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India’s Adani withdraws US funding bid for Colombo Port terminal with JKH

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By: Staff Writer

December 11, Colombo (LNW): Billionaire Gautam Adani-led conglomerate announced it will use its own resources to fund a Sri Lankan port project and not seek US funding.

The Indiajn Company said it has withdrawn a funding request from the US International Development Corporation for its Colombo West International Terminal (CWIT) project in Sri Lanka.

In an India’s Bombay Stock Exchange filing late on Tuesday10, Adani Ports and SEZ Ltd disclosed the project “is on track for commissioning by early next year” and added that the company will fund the ongoing project through “internal accruals”, aligning with its capital management strategy.

The company said it has withdrawn its 2023 “request for financing from the US International Development Finance Corporation (DFC)”.

The US International Development Finance Corp, in November last year, agreed to provide a USD 553 million loan to support the development, construction, and operation of a deep-water container terminal called the Colombo West International Terminal (CWIT) at the Port of Colombo in Sri Lanka.

After charges were filed in the US including against Adani officials for misleading US investors about 250 million dollars in alleged bribery in a renewable energy project, the DFC said it was still conducting due diligence.Adani group had denied the allegations

The company, however, said the Colombo West International Terminal project is progressing well and is on track for commissioning by early 2025.

 Adani Group, controlled by Indian billionaire Gautam Adani, holds a 51% stake in the west container terminal of the port, which also has a terminal run by China Merchants Port Holdings Co Ltd.

Sri Lankan conglomerate John Keells Holdings owns 34% of the terminal and the rest is held by the state-run Sri Lanka Ports Authority.

Last month, US authorities accused Adani Group Chairman Gautam Adani and seven others of being part of a $265 million scheme to bribe Indian officials, and of misleading US investors while raising funds there.

The company, however, said the Colombo West International Terminal project is progressing well and is on track for commissioning by early 2025.

The Adani Group and John Keells Holdings (JKH) have announced that their joint venture terminal at Colombo Port in Sri Lanka is expected to become operational by the first quarter of the 2025 calendar year. This new terminal, known as the West Container Terminal (WCT), is one of the largest projects.

Niroshan Dickwella’s cricket ban reduced to three months after appeal

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December 11, Colombo (LNW): Sri Lankan cricketer Niroshan Dickwella’s suspension from all forms of cricket has been significantly reduced from three years to just three months.

The new ruling, which makes him eligible to return to competitive cricket from December 11, 2024, follows a successful appeal process.

In a statement following the appeal, the appeal panel explained that medical evidence clearly indicated that Dickwella had ingested a substance of abuse outside of competition and that it was unrelated to enhancing his sports performance.

Based on this, the panel concluded that the initial three-year suspension imposed by the disciplinary committee should be substantially shortened to a three-month ban, effective from August 13, 2024.

The panel also emphasized that the decision strikes a balance between upholding anti-doping principles and ensuring fairness for the player. Their ruling was designed to maintain the integrity of the sport while considering Dickwella’s right to fair treatment.

The appeal panel was composed of Retired Judge Upali Samaraweera, Professor Asela Mendis, and Attorney-at-Law Gimhana Jagodaarachchi.

Niroshan Dickwella’s legal representation included Attorney-at-Law Suminda Perera and Senior Attorney-at-Law Ranil Prematilake.

Dickwella was initially suspended by Sri Lanka Cricket (SLC) on August 16, 2024, after an anti-doping violation was detected during the Lanka Premier League (LPL).

The breach came to light following a routine doping test conducted by the Sri Lanka Anti-Doping Agency, leading to his suspension from all forms of cricket, which raised concerns among fans and officials alike.

Health authorities probe into mysterious fever outbreak in Jaffna

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December 11, Colombo (LNW): Health authorities in Sri Lanka are investigating a sudden outbreak of an unidentified fever in the Jaffna District, raising alarm across the region.

The Epidemiology Unit of the Ministry of Health has launched an inquiry to identify the disease and assess its potential links to leptospirosis, commonly known as ‘rat fever’.

Preliminary tests are currently underway to determine the cause of the illness, which has affected several individuals.

Dr. Kumudu Weerakoon, a senior official from the Epidemiology Unit, addressed the growing concern at a media briefing held at the Health Promotion Bureau on 11th December.

She reported that many patients in the affected areas have been displaying symptoms such as high fever and respiratory distress.

Health authorities are actively collecting samples from these patients in order to confirm the specific nature of the disease.

Leptospirosis, a bacterial infection transmitted through water contaminated by animal urine, remains a major health concern in Sri Lanka.

The country recorded over 9,000 cases of the disease in 2023, leading to nearly 200 fatalities.

Dr. Weerakoon highlighted that the number of leptospirosis cases this year has already surpassed the figures from the same period last year, raising further alarm among public health officials.

The disease primarily affects individuals who work in environments involving exposure to water and mud, such as farmers, miners, and those living in flood-prone areas.

With recent heavy rains and flooding caused by Cyclone Fengal, which has led to the displacement of thousands in Jaffna, the risk of leptospirosis transmission has increased significantly.

Additionally, the iconic Nallur Temple and the A9 main road to Jaffna were both severely impacted by the floods, further complicating the situation.

Dr. Weerakoon outlined the typical symptoms of leptospirosis, which include a high fever, muscle pain, red eyes, vomiting, headaches, body aches, blood in the urine, and reduced urination.

If left untreated, the infection can cause severe damage to vital organs such as the kidneys, liver, and brain, and in extreme cases, it can be fatal.

The Ministry of Health is prioritising early detection and treatment to prevent further complications and protect lives. Dr. Weerakoon urged individuals, particularly those engaged in water-related occupations, to seek immediate medical care if they exhibit any symptoms.

The Ministry is also providing free antibiotics to individuals at high risk, such as those in flood-affected regions or involved in occupations like paddy farming and mining.

These antibiotics can be obtained from Public Health Inspectors through the relevant Medical Officer of Health offices.

Govt extends suspension of Parate Law to support small businesses

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December 11, Colombo (LNW): The Sri Lankan Government has announced an extension of the suspension of the Parate Execution Law, which prevents banks from auctioning collateral for defaulted loans, until March 31, 2025.

The law, which was initially suspended by the previous administration, was due to expire on December 15, 2024.

However, in response to appeals from small and medium-sized enterprises (SMEs), the Government has decided to extend this relief.

Dr. Nalinda Jayatissa, Cabinet Spokesman, confirmed that the Cabinet of Ministers had approved the extension, following a proposal put forward by President Anura Kumara Dissanayake, who also serves as the Finance Minister.

The decision is part of ongoing efforts to support businesses affected by the challenging economic environment, particularly those in the SME sector.

Minister Jayatissa highlighted that the Government recognises the vital role that SMEs play in the national economy and is committed to finding sustainable solutions to help these entrepreneurs meet their financial obligations.

The Cabinet’s approval also includes the establishment of a mechanism aimed at facilitating dialogue with all relevant stakeholders, to ensure that a fair and viable approach is adopted.

The Government is exploring the development of an action plan that will enable SME entrepreneurs to repay their loans without the fear of having their assets seized.

This plan is intended to provide a more progressive and mutually beneficial solution, allowing businesses to recover and continue contributing to the economy, while also ensuring that financial institutions are able to recoup their dues.

Indo-Lanka fishing dispute set to be addressed during President’s visit to India

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December 11, Colombo (LNW): The ongoing fishing dispute between India and Sri Lanka will be a key topic of discussion during the upcoming official visit of President Anura Kumara Dissanayake to India, Fisheries Minister Ramalingam Chandrasekaran disclosed.

The visit, which is scheduled from December 15 to 17, is expected to focus on several bilateral issues, with the fishing controversy taking centre stage.

Chandrasekaran revealed that discussions between officials from both countries have already taken place, aimed at addressing the tensions surrounding fishing practices in the waters off Sri Lanka’s northern coast.

He stressed that the matter requires mutual understanding and cooperation from both parties to reach a long-term, sustainable solution that benefits both countries’ fishermen.

The fishing activities of Tamil Nadu fishermen in Sri Lanka’s territorial waters have been a long-standing issue, with many Sri Lankan fishermen in the north feeling the adverse effects of the intrusion.

These cross-border fishing practices have led to tensions over maritime boundaries and resource management, threatening the livelihoods of local fishermen in Sri Lanka, particularly in the northern regions.

Chandrasekaran emphasised that the current government is committed to resolving this issue promptly, with a focus on finding a solution that is acceptable to both sides.

He further revealed that the Sri Lanka Navy has increased its patrols and operations in a bid to apprehend Tamil Nadu fishermen who are found to be fishing within Sri Lankan waters, in violation of the country’s maritime boundaries.

ITJP calls for global accountability over human rights violations by Sri Lankan officials

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December 11, Colombo (LNW): The International Truth and Justice Project (ITJP) has submitted over 60 requests for sanctions and visa bans against Sri Lankan public and security officials, alleging their involvement in human rights violations and economic crimes.

These submissions have been made to governments including those of the United States, the United Kingdom, Australia, Canada, and various European Union states, as well as to the United Nations.

The ITJP’s submissions focus on a wide range of abuses, detailing egregious human rights violations by Sri Lankan military, police, intelligence officials, and civil servants, as well as corruption within the country’s governance structures.

These violations, many of which occurred during and after the country’s civil conflict, include extrajudicial killings, enforced disappearances, arbitrary arrests, torture, and sexual violence.

