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Sri Lankan Prime Minister Ranil Wickremesinghe on Tuesday made an inspection tour of the mega Port City which is being constructed close to the Colombo Harbour in the island country's capital.

The Colombo Port City, which will be the first of its kind in South Asia, is being constructed by China Harbour Engineering Company Ltd.(CHEC).

Wickremesinghe, who was accompanied by several ministers, was briefed by the Port City management on the overall project and the present stage of construction.

This project which is also expected to be a financial center, will convert Sri Lanka into a global hub in the region, Wickremesinghe told reporters at the site of construction.

"The CHEC is reclaiming land from the sea to construct this city and we must make use of it. In the future, this Port City will have at least 75,000 people residing here and 200,000 people moving in and out of the city on a daily basis," Wickremesinghe added.

The prime minister added that the Colombo Port City will have many facilities and bring in new life to the Sri Lankan economy.

"The Colombo Port City will be one of a kind and we thank CHEC and the Megapolis and Western Development Ministry for their dedicated work towards the Port City," the prime minister said.

The Colombo Port City, launched in September 2014, will have many unique features such as a strong solar and wind power system, waste recycling and a treatment to harvest rain water.

There will be several pedestrians and cycle lanes while the city will be connected to Colombo through a Light Rail Transport system.

The Port City will also include residential buildings, schools, banks, shopping malls, a marina, parks, hotels and public beaches.

Once completed, the projected is expected to attract 15 billion U.S. dollars worth of investment into Sri Lanka.

(Xinhua)

Strict legal action will be taken against local government elections candidates in Sri Lanka who distribute monetary or material subsidies funded personally or from public money as a part of their election campaign, the Elections Commission Chairman Mahinda Deshapriya said.

Issuing a press release, Chairman Deshapriya pointed out that according to the Elections Ordinance distributing subsidies during the election campaigning is entirely illegal and considered a case of bribing. If any public officer or government institute is to violate election laws and directives issued by the Elections Commission, action will be taken against them by the Commission, the statement said.

Public officers and politicians involved in such actions should be held responsible for the misuse of public funds, Deshapriya pointed out. “The officers of the Elections Commission will take direct action against public officers and the Commission together with the police will also make submissions for court inquiries on breach of election law and politicians could pursue election petitions against such actions,” the statement said.

The Elections Commission observes that the political parties and candidates should refrain from acts such as distributing education materials, gifts, and contributing to religious institutes. The Commission states that complaints have been lodged against such activities, stating that they are also parts of election campaigning.

The Commission has directed Divisional Secretariats and other government bodies to refrain from distributing public funded aids among people until after 15th February, 2018, as it is a prolonged habit to use these programs as a part of the election campaign. “The divisional secretariats are advised to distribute only items such as livestock, plants, seeds and similar items which are difficult to be stored. Other items, which can be stored for several days, should remain in stores until 15th February,” the statement said.

The public is also advised not to accept public funded aids as a bondage to vote a particular political party, Chairman of the Elections Commission noted. “People must understand that by right they are entitled to receive these aids from the government. They will be made aware that these aids are provided by public money.” the statement said.

The Commission also observes that any statements justifying the distribution of financial and material aid to be groundless.

Concerns have been raised within business circles over the credibility of the Malaysian bidder for several assets of the EAP Group’s ETI subsidiaries.

It is reported that Malaysian businessman Sudhir Jayaram’s Straits Grid Pte Ltd., is leading a consortium of interested parties to bid for EAP Group’s television/media, cinemas, hotels, jewellery and financial services businesses. The five businesses are carried out by subsidiaries of Edirisinghe Trust Investments (ETI). Sudhir has submitted a bid worth $ 60 million (over Rs. 9 billion). Sources said there had been several rounds of negotiations on the deal prior to the ETI and other finance company Swarnamahal Financial Services Plc which were brought under the Central Bank’s purview yesterday.

Concerns are being raised over Jayaram due to a host of matters including alleged criminal acts such as money laundering. In November he was nabbed at the Bandaranaike International Airport prior to his departure with $ 50,000 in undeclared currency. His son and another individual also had $ 50,000 each in their possession while the fourth person carried $ 58,000. Thanks to political influence Jayaram was released without any penalty. Some said authorities have launched a full scale probe over the incident.

Jayaram is also part of the consortium, which includes SupremeSAT fame R. M. Manivannan, engaged in the $ 250 million Horton Square mixed development project at Colombo 7, which the Prime Minister-chaired Cabinet Committee on Economic Management (CCEM) has raised various questions over.

Jayaram was also named in the United Nations investigation into the famous Iraqi oil-for-food scandal in late 2000.

Concerns include whether the Central Bank will allow a party with alleged questionable character and allegations to run a deposit taking finance company i.e. Swarnamahal Financial Services. Doubts are also being raised over whether the Telecommunications Regulatory Commission (TRC) will issue a “no objection” letter to change the name of the owner of the frequency leased to Swarnavahini of the EAP Group. This is in the event Jayaram and his partners succeed in manoeuvring the EAP deal in their favour using political clout.

Other sources noted that with ETI and SFS being brought under direct purview of the Central Bank, fresh negotiations and bids may be sought. However the Central Bank has been in the know of the bid by Sudhir and questionable credentials of his consortium.

CB Chief details new investor negotiations

Central Bank Governor Dr. Indrajit Coomaraswamy yesterday, without disclosing names, said that there was a potential investor for ETI and negotiations have been ongoing.

“They initially reached a figure of $ 60 million to buy all nine subsidiaries which will leave only EFIF, and now that offer has gone up to $ 75 million net. While there is $ 75 million of fresh infusion of capital, one also has to take into account that the same party has given a loan of Rs. 400 million ($ 2.6 million) as liquidity support to ETFI and they are writing off that loan. In addition, they are going to take over SFSP, which has a negative net worth of Rs. 1.2 billion ($ 8 million). All together there is about $ 85 million worth of infusion in total,” he added.

Refraining from revealing the name of the company as the owners were negotiating with the investor, Dr.Coomaraswamy said: “It is a locally incorporated company. It is up to the owners to negotiate with the investors. Our responsibility is make sure the valuation of the assets of the company is sufficiently high to be fair by the depositors.”

For the last four to five months the potential investor has kept the company going by infusing Rs. 400 million and he has completed a due diligence. Therefore now the Monetary Board has to take a call on this $ 75 million fresh infusion, which he said the Monetary Board would make a decision on in a couple of days at the next meeting.

On top of that, he said the Central Bank was negotiating with a bank to have a safety net of a guaranteed standby credit line of about Rs. 5 billion as well. “It will be a loan to the company.”

Asserting that the Central Bank was doing the due diligence, he said there were two factors that are important, which is proof of funds and the fact that money must come from bank to bank.

“Those are the two conditions we have,” he said.

“Other companies that are facing problems are not as asset-rich as this company. That is why we are having such difficulties in getting investors into some of the other companies. Here there is an investor who is willing to pay a fairly reasonable price.”

Source : Daily FT

‘The Sunday Times’ quoting sources said that the report of the Presidential Commission which enquired in to the controversial Central Bank bond issue has named several key figures, including a number of politicians, and has recommended that stern action is taken against them.

However, according to the paper, these are unconfirmed reports.

Meanwhile, it is reported that the President is preparing to make a special statement to the media regarding the controversial report on the bond scam handed over to him on Saturday by the special Presidential Commission.

The statement is due to be issued on Wednesday (03). The president has also confirmed the news on his Twitter account despite sources claiming that the contents of the report will not be published prior to the local government polls.

"The content of the report should be immediately revealed to the public"

 Speaking regarding the issue leader of the JVP, Anura Kumara Dissanayake said the Bond report should be publicized.

 According to the MP the President along with the SLFP ministers recently made a pledge but it is a pointless exercise and should have been made at the Presidential election. “The President must act against corruption” he stressed.

A British tourist has been found dead in suspicious circumstances in Sri Lanka, according to local media reports.

The body is said to have been discovered this morning in a suburb of the country’s capital Colombo.

A Brit has reportedly been found dead in Colombo, Sri Lanka (Getty)

 The victim, who was found in Araliya Uyana in Maligawatta, has not yet been named.

But police are investigating the death, which is described as “suspicious”, according to Sri Lanka’s Sunday Times.

The 37-year-old was found with a wound on their face, according to a police spokesperson quoted by Ada Derana.

SP Ruwan Gunasekara reportedly said the Brit had arrived in the country on November 25 and had been due to leave yesterday but extended their visa until January 25.

Forensic officers and a canine unit are said to have been sent to the scene to hunt for clues.

And the local magistrate has begun an official inquiry into the mysterious death, it was reported.

Sri Lanka has been ranked as first in the South Asian region in the recently published Global Food Security Index 2017, and 66th in the Global Index.

The country was named first after being compared with another 113 countries.

Bangladesh and Nepal ranked 80th and Myanmar has been reported as 81st in the index. Pakistan is at 77th, and India secured the 74th position.

The Ministerial Committee on SriLankan Airlines is set to meet today with the resign offer of six members of the SriLankan Board likely to be taken up with expectations of a new board being appointed to make way for the restructuring of the troubled business entity, a top official confirmed.

