Retired Major and Lawyer Ajith Prasanna, who was convicted for contempt of court, will be serving rigorous imprisonment of four years as ordered by the Supreme Court.
In addition, Prasanna was handed a fine of Rs. 300,000 and failure to settle will extend his sentence by six more months.
The verdict was declared by the three-member Supreme Court bench with a favoured majority by Justices Preethi Padman Surasena and S. Thureirajah.
MIAP
Anyone questioning the non-issuance of the gazette declaring the date of the upcoming Local Government Election has no proper understanding about the manner in which such affairs are carried out, Chairman of the Election Commission Nimal Punchihewa said, joining an interview aired on Hiru TV.
Q: Do you even have any confidence that this election will be held on March 09?
“What lies here is not a problem of trust. As a Commission, we’re obliged to serve a legal responsibility. We’re currently serving that legal responsibility. Accordingly, we’re planning to hold the Election on March 09. The initial matters in this regard are being sorted out.”
Q: Some questioned why was the gazette in this regard not issued..
“So you see, such sentiments have been made without any understanding or comprehensive study into the matter. Because, the Commission is not the one to declare the date of a Local Government Election. Such affairs are being carried out by the respective returning officer of the institution. What the Commission does is approving the date. In general practice, after the nominations are taken in, the returning officers of those areas declare a date upon agreement. Then, a date alone is not sufficient for a gazette issuance, for the schedules on the number of institutions, the names of the contesting parties, the names of the candidates, the electoral divisions and etc. shall also be included.”
MIAP
Two persons accused of transporting explosives hidden in a lorry were arrested by Bingiriya Police.
The lorry passing a roadblock in Wilattawa was intercepted by officers of the Bingiriya Police station and the explosives were recovered thereafter, Police Spokesman’s Office said.
The two suspects were arrested along with 89 pipes containing carefully packed explosives, 21 service strings 80 ft long, and nine boxes containing 100 detonators each.
The arrestees, 33 and 44, are residents of Mannar, and are to be produced before the Hettipola Magistrate Court today (24).
The Bingiriya Police are conducting further investigations.
MIAP
Marking a major milestone in a strategic petroleum storage project in Sri Lanka whose fate has remained uncertain for decades, Lanka IOC, Ceylon Petroleum Corporation and the Government are now jointly developing the Trincomalee oil tank farm in eastern Sri Lanka.
The agreement to implement this project was signed on January 06 2022. The move, which finally firms up India’s role in the controversial project discussed since the time of the Indo-Lanka Accord of 1987, follows Cabinet clearance subsequently.
Sections have opposed the previous Rajapaksa government’s decision to involve India in a project that was much negotiated by different governments, but was never finalized.
The Cabinet of Ministers approved last year to allocate 24 oil tanks for the business activities of the Ceylon Petroleum Corporation and to allocate 14 tanks of the Lower Oil Tank Complex already in use by Lanka IOC for the company’s business activities.
The Cabinet also approved to implement a development project by a company named Trinco Petroleum Terminal Pvt. Ltd for the remaining 61 tanks, of which 51% will be owned by Ceylon Petroleum Corporation and 49% by Lanka IOC.
Accordingly, this deal will bring Sri Lanka US$ 500 Million but the profitability of the venture will depend to a great extent on the cost of funds.
It has to be understood that there is a relationship between the profitability of a business and the cost of its capital.
The type of capital financing impacts the profitability and the profit margins. If the capital itself is debt -heavy it will be a reason for reducing the net profits of a company.
It is difficult for the CPC which is already in heavy debts to provide the initial capital for the new Company.
Partners will have to procure their components of contribution within the limits of cheaper costs if they expect to generate profits. It will be a gigantic task for the CPC which is heavily burdened with debts some remaining unsettled over long periods to fulfill their part.
Compared to the huge cost of refurbishing which may involve unforeseen large expenditures (particularly due to the very long period during which the tanks have remained unused) the initial costs to put them in good order before offering for any commercial venture may be very high.
Lanka Indian Oil Company (LIOC) disclosed that the work on the Trincomalee oil tank farm is now in progress adding that ten tanks would be ready for development after the area is cleared of woods very soon by the State Timber Corporation.
Seven tanks had already been cleared and the clearing of woods around three more tanks would be completed by the middle of next month, LIOC announced.
LIOC will call tenders for consultancy services to design the laying of the pipeline from the jetty to the tank farm.
Ananda Palitha, Convenor of the ‘Samagi Joint Trade Union Alliance’ attached to the Samagi Jana Balawegaya (SJB), and Secretary of the Electricity Consumers Association Sanjeewa Dhammika were arrested by Kollupitiya Police yesterday evening (23) on the charges of threatening and criminal coercion against two members of the Public Utilities Commission of Sri Lanka (PUCSL).
MIAP
SL Consumer Affairs Authority (CAA) is now cracking down on egg sellers for violating maximum retail price initiative by selling it at a higher price amidst the ongoing struggle of Poultry and egg industrialists due to scare city of inputs.
The lack of animal feed, rising raw material prices, the fuel crisis, transportation issues, problems with foreign exchange when importing animal feed have brought the industry to collapse at present industry sources claimed.
Egg price has risen to over 65 rupees after the suspension of the gazette extraordinary published by the Consumer Affairs Authority (CAA) stipulating a maximum retail price (MRP) on eggs.
Egg producers have been stubborn and rejected the government request to reduce the egg prices. The MRP decision resulted in many poultry producers not supplying eggs to the markets until the prices increase.
The Consumer Affairs Authority yesterday (23) warned traders disobeying stipulated Maximum Retail Prices (MRP) for eggs, affirming that legal action will be taken against several vendors who violated the law.
On Friday, the Government issued a Gazette notification on the advice of the Attorney General stipulating the new MRP for eggs, where a white egg should be sold at an MRP of Rs. 44 and a brown egg at Rs. 46.
However, during raids conducted by the CAA yesterday, several traders were caught selling eggs at a higher price disregarding the stipulated MRP.
Despite having severe regulations and raids, traders were seen selling eggs at various prices above the stipulated MRP, after the All Ceylon Egg Producers Association refused to abide by the Gazette.
Sri Lanka will see a drop in egg prices to 50 rupees from next month onward, a top industry official said, amid the government’s effort to import eggs to bring down the prices.
The poultry and egg-producing industry’s struggle to boost the sector came under the spotlight yesterday at a high-level review involving Government officials.
The progress and challenges of the chicken and egg producers thus far were discussed in depth at a meeting chaired by Senior Advisor to the President on Food Security Dr. Suren Batagoda at the President’s Media Centre yesterday.
The poultry and egg-producing industry stakeholders were briefed on the significance of all parties coming to a consensus to grow the sector, a statement issued by the President’s Media Division noted.
Discussion topics included; the lack of animal feed, rising raw material prices, the fuel crisis, transportation issues, problems with foreign exchange when importing animal feed, as well as potential solutions to these problems.
Batagoda pointed out that most of the issues related to the industry could be solved by way of coming to a collective agreement among all the stakeholders by determining the prices of egg and poultry products accordingly.
He also called on all industry stakeholders to cooperate to promote the sector as President Ranil Wickremesinghe plans to transform the poultry and egg industry into an export business.
Chairmen of the Egg Trade Association, Restaurant Owners Association, All Ceylon Egg Production Association and National Farmer Association Board also presented issues affecting the industry as well as probable solutions to them.
The willingness to reach a collective agreement for the advancement of the poultry and egg industry was a special feature of the discussion while the intervention made by the President’s Office for the security of the industry was also appreciated.
Showers or thundershowers will occur at several places in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts during the afternoon or night and fairly heavy showers above 75mm are likely at some places, the Department of Meteorology said in a statement today (24).
Showers may occur in Northern, Eastern, Uva and North-Central provinces and in Southern coastal areas during the morning.
General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
| Condition of Rain: |
| Showers or thunder showers will occur at times in the sea areas off the coast extending from Kaluthra to Pottuvil via Galle and Matara. Showers or thunder showers will occur at several places in the other sea areas around the Island. |
| Winds: |
| Winds will be north-easterly and wind speed will be (20-30) kmph. Wind speed may increase up to 40 kmph at times over the sea areas off the cost extending from Chilaw to Trincomalee via Puttalam and Kankasanthurai and from Hambantota to Galle via Matara. |
| State of Sea: |
| Sea areas off the coast extending from Chilaw to Trincomalee via Puttalam and Kankasanthurai and from Hambantota to Galle via Matara will be fairly rough at times. The other sea areas around the island will be slight. Temporarily strong gusty winds and very rough seas can be expected during thundershowers. |
MIAP
Central Bank Governor Nandalal Weerasinghe now has to “put his foot in his mouth” as the statement made by him in an interview on 08-12-2022 which appeared to have been withdrawing his repeated accusations of exporters for stashing dollars overseas comes under criticism of Trade unions collective and professionals.
In a lengthy article signed by Swasthika Arulingam, President, of Commercial and Industrial Workers’ Union and United Federation of Labour on behalf over 20 trade unions and associations of public interest and social activists along with 2 professionals, it has charged that suppression of wages in the export sector as a whole is the fundamental factor enabling exporters to illegally retain incomes abroad.
The front page lead article appeared in Daily FT today under the banner headline ‘Misleading responses by CBSL Governor, JAAF, TEA and Rohan Masakorala on illegal foreign exchange transfers highlighted that the the CBSL Governor has misinterpreted the Sri Lankan monetary law by stating that merchandise exporters can repatriate foreign exchange without having to convert such proceeds.
LNW was the first local media which has brought to the notice of CB Governors double standard on foreign exchange stashing overseas, in an article published on 9 Dec 2022. (https://lankanewsweb.net/archives/24970/cb-governor-on-reverse-gear-relating-to-exporters-stashing-dollars-overseas/).
However the latest article on this issue of public interest and very important for the country’s dollar crisis pointed out that the law of the land states that if funds are repatriated the conversion will happen through the local commercial banks by the first week of the following month after the date of repatriation.
This was clearly indicated in Point 8 of CBSL FAQ on Gazette Extraordinary No. 2251/42, dated 28.10.2021). It stipulated that only services sector exporters are authorised by law to repatriate proceeds without converting.
The article of the President of Commercial and Industrial Workers’ Union noted that CBSL Governor recently declared that apparel exporters repatriated only 14% of their export income while their value addition or residual income is around 55% of the gross revenue after meeting various foreign exchange obligations.
He acknowledged, however, that this may be due to exporters utilizing these dollars for approved local purchases. These would include the purchase of both diesel from CPC and LIOC, and domestically produced raw materials which are required for the industry.
It is general knowledge that apparel exporters procure only a few inputs from local suppliers and the rest is all imported. Local suppliers’ inputs usually include knitted fabric, printing and packaging.
They form part and parcel of the input cost of 45% from gross revenue. Therefore, even if all local inputs are procured using foreign currency, they need to be paid from 45% attributed to the input cost from gross revenue, it added.
On the other hand any sensible person would understand it is impossible for the garment factories to consume petroleum to the extent of 41% of their gross revenue.
If their assertions were true, then out of Sri Lanka’s total petroleum expenditure of $ 4.16 billion during the first 11 months of 2022 the garment exporters alone would have consumed 54% or $ 2.24 billion worth of fuel, which is impossible, it emphasized.
It states that “money launderers tend to use international trade to effect their laundering activities by the means of inaccurate pricing (mis-invoicing) of imports and exports to hide the transfer of funds.
For example, over-invoicing of an import will permit the transfer of funds outside the country.” Even the Justice Minister Wijeyadasa Rajapakshe told the Parliament recently that $ 53 billion was transferred out by exporters in the last 12 years.
In this light, trade unions and professionals demand both the CBSL and the Government to take immediate action to repatriate the illegally transferred funds and bring the perpetrators to justice.
They also called on the government to set up a Parliamentary Select committee with competent persons without conflict of interest to investigate the matter and recommend strong punitive and remedial action.
Related Article:
The monthly salaries of the public sector employees to be paid in two instalments have been fixed for January 25 and 26, the Ministry of Finance announced, following weeks of dispute on the matter amidst the financial situation befallen the country.
Accordingly, the monthly salaries of non-executive grade state sector employees will be paid on January 25, 2023 and the salaries of executive grade employees, on the same date or the following date, January 26, 2023, revealed State Minister of Finance Ranjith Siyambalapitiya.
The move to delay the salaries of public sector employees was taken as part of the government’s new income plan for this year which requires a certain period of time to accumulate the expected income, and President Wickremesinghe in his capacity as the Minister of Finance put forward a proposal to manage the government’s expenditure by resorting to such drastic measures in compliance with the Cabinet approval received by the Treasury.
MIAP