June 27, Colombo (LNW): The High Court in Colombo has affirmed the decision to dismiss an appeal lodged by Ven. Thiniyawela Palitha Thera concerning a complaint against former Central Bank Governor Ajith Nivard Cabraal and former President’s Secretary Lalith Weeratunge.
The appeal was in relation to the government’s payment of US$ 6.5 million to a US Lobby Firm back in 2014.
The Fort Magistrate’s Court had previously dismissed the complaint, prompting Palitha Thera to appeal this decision.
However, the High Court’s recent ruling upholds the lower court’s dismissal, thereby maintaining the status quo on the case.
The case revolves around allegations regarding the payment made to a US Lobby Firm during the tenure of the former government.
June 27, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight depreciation against the US Dollar today (27) in comparison to yesterday, as per the official exchange rates released by the Central Bank of Sri Lanka.
Accordingly, the buying price of the US Dollar Rs. 300.69 from Rs. 300.52, and the selling price to Rs. 309.83 from Rs. 309.78.
The LKR, meanwhile, indicates appreciation against several other currencies, including Gulf currencies.
June 27, Colombo (LNW): Sri Lanka Central Bank’s Financial Intelligence Unit (FIU) has imposed penalties on DFCC Bank and Sampath Bank for non-compliance with the provisions of the Financial Transactions Reporting Act, the Bank said.
The Central Bank has collected Rs1 million from DFCC in March and Rs 2 million from Sampath Bank in April as penalties, it said.
DFCC “had failed to conduct adequate Customer Due Diligence (CDD) on an individual, including the requirement to obtain information on the source of funds/earnings as mandated by the Financial Institutions” as required by the law, the Central Bank said.
“It was observed that the amount deposited to the account was inconsistent with the customer’s anticipated Financial Intelligence Unit volumes from sources of income as stated in the account opening form,” the Central Bank said.
DFCC had also “failed to provide an acceptable and a valid reason for opening an account for the said individual whose permanent address, as given in the account opening application, at a location far away from the branch where the account was opened”, it said.
The lender had failed to recognize the suspicious activities related to the transactions of the individual and failed to file a Suspicious Transaction Report (STR) as well, the Central Bank said.
Sampath Bank was fined for creating and maintaining accounts where the account holder could not be identified, the banking regulator said.
“The business relationships of these customers could not be traced in the Core Banking System using identification data, such as National Identity Card numbers, as their information was not linked to these accounts,” it said in the statement.
“The Bank had failed to freeze funds, financial assets or economic resources of designated persons,” under United Nations Security Council Resolution, without delay as per UN regulation, the Central Bank said.
Sri Lanka reached a final restructuring agreement for USD 5.8 billion of debt with its bilateral lenders’ Official Creditor Committee in Paris, France.
Meanwhile, Sri Lanka today also signed debt treatment agreements with the Export-Import Bank of China (EXIM) in Beijing to restructure USD 4.2 billion of debt.
He stated that the necessary formal procedures are currently being implemented.“For those who truly love the country, this is a ‘good news’. Sri Lanka won,” he declared in the televised speech.
Wickremesinghe states that as Sri Lanka has reached agreements with the bilateral creditors, the international trust in the country will be increased.
June 27, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight depreciation against the US Dollar today (27) in comparison to yesterday at leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has increased to Rs. 299.89 from Rs. 299.74, and the selling price to Rs. 310.04 from Rs. 309.89.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 299.82 from Rs. 299.31, and the selling price to Rs. 309.50 from Rs. 309.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 300.75 from Rs. 300.50, and the selling price to Rs. 309.75 from Rs. 309.50.
June 27, Colombo (LNW): The International Monetary Fund (IMF) has hailed Sri Lanka’s recent finalisation of debt agreements with its key official creditors as a significant development.
IMF’s Senior Mission Chief for Sri Lanka Peter Breuer emphasised that these agreements mark a crucial milestone for Sri Lanka, bringing it closer to completing its debt restructuring and achieving sustainable debt levels.
“We anticipate rapid progress in reaching agreements with external private creditors in the near future,” Breuer told News1st.
These developments follow the concluded negotiations with the Official Creditor Committee (OCC) and China Exim Bank yesterday (26), representing substantial progress in stabilising its economic standing amidst recent financial challenges suffered by the island nation.
These agreements, totalling US$ 10 billion, involve restructuring arrangements with major bilateral lenders under the auspices of the OCC, co-chaired by Japan, India, and France.
Key committee members include Australia, Austria, Belgium, Canada, Denmark, Germany, Hungary, Korea, the Netherlands, Russia, Spain, Sweden, the United Kingdom, and the United States of America.
June 27, Colombo (LNW): China has expressed its readiness to collaborate with relevant nations and international financial institutions to assist Sri Lanka in achieving debt sustainability.
Speaking from Beijing, Chinese Foreign Ministry Spokesperson Mao Ning highlighted that the Export-Import Bank of China had preliminarily agreed on debt restructuring with Sri Lanka.
This agreement is pivotal for Sri Lanka’s fiscal reforms and gaining additional backing from global creditors.
Recently, Sri Lanka concluded debt treatment agreements in Beijing with China Exim Bank, aimed at restructuring US$ 4.2 billion in debt.
The President’s Media Division confirmed the signing of the Framework Agreement in Colombo, underscoring that this restructuring will provide substantial debt relief.
