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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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Visit of CII CEOs delegation to Colombo (Pics)

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A CEOs delegation of the Confederation of Indian Industry (CII), led by Mr. Sanjiv Puri, Immediate Past President, CII and Chairman & Managing Director of ITC Limited, visited Colombo from 29 June to 02 July 2025. 

The visit followed an invitation extended by the President of Sri Lanka during his State Visit to India in December 2024. The delegation comprised over 15 prominent Indian business leaders representing diverse sectors including hospitality, manufacturing, energy, healthcare, textiles, and tourism, among others.

During the visit, the CII delegation also called on the President and the Prime Minister of Sri Lanka. The leadership briefed the Indian business representatives on the constructive measures undertaken by the government to foster a supportive economic climate, promote investment, and ensure fair and transparent business practices.

In addition, the delegation held wide-ranging discussions with several senior Ministers and officials of the Government of Sri Lanka, including the Minister of Energy; Minister of Industry and Entrepreneurship Development; Minister of Labour and Deputy Minister of Economic Development; Minister of Trade, Commerce, Food Security and Cooperative Development; and the Chairman of the Board of Investment of Sri Lanka. These discussions explored avenues for investment-led collaboration and sector-specific partnerships.

A key highlight of the visit was a CEOs’ Roundtable organised by the High Commission of India on 30 June at ITC Ratnadipa, in collaboration with the Ceylon Chamber of Commerce (CCC). The CCC delegation was led by Mr. Krishan Balendra, Chairman and CEO of John Keells Group. The Roundtable witnessed in-depth deliberations on strengthening bilateral economic cooperation and identifying new opportunities for collaboration. High Commissioner of India to Sri Lanka – Mr. Santosh Jha also participated in the interaction.

To mark the occasion, the High Commissioner hosted a networking reception that brought together prominent business leaders, senior ministers, and political leaders. The event also witnessed the participation of leading trade and industry chambers from across Sri Lanka.

The visit of the CII CEOs delegation successfully identified various areas of mutual interest for forging further economic linkages and trade connections. It also highlighted the commitment of apex Indian chambers of commerce, such as CII, to deepening existing economic ties, promoting investment-led partnerships, and exploring new avenues for collaboration between India and Sri Lanka.

The delegation included : 

  • Dr Nandini Rangaswamy – Chairperson, GRG Educational Institutions & Managing Director, Chandra Group of Companies
  • Dr S Chandrakumar – Founder & Executive Chairman Kauvery Group of Hospitals
  • Mr CK Ranganathan – Chairman & Managing Director CavinKare Pvt Ltd
  • Mr G R Anantapadmanaban – Managing Director GRT Group
  • Mr VKC Razak – Chairman, CII Kerala State Council & Managing Director of VKC Footgear Pvt. Ltd.
  • Mr Dipak Das – Managing Director Lanka IOC PLC
  • Mr Christo George – Convenor CII Kerala Manufacturing MSME & Export Panel, Chairman and Managing Director of Hykon India Limited
  • Mr Sohel Firoz Kazani – Founder and Managing Partner of Interport Impex Private Limited (Bharat Freight Group)
  • Mr Sunin Sunny – CEO of Ecospice Ingredients Pvt Ltd.
  • Mr Ravi Dolli – Member, CII Maharashtra Manufacturing Panel & CEO of Alloy Steels
  • Mr Rahul Nayak – Head of International Business TVS Motor Company
  • Ms Neerja Bhatia – Deputy Director General Confederation of Indian Industry
  • Mr Saikat Roy Chowdhury – Executive Director of International Confederation of Indian Industry
  • Mr Manish Mohan – Senior Director of International Confederation of Indian Industry

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Lanka IOC donates Rs. 100 mn. to the President’s Fund

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The Lanka Indian Oil Company (LIOC) has donated Rs. 100 million to the President’s Fund.

Mr. Dipak Das, Managing Director of Lanka Indian Oil Company, handed over the relevant cheque to Dr. Nandika Sanath Kumanayake, Secretary to the President, at the Presidential Secretariat today (July 04).

It is noteworthy that this donation is in addition to the contributions Lanka Indian Oil Company already makes to the education, health and cultural sectors in the country.

Mr. Roshan Gamage, Senior Additional Secretary to the President and a group of representatives from Lanka Indian Oil Company were also present at the occasion.

Mr. Das was a part of the CEOs delegation of the Confederation of Indian Industry (CII) who was in Colombo from June 29 – July 02.

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CBSL takes action against Nation Lanka Finance PLC

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The Central Bank of Sri Lanka (CBSL) has initiated resolution action against Nation Lanka Finance PLC (NLFP), effective from today (July 04) due to continuous violations of the Finance Business Act No. 42 of 2011 and related regulatory directives. 

The company has been facing a deteriorating financial position marked by capital deficiencies, poor asset quality, ongoing losses, and failure to repay depositors.

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