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TUs accuse SLT of being sold off to India ; Who is behind Adani – Subhashkaran deal?

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Trade Unions of Sri Lanka Telecom have requested President Ranil Wickremesinghe to scrap the Budget decision of selling Sri Lanka Telecom to foreign investors.

Presenting Budget 2023 in parliament, the President has stated that several SOEs such SriLankan Airlines, Sri Lanka Insurance, Sri Lanka Telecom, etc., have been earmarked for restructure.

Mr. Jagath Gurusinghe, Senior Vice Secretary of Telecommunication Workers Union, says that a series of extensive protests will be held islandwide from tomorrow (23) against the government’s decision to sell Sri Lanka Telecom to Lycamobile and the Adani Group.

The Telecommunication Workers Union held a media conference in this regard yesterday (21) at the Guru Madura Hall in Colombo.

Likening the SLT to a hen laying golden eggs, Mr. Gurusinghe said that the institution is like a dowry given to every government that is appointed every 5 years.

In addition to selling off such a profitable institution at such a ridiculously cut price deal, he added that the deal also poses a threat to the national security.

Noting that President Wickremesinghe requires funds in the treasury to maintain power, Mr. Gurusinghe said that the President is currently selling off institutions to fill up the coffers.

SLPP TUs also oppose

Meanwhile, the Trade Unions representing Sri Lanka Podujana Peramuna (SLPP) also opposed the above move.

Economic experts have pointed out that since nations with leading economies are moving towards an e-commerce world, a country’s communication system to remain in the hands of the state is crucial for its growth.

Also, defence analysts point out that with India already being involved in the printing of the country’s NICs, their second step would be venturing into the national communication network.

They point out that the loyalties of potential buyers – Adani and Lycamobile owner Subaskaran Alirajah, prominently lie with India.

Swarnawahini deal

It is said that Alirajah, a British citizenship holder, had heavily invested in the Bollywood industry.

Details pertaining to his recent investment in the local TV channel – ‘Swarnavahini’ remains under the wraps.

Back then, media reports had revealed that the State Intelligence Service had warned that several directors of the foreign investing company which obtained shares of the EAP owned ‘Swarnavahini’ media network, have direct links with the LTTE.On Nov. 15, 2019, the State Ministry of Defence had informed the TRCSL and the Ministry of Mass Media of this through the document number MOD / TEC / 01 / MGMR Network / 2019 (04).

A portion of the assets belonging to EAP Group of Companies was thus purchased by and on behalf of Ben Holdings (Pvt.) Ltd.

The company has also been able to indirectly obtain 60% ownership of Swarnavahini, violating the laws and regulations of Sri Lanka.  Ben Holdings (Pvt.) Ltd. holds 40% of shares while one Alex Lowell has obtained 20% of shares.

The remaining 40% is owned by Blue Summit Capital.

It was later revealed that Alirajah had provided funds for Ben Holdings (Pvt.) Ltd, Alex Lowell and Blue Summit Capital. to obtain the Swarnawahini shares.
It was also revealed that 03 prominent figures at Ben Holdings (Pvt.) Ltd. have direct links to the LTTE when the company was in the process of purchasing Max TV owned by MGMR Networks.

Before the deal was processed, directors of the purchasing company required a clearance certificate from the Ministry of Defence and this above information was revealed during the clearance process.

However, the security clearance process had not been required during the Swarnawahini deal because the license of the media channel was not a one obtained recently.Alirajah is also said to be a strong financial supporter of the British Conservative Party and former UK Prime Minister – John Major.

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No justification for coconut oil price hike – Coconut Development Authority

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The Coconut Development Authority has stated that there is no valid reason for a price increase of coconut oil in the local market.

CDA chairman – Prof. Roshan Perera has emphasized that there has been no tax hike on imported coconut oil.
Given the sufficient supply of coconut oil for domestic consumption, Prof. Perera asserted that any price increase is unjustifiable.

Additionally, a new regulatory program is being planned to control and stabilize coconut oil prices in the market, he added.

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Coconut oil price upped

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The price of a litre of coconut oil has been increased by more than Rs. 100, the National Consumer Front (NCF) has said.

NCF Chairman Asela Sampath said that the price of a litre of coconut oil has been increased by between Rs. 180 and Rs. 200. 

Accordingly, the current retail price of a coconut oil litre is Rs. 550.

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Registration compulsory for all money changers 

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The Central Bank has issued a notice making it compulsory for all money exchange institutions to be registered with the Central Bank and regulated by it. 

The CB order is in effect from 3 June 2024. 

The Central Bank states that all money changers who are currently not registered will now receive the opportunity to provide such services in a systematic and regulated manner. 

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