BIZ

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

Published

1 year 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

Sri Lanka’s first strawberry cultivation model village in Nuwara Eliya

Published

15 hours ago

April 25, 2024

editor

The Department of Agrarian Development has made arrangements to establish Sri Lanka’s first strawberry cultivation model village in Nuwara Eliya.

The Minister of Agriculture and Plantation Industries, Mr. Mahinda Amaraweera, advised the Department of Agrarian Development to start this strawberry model cultivation village under the program initiated by the government to acquaint the farmers with the new crops that have been exported using new technology. Accordingly, the Department of Agrarian Development took steps to start this strawberry cultivation.

Under this arrangement, 40 farmers in Nuwara Eliya have been selected and arrangements have been made by the Department of Agrarian Development to provide the farmers with the financial allocation, strawberry plants required for cultivation as well as the new technology and water supply required for cultivation.

Especially for this cultivation, one farmer spends about Rs.1.3million of which 750,000 rupees have been provided by the Department of Agrarian Development without any recovery.

The remaining amount of 06 lakhs will be borne by the farmers engaged in the respective cultivation.

Under this, the Department of Agrarian Development will provide an amount of Rs.30 million to these 40 farmers for strawberry cultivation.

This strawberry cultivation is done in net houses in Nuwara Eliya and 40 net houses have been prepared so far. All of these safe houses can be fully automated by a remote control application.

Arrangements have been made to import the strawberry plants required for this cultivation to Sri Lanka before the end of this month. Approximately more than 300 strawberry plants are grown in one net house. The Commissioner General of the Department of Agrarian Development Mr. A.M.H.L.Abeyrathna said that steps will be taken to start cultivation as soon as the plants are received in Sri Lanka.

This strawberry cultivation is going to be cultivated locally as well as for export and the Department of Agrarian Development has already organized the necessary facilities to buy the harvest from the farmers.

Commenting on this, Minister Mahinda Amaraweera said that this first strawberry cultivation model village will be established under the Youth Agricultural Entrepreneurship Village program, which was started with the aim of attracting the youth community to agriculture, especially to generate high yield and income by using new technology, as well as the dollars needed by the country. He also mentioned that earning should be the aim of this work arrangement.

(dailynews.lk)

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

BIZ

ITC Ratnadipa Colombo launched (Pics)

Published

15 hours ago

April 25, 2024

editor

President Ranil Wickremesinghe declared open the super-luxury hotel ‘ITC Ratnadipa Colombo’ which boasts Sri Lanka’s first ever sky bridge ‘AHASA ONE’ connecting two towers at a height of 100m above the ground.

ITC’s Hotel Group, one of India’s leading luxury hotel chains, is reported to have invested close to INR 3,000 crore in the luxury Sri Lankan property, which is being set up under a subsidiary WelcomHotels Lanka. The luxury hotel – ITC Ratnadipa in Colombo – reportedly features about 352 rooms.

The USD 500 million + ITC development, comprising the Sapphire Residences and super-luxury hotel ITC Ratnadipa, occupies pride of place at the centre of Colombo’s most prestigious ocean front location.

Overlooking the Galle Face and the Indian Ocean on one side and the Beira Lake on the other, this landmark is already redefining the city’s skyline.

Speaking at the event,President Ranil Wickremesinghe expressed his dedication to fostering an economic landscape in the nation that would prevent future struggles among its citizens. Emphasizing the swift reconstruction of the economy within a mere two-year span, he underscored his resolve to elevate the standard of living by fortifying the economy’s resilience.

extended a warm welcome, the President said, “ITC welcome to Sri Lanka.” He highlighted the prominent hotels in the vicinity, including the historic Galle Face Hotel which is bestowed as the first five-star hotel in Asia, the Taj Hotel from India and the Shangri-La Hotel from Singapore. He emphasized the significance of the newly established ITC Ratnadipa Hotel, positioned among these esteemed establishments by its height. He mentioned the forthcoming Cinnamon Life project located behind the hotel.

Prime Minister Dinesh Gunawardena, former Presidents Chandrika Bandaranaike Kumaratunga and Gotabhaya Rajapaksa, along with a host of ministers and dignitaries including Minister Ali Sabry P.C., Minister Prasanna Ranatunga, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayaka, former Minister Ravi Karunanayake and Indian High Commissioner to Sri Lanka H.E. Santosh Jha, were among the distinguished guests present at the event. Also in attendance were General Shavendra Silva and the Chairman and Managing Director of ITC Ltd Mr. Sanjiv Puri among others.

BIZ

CBSL urged to seek overseas travel ban against Dharmasena

Published

22 hours ago

April 25, 2024

editor

Chairman of the ‘Magen Ratata’ organization – Sanjaya Mahawatta has submitted a formal complaint to the Governor of the Central Bank of Sri Lanka (CBSL), with regard to the “Pintanna Plantation” cultivation project founded by former cricketer – Kumara Dharmasena.

In his complaint, Mr. Mahawatta says that the project is accepting investment deposits from the public without a license from the CBSL to do so.

Noting that this project has misled the public and accepted deposits violating the provisions of the Part II of the Finance Business Act. No. 42 of 2011, Mr. Mahawattha’s complaint further notes that the project is being advertised on print media and on Facebook.

Overseas travel ban

Noting that there is a possibility of Mr. Dharmasena fleeing with these funds, Mr. Mahawatta has also urged the CBSL to seek an overseas travel ban against Mr. Dharmasena.

In a recent media briefing, the CBSL had stated that it is illegal to obtain investments from the public for cultivation projects such as Agarwood, Vanilla, Mango, Teak etc. in the promise of high interest rate returns. The CBSL added that their Non-Banking Financial Institutions Supervision Department has initiated a comprehensive investigation on such companies.

Speaking, Assistant Governor of the CBSL – K.G.P. Sirikumara had said that it was a criminal offense to go against the rates implemented by the CBSL and accept deposits from the public.

Only companies authorized by the CBSL are legally allowed to accept such deposits, he pointed out.

The CBSL further disclosed that they are looking into details pertaining to the former cricketer’s project.