BIZ

Aliraja to buy state-owned shares in Telecom & Lanka Hospitals!

Published

2 years ago

March 23, 2023

editor

It was reported that Lycamobile owner Subaskaran Aliraja, who has become the ultimate owner of three radio and television channels in Sri Lanka, has offered to buy state-owned shares in Sri Lanka Telecom PLC and Lanka Hospital PLC.

The Cabinet approved to sell the shares owned by the state in these two companies.

In a notification to the Colombo Stock Exchange, Sri Lanka Telecom PLC and Lanka Hospital PLC said that the sale of these shares will take place as recommended by the State Enterprise Reform Unit established under the Ministry of Finance, Economic Stabilization and National Policy.

The Treasury holds 49.50% of the issued share capital of Sri Lanka Telecom PLC.

Meanwhile, 51.34% of the share capital of Lanka Hospital PLC is held by the Sri Lanka Insurance Corporation on behalf of the State.

How Aliraja owned TV & Radio channels!

Aliraja is currently the owner of EAP Broadcasting Networks which operates two television channels including Swarnavahini and 3 radio channels.

He also owns Sky Media Networks that operates two TV channels including Sitha TV and 3 Radio channels as well as Max Broadcasting Networks which operates one TV channel and radio channel each.

Although arrangements have been made to show this as a local investment, it is said that this is completely a foreign investment.

However, economists are of the opinion that Aliraja, who has made huge investments in the Indian film industry, taking over these media networks and telecom and communication networks will have a powerful impact on Sri Lanka’s national security and economy.

Swarnavahini deal

The media earlier reported how he invested money in Swarnavahini still remains a secret, and how he had credited the funds from an account which is not under his name to make the investment.

The State Intelligence Service informed the Telecommunications Regulatory Commission (TRC) and the Ministry of Mass Media that several directors of the foreign company, which bought shares of the EAP Group of Companies including the ‘Swarnavahini’ media network which was facing a financial crisis, had maintained close connections with the LTTE.

The Ministry of Defence has informed the TRC and the Ministry of Mass Media on November 15, 2019 through letter number MOD / TEC / 01 / MGMR Network / 2019 (04).

A portion of the assets of EAP Group of Companies had been purchased for Ben Holdings Pvt Ltd.

How Subaskaran violated Companies Act

Today, this company has been able to indirectly obtain 60% ownership of Swarnavahini by violating the laws and regulations of Sri Lanka.

This is because Ben Holdings Private Company has bought 40% of shares while an individual by the name Alex Lowell has bought the remaining 20% of shares.

Meanwhile, 40% of the shares owned by Swarnamahal, EAP Films and other companies belonging to the EAP Business Group are owned by a Singaporean company, Blue Summit Capital.

It was revealed that three members of Ben Holdings Pvt. Ltd had direct links with the LTTE when the company was attempting to buy MGMR Networks owned by MGM Networks Pvt. Ltd.

Before buying a TV channel, the directors of the company that was making the purchase must obtain a clearance certificate from the Defence Ministry. Accordingly, this information was revealed when they were trying to get the relevant clearance certificate.

The directors were not required to obtain clearance certificates from the Defence Ministry when buying Swarnavahini since the license of the TV station was old.

It was revealed that Subaskaran Aliraja, who was born in Mullaitivu, Sri Lanka and later moved to France and became a millionaire, has funded all parties including Ben Holdings Pvt. Ltd, Blue Summit Capital and Alex Lowell.

He is said to be a strong financial supporter of the British Conservative Party and former Prime Minister John Major.

BIZ

Announcement regarding VAT exemptions

Published

2 hours ago

April 17, 2025

editor

The Inland Revenue Department (IRD) has announced that locally produced liquid milk and yogurt are now exempt from Value Added Tax (VAT), following the enactment of the Value Added Tax (Amendment) Bill.

In a statement issued this week, the IRD clarified that the VAT exemption took effect on April 11, the day Speaker Dr. Jagath Wickramaratne endorsed the certificate on the Value Added Tax (Amendment) Bill in Parliament. The Bill was passed in Parliament on April 09.

The IRD emphasized that, to qualify for the exemption, liquid milk products must contain at least 50% fresh milk.

In addition, VAT was also removed on naphtha supplied by the Ceylon Petroleum Corporation (CPC) to the Ceylon Electricity Board (CEB) for electricity generation.

New tax obligations
Meanwhile, the amendment introduces new tax obligations for the digital economy. From October 01, VAT will be imposed on digital services provided by non-resident entities to consumers in Sri Lanka through electronic platforms. This move aligns with global trends in taxing cross-border digital services.

Further, the department announced that all individuals and entities engaged in the commercial import or export of goods are now required to register under the updated VAT framework.

BIZ

Several BoC branches closed early today!

Published

7 days ago

April 10, 2025

editor

Several branches of the state owned Bank of Ceylon (BoC) had closed their counters today (April 10) earlier than usual, inconveniencing customers, reports say.
Counters at certain BoC branches had closed at 12.30pm today, due to a result of a Trade Union action, reports add.

The BoC Board of Directors had previously approved an incentive for its employees based on the profit of the year 2024, and it is said that a delay in securing the Ministry of Finance’s approval for this had led to this situation.

‘Sri Lanka Mirror’ reached out to the Ceylon Bank Employees Union (CBEU) Chairman – Channa Dissanayake in this regard and was told that no bank branches were closed earlier than usual.

When we had insisted that certain branches had indeed closed their counters after 12.30pm and mentioned photographic evidence, Mr. Dissanayake’s phone line went dead.

BoC has been in the centre of controversy recently, after providing a hefty loan to Nawaloka Group which is already in deep debt.

Related News :

BoC’s loan to Nawaloka also grabs minister’s attention

BIZ

New Year ‘Kevili’ costs 7% more in 2025 than in 2024: report

Published

7 days ago

April 10, 2025

editor

The cost of preparing a traditional kevili or sweetmeats table for the Sinhala and Tamil New Year has increased by 7% in 2025 compared to 2024, and is now more than twice as high as it was in 2019, according to a report by Verité Research.
The analysis found a 7% rise in the cost of ingredients between March 2024 and March 2025, driven primarily by significant increases in the prices of coconuts and coconut oil, which rose by 80% and 40% respectively. Most other ingredients either remained stable or decreased in price.

In 2024, the cost of ingredients had increased by 2.2 times compared to 2019, and by 2025, this figure has risen to 2.4 times the cost in 2019.

A kevili table typically features a selection of traditional Sri Lankan sweet treats that symbolise prosperity and happiness. While contents vary across households, common items include milk rice, kokis, bananas, aluwa, kevum, dodol, mun kevum and butter cake.

The analysis used quantities based on recipes from the popular YouTube channel “Ape Amma,” estimating portions for a household of 4–5 people. Only main ingredients were considered in the costing; utility costs (electricity/gas) and spices were excluded. Price data was sourced directly from the Department of Census and Statistics, specifically from its Open Market Weekly Average Retail Prices in the Colombo District for the following periods: April Week 1 of 2019 and 2023, and March Week 3 of 2024 and 2025.

(dailymirror.lk)

(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff)