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Laugfs reduces the prices of LP Gas

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CBSL imposes penalties on BoC and People’s Bank

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The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka (CBSL) has collected penalties amounting to Rs. 14 million in total from three financial institutions.

According to a CBSL press release, the FIU collected these penalties from Sep. 27 – Dec. 31 2023 from MMBL Money Transfer (Pvt) Ltd as well as from state owned banks – Bank of Ceylon and People’s Bank.

The CBSL said by the powers vested under Section 19 (1) read together with Section 19 (2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliance with the provisions of the FTRA.  The penalty may be prescribed taking into consideration the nature and gravity of the relevant non-compliance, it added.

Accordingly, as Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU collected the penalties has credited it to the Consolidated Fund.

The complete press release is as follows : 

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CPSTL inks pact with ‘Shell-RM Parks’

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The Ceylon Petroleum Storage Terminals (CPSTL) signed an agreement with US-based petroleum products distributor ‘Shell-RM Parks’ today (12 Feb.).

The relevant agreement was signed at the CPSTL Head Office, pertaining to the storage and distribution of fuel in Sri Lanka.

On 08 June 2023, the Government of Sri Lanka signed an agreement with RM Parks Inc., in collaboration with Shell Plc for a long-term contract for the importation, storage, distribution, and sale of petroleum products in Sri Lanka.

According to the newly signed agreement, CPSTL is now able to store and distribute ‘Shell-RM Parks’ petroleum products in Sri Lanka.

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Asia Capital appoints Raju Radha as MD

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Asia Capital PLC, a prominent player in the business landscape, has announced the appointment of Raju Radha as its new Managing Director.

Radha, previously serving as an Independent Non-Executive Director, has transitioned into the role of Executive Director, bringing a wealth of expertise and experience to his new position.

With a B.Sc. in Business Management from the University of London, Radha boasts a diverse background in various business domains, including shipping, logistics, media, property development, and trading.

His extensive career includes key roles such as Managing Director of Sea Services Ltd. (the first Sri Lankan ship-owning feedering company), Director of Greenlanka Shipping Ltd., and Chairman of Vauxhall Shipping Ltd. (a joint venture with Aitken Spence PLC).

Radha has played pivotal roles in media as the founder Director of Radaan Media Works India Ltd. and a Director of Radaan Talent Factory (a joint venture with Capital Maharaja).

Currently, he holds the position of Managing Director at SAR Shipping Ltd., SAR Maritime Ltd., SAR Trading Ltd., and serves as the Chief Operating Officer of Greenlanka Property Developer Ltd.

The strategic appointment comes amid a dynamic period for Asia Capital PLC, signaling a focused effort to leverage Radha’s extensive knowledge and leadership acumen. Malaysia’s Vijayeswaran S Vijayaratnam, controlling over 80% stake in Asia Capital, emphasizes a commitment to steering the company towards continued success under Radha’s guidance.

Raju Radha’s elevation to Managing Director is poised to contribute significantly to Asia Capital PLC’s ongoing growth and diversification initiatives, solidifying its position as a key player in the business landscape.

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