Some of these actions are alleged to constitute war crimes and crimes against humanity, with a particular emphasis on attacks against civilians.

The ITJP also highlights systemic corruption within Sri Lanka’s public institutions, pointing to mismanagement and the misuse of public funds.

These actions, they argue, have had a significant impact on the country’s economy, contributing to its current financial crisis.

Moreover, the interference with judicial processes has hindered efforts to hold perpetrators of human rights abuses accountable, further entrenching impunity.

Among the high-profile individuals targeted in the ITJP’s filings are prominent Sri Lankan military officials, including Generals Shavendra Silva and Jagath Jayasuriya.

Silva, in particular, was publicly sanctioned by the United States in 2020 under the 7031(c) provision of the Appropriations Act due to his role in human rights abuses.

Both he and Jayasuriya have been linked to war crimes during the final stages of Sri Lanka’s civil war, with ITJP dossiers sent to multiple governments to support their cases.

The ITJP has also pursued legal action in several jurisdictions. In 2017, they filed universal jurisdiction cases for war crimes in Brazil and Chile, targeting Jayasuriya’s involvement in the notorious Joseph Camp military base.

This was followed by further complaints in Australia and the United States, including a Torture Victim Protection Act case against Gotabaya Rajapaksa in 2019. A criminal complaint was also filed in Singapore in 2022.

The organisation is continuing its work, with investigations into additional universal jurisdiction cases and new legal action planned.

Notably, two cases related to a Tamil paramilitary group, which was aligned with the Sri Lankan military, have led to arrests in the UK and an ongoing investigation by the Metropolitan Police.

Yasmin Sooka, Executive Director of the ITJP, stressed the importance of continued documentation of these violations and the pursuit of justice.

In the absence of criminal accountability, it is crucial to continue asserting the truth and ensuring that those responsible for such crimes are held accountable,” she said.

She added that she hopes the new UK government will take action by imposing sanctions on Sri Lankan officials in recognition of their alleged roles in war crimes, marking Human Rights Day (Dec 10) as an opportunity for further accountability.

50 shops face legal action for overpricing rice as CAA cracks down on hoarding

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December 11, Colombo (LNW): The Consumer Affairs Authority (CAA) has announced that legal action has been taken against 50 retail outlets for selling rice at prices above the government-mandated controlled rate.

Asela Bandara, Director of the CAA, confirmed that the operation was part of an ongoing effort to tackle price manipulation and hoarding of essential goods.

He further revealed that inspections would be ramped up starting today to apprehend those involved in overpricing and stockpiling rice.

The raids were conducted under the provisions of the recent Gazette Extraordinary notifications, signed by the Chairman of the CAA, which set out strict regulations on the sale of rice in the country.

Bandara emphasised that the operations were not only aimed at enforcing the price ceiling but also ensuring that shopkeepers comply with new rules that require them to display the correct prices of rice in clear view for consumers.

As part of the crackdown, any shop found to be in violation of the controlled pricing regulations will face severe penalties. Bandara warned that a fine of Rs. 100,000 would be imposed on those caught selling rice above the designated price, sending a clear message to traders that price gouging will not be tolerated.

Over 100,000 farmers affected by recent floods as damaged crops assessed for compensation

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By: Isuru Parakrama

December 11, Colombo (LNW): More than 100,000 farmers have lodged complaints regarding extensive crop damage caused by the recent floods that have ravaged large parts of Sri Lanka, the Agricultural and Agrarian Insurance Board disclosed.

Over 200,000 acres of farmland have been affected by the severe weather, leaving many farmers struggling with substantial losses, according to Board Chairman Pemasiri Jasingharachchi.

In response to the crisis, Jasingharachchi confirmed that damage assessments would begin today (11), with teams deployed to evaluate the extent of the destruction across the affected areas.

These assessments are crucial for determining the compensation to be provided to farmers who have suffered as a result of the floods.

Farmers have been urged to submit their claims within a week from the date they receive their application forms, ensuring that the process runs smoothly and efficiently.

The deadline is designed to facilitate a swift and organised response, helping to address the urgent needs of those whose livelihoods have been jeopardised.

The government has allocated a total of Rs. 1 billion in compensation funds to support the affected farmers. This financial assistance is part of a broader effort to provide relief to those impacted by the extreme weather, which has been blamed for the widespread destruction of crops and agricultural infrastructure.

The floods have disrupted farming activities, particularly in areas that rely on seasonal crops, leaving many without a source of income.

Experts warn that the damage may have long-term consequences for food production in the country, with many farmers facing a prolonged period of recovery.

SL’s Insurance Sector faces challenges amid limited transparency and low penetration: Fitch

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By: Isuru Parakrama

December 11, Colombo (LNW): Fitch Ratings has highlighted the evolving but somewhat opaque regulatory environment in Sri Lanka’s insurance industry, describing it as one that is “developing with limited transparency”.

