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

GP Certified launches to revolutionise plastic recycling

Published

16 hours ago

March 27, 2025

editor

In a significant step towards sustainable plastic waste management, Island Climate Initiative (ICI) officially launched GP Certified, Sri Lanka’s first certification mechanism for high-quality recycled plastics. The launch event, held in Colombo, brought together key stakeholders—including FMCG brands, recyclers, policymakers, and environmental advocates – to introduce the future of sustainable packaging in Sri Lanka.

Sri Lanka generates thousands of tonnes of plastic waste annually, yet only 4% is recycled. Most plastic waste is either burned or dumped into landfills, polluting our oceans and waterways. GP Certified aims to change this by promoting better recycling practices and encouraging FMCG companies to use recycled plastics in their packaging. This will reduce reliance on imported virgin plastics and less plastic waste will enter the environment.

The GP certification provides recyclers with clear industry guidelines to ensure plastics are recycled to higher standards under safe, ethical and environmentally responsible conditions. This means FMCG companies can confidently and safely use recycled plastics in their packaging, supporting a more sustainable circular economy.Speaking at the launch event, Mr Chaminda Rajapakse, Managing Director of Island Climate Initiative, stated: “With GP Certified, plastic waste becomes something useful – empowering our communities, strengthening local businesses, saving foreign exchange and protecting our island’s natural beauty.”

A key feature of GP Certified is its certification label, which will be displayed on FMCG packaging made with verified recycled plastic. This label guarantees that the packaging meets strict standards across three key areas: safety, ensuring that recycled materials comply with health and hygiene requirements; quality, verifying durability and usability in packaging applications; and sustainability, promoting ethical sourcing and responsible waste management.

This initiative will also help recyclers adopt best practices, provide better working conditions, and drive demand for recycled plastics in Sri Lanka’s FMCG sector.”The GP Certified initiative is a game-changer for the recycling industry. It ensures that the plastics we process meet high standards for safety and quality, which will not only boost consumer confidence but also increase demand for recycled plastics from the FMCG sector.” – Chullaka Hapuarachch, Ecopoly (Pvt) Ltd.
GP Certified is funded by the PLEASE Project, implemented by the South Asia Co-operative Environment Programme, supported by the World Bank, with implementing support from UNOPS.

BIZ

CBSL imposes penalties on Indian Bank & Amana Takaful Life PLC

Published

19 hours ago

March 27, 2025

editor

The Central Bank’s Financial Intelligence Unit (FIU) has fined two financial services’ providers a total of Rs. 03 million for violations during November-December 2024 under anti-money laundering laws.

Accordingly, the Indian Bank was imposed a fine of Rs. 2 million and Amana Takaful Life Rs. 1 million.

The penalties were imposed for non-compliance with the provisions of the Financial Transactions Reporting Act (FTRA), the banking regulator said in a media release.

The complete media release is as follows :

press_20250327_penalties_imposed_by_the_FIU_for_institutional_non_compliances_e Download

BIZ

Only $200 mn. in LCs have been opened for vehicle imports – CBSL Governor

Published

22 hours ago

March 27, 2025

editor

Governor of the Central Bank of Sri Lanka (CBSL) – Dr. Nandalal Weerasinghe has said that only around USD 200 million worth of Letters of Credit (LCs) have been opened so far for vehicle imports.

Speaking at the CBSL’s Monetary Policy briefing yesterday (March 26), the Governor announced the decisions of the Monetary Policy Board of the Central Bank of Sri Lanka (CBSL) made at the board’s meeting held March 25th for the second monetary policy review.

The Governor further said this year’s economic growth will depend on policies implemented within the year, mainly fiscal and structural policies.

He further mentioned that the Central Bank had anticipated managing around USD 1 billion for vehicle imports this year without difficulty.

However, as there are still about nine months remaining in the year, he stated that this amount is expected to be spent over that period.

Dr. Weerasinghe, who further clarified that the negative inflation is temporary, noted that it is mainly due to repeated reductions in electricity tariffs.

Deflationary conditions are expected to gradually ease in the third quarter of this year, moving toward the targeted level, he added.