The move is expected to enable Sri Lanka to allocate more resources to essential public services and resume concessional financing for critical infrastructure development, as per the President’s Media Division.
Finance State Minister Shehan Semasinghe commented on the development, stating, “We are pleased to announce the signing of the debt treatment agreement with Export-Import Bank of China, restructuring USD 4.2 billion of Sri Lanka’s debt. This initiative forms part of our ongoing efforts to address the country’s financial challenges. The framework agreement, signed in Colombo, marks a crucial milestone in stabilising Sri Lanka’s economy and managing its debt crisis.“
We are pleased to announce that Sri Lanka signed debt treatment agreement with Export Import Bank of China to restructure USD 4.2 billion of its debt. This move is part of an ongoing effort to manage the country's financial challenges. The framework agreement for this debt… pic.twitter.com/zpKTZ8Je1s
June 27, Colombo (LNW): Agriculture Minister Mahinda Amaraweera revealed plans for a national week dedicated to the Youth Agri-Entrepreneurship Village Programme, scheduled from July 01 to 07.
This initiative aims to promote agricultural entrepreneurship among young people across 160 selected villages nationwide.
Speaking at a press briefing themed “Collective Path to Agricultural Stability” held at the Presidential Media Centre (PMC) yesterday (26), Minister Amaraweera outlined key agricultural strategies.
He highlighted the allocation of Rs. 10 million per village, totalling Rs. 1600 million, for developmental projects in the first phase.
Addressing agricultural challenges, Minister Amaraweera emphasised the importance of enhancing rice cultivation to achieve self-sufficiency.
He noted improvements in 2023, with rice production meeting the national requirement of 4.1 million metric tonnes, and outlined plans to double cultivation over the next five seasons.
Acknowledging issues in egg and milk production, the Minister announced a distribution of 160,000 chicks to entrepreneurs in the Youth Agri-Entrepreneurship Villages.
He also addressed concerns over coconut oil prices, proposing a reduction in the Rs. 150 per litre import charge to the Cabinet.
In response to rising fertiliser costs impacting crop yields, Amaraweera secured 55,000 metric tonnes of MOP fertiliser from the Food and Agriculture Organisation, which will be distributed free to paddy farmers for two upcoming seasons.
Additionally, subsidies for tea fertilisers are being provided at a 50 per cent discount through government-owned companies, costing Rs. 12 billion.
The initiatives aim to bolster agricultural productivity and support rural entrepreneurship amidst current challenges.
June 27, Colombo (LNW): Foreign Minister Ali Sabry is set to embark on an official visit to Japan starting July 01, at the invitation of his Japanese counterpart Yoko Kamikawa.
During the visit, Minister Sabry will engage in bilateral talks with his Japanese counterpart, aiming to build on the progress made during Minister Kamikawa’s visit to Sri Lanka in May 2024.
In addition, Minister Sabry is scheduled to meet with several high-ranking officials, including Chief Cabinet Secretary Yoshimasa Hayashi.
The Foreign Minister will be accompanied by senior officials from the Ministry of Foreign Affairs.
June 27, Colombo (LNW): Amid rising public discontent and complaints regarding the poor quality of food served in school and hospital canteens, Public Health Inspectors (PHIs) are intensifying their efforts with increased inspections nationwide.
Upul Rohana, President of the PHI Union, highlighted the widespread dissatisfaction with the food standards.
He disclosed that the PHIs have been inundated with complaints about the substandard quality of meals being provided.
According to the School Canteen Policy guidelines, canteens are required to limit deep-fried, high-sugar, high-salt, and high-fat foods, as well as eliminate junk food.
However, reports indicate a lack of enforcement, prompting PHIs to take decisive action.
The PHIs are committed to ensuring adherence to food quality standards through comprehensive inspections and raids, Rohana asserted.
There have been delays in taking necessary actions against non-compliant canteens in an ‘extremely slow’ progress, a report by Daily Mirror disclosed, citing comments from a non-disclosed senior Health Ministry official.
The official urged the public to report any issues directly to Medical Officers of Health (MOH) and encouraged the use of the hotline 0112112718 to lodge complaints regarding substandard food quality in canteens.
June 27, Colombo (LNW): The Samagi Jana Balawegaya (SJB) has raised concerns regarding the government’s decision to develop wind power stations in Mannar and Pooneryn in partnership with India’s Adani Green Energy Limited.
At a recent briefing, former SJB MP Ajith P. Perera accused the government, particularly President Ranil Wickremesinghe and Minister of Power and Energy Kanchana Wijesekera, of engaging in large-scale financial malpractice by granting the wind power project to Adani Green Energy.
Perera highlighted that the government had agreed to purchase power at $0.0826 per KW from the proposed wind power stations to be developed by Adani Green Energy.
He criticised the decision, stating that the project had been awarded without a competitive tender process, resulting in a projected loss of millions of dollars for Sri Lanka over the next 20 years.
In support of his claims, Perera noted that WindForce PLC, which holds a 100% stake in Hiruras Power (Pvt) Ltd, had proposed a wind power project at nearly half the cost quoted by Adani.
WindForce PLC had won a tender from the Ceylon Electricity Board (CEB) to build a 50 MW wind power station in Mannar, offering electricity at $0.0488 per KW.
Perera concluded by asserting that the government’s decision to proceed with Adani Green Energy’s more expensive proposal constitutes a significant financial fraud, potentially costing Sri Lanka over a billion US dollars.