This assessment points to the challenges faced by both the industry and regulators in fostering a more transparent and sophisticated market.

The report referenced the Insurance Regulatory Commission of Sri Lanka (IRCSL), which has been responsible for overseeing the country’s insurers.

In an effort to strengthen the sector, the IRCSL introduced a risk-based capital (RBC) framework in 2015, which was fully implemented by insurers in 2016.

Under this system, insurers are required to maintain a minimum RBC ratio of 120 per cent. Companies that fail to meet a ratio of 160 per cent must submit a plan to enhance their capitalisation.

Whilst these measures are aimed at improving the financial stability of insurers, the report suggests that the regulatory framework still lacks the clarity and transparency needed to facilitate smoother operations within the sector.

Additionally, the commission has enforced rules aimed at separating life and non-life insurance operations.

It has also mandated that all insurance firms be listed on the local stock exchange, a move intended to increase accountability and transparency.

However, some exceptions are made for insurers whose parent companies are already listed on an internationally recognised stock exchange, which may limit the overall impact of this requirement.

Fitch’s analysis also points to Sri Lanka’s insurance market, which remains one of the least penetrated in Asia. The market is still underdeveloped, with both life and non-life insurance sectors dominated by basic products.

This lack of sophistication leaves many opportunities untapped and presents significant challenges for growth and diversification.

In the non-life insurance sector, motor insurance remains the dominant force, making up more than half of all premiums. However, restrictions on vehicle imports, which have persisted for some time, have forced insurers to broaden their offerings.

As a result, sectors such as health insurance and miscellaneous types of coverage have seen growth, along with fire and property insurance.

Additionally, small and medium-sized enterprises (SMEs) have contributed to the rise in business-related insurance, driven by the increased pace of construction and a growing number of commercial ventures.

The life insurance sector is also undergoing a transformation, albeit at a slower pace. Traditional whole-life and endowment policies, particularly those with investment features, continue to lead the market.

Despite pure protection policies being gradually gaining popularity, their uptake remains limited when compared to other Asian markets, Fitch noted.

This can largely be attributed to the relatively low demand for such products in Sri Lanka, as many individuals continue to favour policies that offer more immediate returns or savings components.

In layman’s terms, whilst there have been some regulatory and product developments in Sri Lanka’s insurance sector, challenges remain, particularly in terms of market sophistication and the transparency of the regulatory framework.

Chief Justice Murdu Fernando commits to strengthening judiciary’s independence and integrity

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By: Isuru Parakrama

December 11, Colombo (LNW): Chief Justice Murdu Fernando PC was formally welcomed to the Supreme Court as the nation’s 48th Chief Justice.

During the ceremonial sitting held in her honour, Justice Fernando pledged her dedication to upholding the integrity, independence, and dignity of the judiciary, vowing to serve as an impartial guardian of justice.

Fernando, who becomes the second woman to hold the esteemed office after Dr. Shirani Bandaranayake, expressed her firm belief in the importance of a judiciary that is transparent, accountable, and accessible to the people.

She stressed the need to strengthen the Rule of Law and continue to build a legal system that operates with fairness and equity.

Speaking to an audience of esteemed judges from the Supreme Court, Court of Appeal, High Courts, District Courts, and Magistrate’s Courts, Justice Fernando remarked, “The judiciary is like a steadfast army, tasked with defending the fortress of democracy against the threats of injustice. Our armour is the law, provided to us by the legislature, and our mission is to protect the rights and freedoms of our citizens.

Reflecting on her new responsibilities, she emphasised the profound role justice plays in the daily lives of the nation’s people.

Justice is not merely an abstract concept; it is a living force that influences the lives of families, communities, and the nation as a whole. As we look to the future, it is our solemn duty to ensure the rule of law is applied fairly and impartially, without bias or favour. Every individual who seeks justice in this institution, no matter their background, should find a system that listens, understands, and strives to protect their rights.

The Chief Justice’s comments resonated with a clear message of commitment to safeguarding justice for all citizens, ensuring that the legal system remains a beacon of impartiality and fairness.

She reiterated her vision for a judiciary that stands as a pillar of democracy, accountable to the people and unwavering in its role as an independent arbiter.

The ceremony began with speeches from key figures in the legal community, including Attorney General Parinda Ranasinghe (Jnr), PC, and the President of the Bar Association of Sri Lanka, Anura Meddegoda, PC.

Their remarks highlighted the significance of the occasion and the trust placed in Justice Fernando to lead the judiciary during this pivotal time.

In her closing remarks, Justice Fernando expressed heartfelt gratitude to those who have supported her throughout her journey, including her family, in-laws, extended family, and friends, who have been instrumental in her achievements.

She acknowledged the invaluable guidance and encouragement she has received from her loved ones, which has shaped her path to the highest office in the judiciary.