start and he issued instructions to find the land for it and modernize agriculture. He said that Fulbright alumni such as Prof Pradeepa Bandaranaike are vital assets in modernizing agriculture.
He added that the new agro-technology university will be combined with the Tea Research Institute (TRI), among others, to work with some of the American institutions on how to upgrade research in Sri Lanka.
President Ranil Wickremesinghe also said that the government is focusing on improving English language education within the next ten years.
He added that he hoped to obtain assistance for training teachers and trainers from the US counterparts for this ambitious project. The President assured the initiation of this project and said Sri Lanka will depend on the Fulbright scholarships and assistance to bring down counterparts from America.
President Wickremesinghe said that the foundation for the friendly relations between the two countries is the educational exchange program, especially the binational Fulbright exchange program between Sri Lanka and the United States.
“We have had about 3000 scholars from Sri Lanka and America who typified the exchange of knowledge and professional development that has benefitted both nations. And they have made a big impression on Sri Lanka. They have enriched our society and made our culture so much more vibrant.”
He said the two countries were celebrating 70 years of formal education exchanges in Sri Lanka. He added that the exchange goes back much further.
The first exchange was when the American missionaries came to Jaffna and the imprint is still there. The second was when Colonel Henry Olcott came to Sri Lanka.
That’s another imprint both in Sri Lanka and to a lesser extent in the USA. The next in the 20th century was when President Woodrow Wilson, declared the 14 points which also guaranteed independence to the colonial states, he said.
90 Sri Lankan house maids became victims of human trafficking in Oman
In the wake of over 90 Sri Lankan women smuggled to Oman by several employment agencies, the officer attached to the Sri Lankan Embassy in Oman who was alleged to have committed human trafficking in Oman has been interdicted and will be brought to Sri Lanka for investigations, official source said
It was revealed very recently that a large number of Sri Lankan women had left for Oman to find jobs with tourist visa and many of them have become victims of human trafficking.
They have been detained and used for prostitution, it was reported. Some of the women had entered Oman by crossing the borders from Dubai and Abu Dhabi.
12 Sri Lankan women had entered Oman via these borders recently. The Criminal Investigation Department (CID) probing the case have identified that several foreign employment agencies operating in Colombo also have supported this human trafficking.
At least 90 Sri Lankan female domestic workers who had come to Oman under visit or tourist visas are stranded in there seeking repatriation assistance, the Sri Lankan Embassy in Muscat said.
The Embassy said it keeps receiving numerous complaints on daily basis from Sri Lankan domestic aides who had already reached Oman.
Most of them have reached Muscat under visit or tourist visas intending to convert them to work visas. Many of them were trafficked by unscrupulous and unregistered agents and have faced tremendous difficulties including various types of harassments, the Embassy said in a communique.
Around 90 Sri Lankan female domestic workers are currently stranded in Oman as they could not afford the expenses relating to their existence or repatriation such as visa, overstay penalty, air ticket, agency fee and the cost of recruitment as demanded by their respective sponsors.
The Embassy said the Sri Lankan victims were sheltered at the safehouse for which the expenses are borne by the Sri Lanka Bureau of Foreign Employment (SLBFE). The Embassy provides welfare facilities to these female workers which includes medical assistance.
The Embassy has been continuously coordinating with the Omani authorities to facilitate early repatriation of these stranded migrant workers.
The Embassy has facilitated repatriation of over 240 female workers during this year and the Embassy said it has also sought the assistance of the International Organization for Migration (IOM) to assist such victims.
The Embassy encourages Sri Lankans who seek jobs in Oman to obtain their employment only through genuine channels.
In the wake of over 90 Sri Lankan women smuggled to Oman by several employment agencies, the officer attached to the Sri Lankan Embassy in Oman who was alleged to have committed human trafficking in Oman has been interdicted and will be brought to Sri Lanka for investigations, official source said
It was revealed very recently that a large number of Sri Lankan women had left for Oman to find jobs with tourist visa and many of them have become victims of human trafficking.
They have been detained and used for prostitution, it was reported. Some of the women had entered Oman by crossing the borders from Dubai and Abu Dhabi.