The Committee headed by the Prime Minister Ranil Wickremesinghe will also carry forward the restructuring discussion on the cash-strapped national airline.

British consultant Nyras Consulting Company, specialising in the global aviation sector, was appointed to lead the restructuring of the carrier. The consultants, who have been tasked with restructuring and finding an investor for the airline, presented their first report to both committees last month.

The preliminary report by the consultants outlined a restructuring program under five broad areas - managing the right size and type of aircraft fleet, debt restructuring, tax concessions, network rationalising and fuel price - to restructure and improve its financial position. The consultants had expressed confidence in finding a suitable investor once the restructuring was complete.

The SriLankan Airlines Board of Management’s offer to resign from their posts came two days after this preliminary meeting. A letter detailing a board decision by six of the seven board members to offer to resign was submitted to the Prime Minister’s office on 22 December 2017, Sri Lankan Chairman Ajit Dias confirmed to the media later.

However, no decision has been taken on the offer since then. Public Enterprise Development Minister Kabir Hashim and ministry secretary Ravindra Hewavitharana both told the Daily FT that they were not officially informed about the offer made by the board.

However, it was speculated that the offer to resign may have stemmed from an earlier discussion within the official's committee suggesting that it would be more appropriate to appoint a new board to carry out the changes.

Source : Daily FT

The Presidential Commission of Inquiry to Inquire and Investigate into Serious Acts of Fraud and Corruption (PRECIFAC), delegated with the responsibility to investigate fraud and corruption that took place during the previous Rajapaksa regime will present its final report to President Maithripala Sirisena today.

The 1000 page report will highlight the Commission’s findings related to various cases and present recommendations on how to prevent and handle large-scale fraud and corruption in the future.

PRECIFAC Chairman, Court of Appeal Judge Preethi Padman Surasena will hand over the report to the President.

The other members, High Court judge Vikum Kaluarachchi, Piyasena Ranasinghe, Gihan Kulathunga and retired Auditor General P. A. Premathilake too will attend, Commission sources said.

The PRECIFAC during its tenure had investigated 34 major cases related to large-scale fraud and corruption at state institutions during the former regimes period. Earlier the Commission handed over 17 final reports on large-scale fraud and corruption to the President for further legal action.

The 17 reports include investigations into alleged fraud and corruption in connection to the distribution of water filters in the North Central Province, “Deyata Kirula” programme organised by the Ampara Urban Council, Port Authority- Mahapola Ship, report in connection with the Hector Kobbekaduwa Agrarian Research and Training Institution, State Pharmaceuticals Corporation, Disaster Management Centre, Polgolla Mahinda Rajapaksa Theatre, Health Ministry-Kidney Disease related equipment, report in connection with the Kandy District Hospital Director’s Office, KKS cement factory, Rupavahini Corporation, National Housing Development Authority, National Transport Board Commission, Sathosa report, National Youth Services Council, Health Services Supplier Division and Archeology Department- Deegawapi Chethiya.

The government by a Gazette Notification on March 10, 2015, established the PRECIFAC.

It was delegated the responsibility to investigate fraud and corruption that took place during the period from January 10, 2010, to January 10, 2015.

The house belonging to the Assistant Excise Commissioner of the North-Western Province, Leslie Jayantha Ranwaweera, was attacked with a hand grenade.

The attack had taken place while the Assistant Commissioner was in the house at around 1.00 am, today (02).

Police sources reported that three vehicles parked at the house have been damaged. Pannala Police have started conducting further investigations.

The website of Journalists for Democracy in Sri Lanka (JDS) which was not in operation for over two months has now been restored.

The website had crashed due to a technical fault but now has been up since January 1 the organization spokesperson Rohitha Bashana said. .

However, he added that the Sinhala website will need several more days to be restored to its original form.

Premier Ranil Wickremesinghe ratified the media guidelines imposed by the Elections Commission, to be followed by Electronic and Print Media during an election, today (02) at the Temple Trees. The document is due to be tabled in Parliament later today.

The Elections Commission issued the guidelines following the 19th Amendment to the Constitution, to ensure rightful exercise of franchise and a free and fair election, to be followed by all electronic and print media institutions and personnel involved.

The guideline states all telecasting, broadcasting and print media shall be neutral and impartial in their reporting of election related matters and shall not discriminate any contesting political party, independent group or a candidate, in allocating airtime and allotting space in the newspapers.

Photo: Lankadeepa

It is reported that the President is preparing to make a special statement to the media regarding the controversial report on the bond scam handed over to him on Saturday by the special Presidential Commission.

The statement is due to be issued on Wednesday (03). The president has also confirmed the news on his Twitter account.