12 Sri Lankan women had entered Oman via these borders recently. The Criminal Investigation Department (CID) probing the case have identified that several foreign employment agencies operating in Colombo also have supported this human trafficking.
At least 90 Sri Lankan female domestic workers who had come to Oman under visit or tourist visas are stranded in there seeking repatriation assistance, the Sri Lankan Embassy in Muscat said.
The Embassy said it keeps receiving numerous complaints on daily basis from Sri Lankan domestic aides who had already reached Oman.
Most of them have reached Muscat under visit or tourist visas intending to convert them to work visas. Many of them were trafficked by unscrupulous and unregistered agents and have faced tremendous difficulties including various types of harassments, the Embassy said in a communique.
Around 90 Sri Lankan female domestic workers are currently stranded in Oman as they could not afford the expenses relating to their existence or repatriation such as visa, overstay penalty, air ticket, agency fee and the cost of recruitment as demanded by their respective sponsors.
The Embassy said the Sri Lankan victims were sheltered at the safehouse for which the expenses are borne by the Sri Lanka Bureau of Foreign Employment (SLBFE). The Embassy provides welfare facilities to these female workers which includes medical assistance.
The Embassy has been continuously coordinating with the Omani authorities to facilitate early repatriation of these stranded migrant workers.
The Embassy has facilitated repatriation of over 240 female workers during this year and the Embassy said it has also sought the assistance of the International Organization for Migration (IOM) to assist such victims.
The Embassy encourages Sri Lankans who seek jobs in Oman to obtain their employment only through genuine channels.
ComBank engrosses with Sri Lankans in Singapore to promote business
The Commercial Bank of Ceylon’s continuing effort to stimulate remittances from Sri Lankans living and working overseas recently focused on Singapore, which has a significant Sri Lankan migrant population.
The Bank engaged with Sri Lankan expatriates living in the city state at a two-day programme conducted in collaboration with the Sri Lankan High Commission in Singapore.
Attendees were made aware of the formal remittance channels available to them and the personal and national benefits of transacting through these, and also received special remittance rates and gifts.
The Bank said it conducted this programme to support Sri Lankans residing in Singapore by presenting special remittance offers and information on banking products and services, including ComBank Digital.
The Bank also promoted remittance services such as Ria Money Transfer, one of the Bank’s main remittance partners, and Lucy, the exclusive mobile banking app for women in Singapore.
Over the two days of the programme the Bank signed up over 100 Sri Lankans for new accounts and offered its digital banking services with a waiver on the joining fee and first-year annual fee.
Speaking at the event, Sri Lanka’s High Commissioner in Singapore Shashikala Premawardena said this initiative is just a beginning and that more could be done for Sri Lankans in Singapore whose hard earned earnings contribute to Sri Lanka’s economy.
With encouragement from the Bank, some of the participants initiated remittances via the Lucy application and visited the Ria Money Transfer outlet in the locality to transfer US dollars to their personal foreign currency accounts.
Officials from both service providers were present at the venue and remitters were able to instantly view their updated account balances via ComBank Digital. To sweeten the customer experience, Ria offered special foreign exchange rates to the participants of the programme, while the Lucy app provided S$ 5 cashback rewards and gifts to everyone that downloaded the app on the spot.
Furthermore, visitors were provided the opportunity and information necessary to select the most suitable investment plans and bank accounts, including Rupee and Foreign Currency Accounts, Fixed Deposit Accounts, and Special Deposit Accounts. Additionally, new Foreign Currency Account holders were furnished with free Debit Cards, the Bank said.
“As one of the most trusted banks in Sri Lanka, Commercial Bank has to play a lead role in encouraging Sri Lankans to step up their remittances to Sri Lanka,” the Bank’s Head of Retail Products and Digital Channels & Remittances r Pradeep Banduwansa commented.
During their visit, representatives of the Bank also negotiated beneficial partnerships with remittance and fintech companies in Singapore to facilitate easy and quick money transfer facilities for Sri Lankans in Singapore.
To attract investments from foreign sources, the Bank recently launched ‘Forex Plus,’ a special Foreign Currency Fixed Deposit scheme that offers interest rates of up to 9.5% per annum for tenures of up to five years on term deposits in four international currency denominations.