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Cabinet approval for restructuring of ISBs

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The Cabinet of Ministers has approved the proposal for the restructuring of international sovereign bonds by way of swapping existing bonds for new bonds in accordance with the parameters indicated in the debt sustainability analysis conducted by the International Monetary Fund (IMF).

In June 2024, the Government of Sri Lanka reached a final agreement on a debt restructuring with members of the Official Creditor Committee (OCC) of major bilateral lenders.

In September 2024, an agreement in principle was reached with international bondholders on a sovereign debt restructuring of approximately USD 14.2 billion in principle, following consensus discussions with the AdHoc Bond Holders, a group of international investors representing sovereign bondholders, and the Local Consortium of Sri Lanka.

Accordingly, the Cabinet approval has been granted for the proposal presented by President Anura Kumara Dissanayake for the restructuring of international sovereign bonds by way of swapping existing bonds for new bonds following an analysis conducted by the Financial and Legal Advisors of the Government of Sri Lanka on the impact on the Sri Lankan economy, taking into account the composition of Sri Lanka’s international sovereign debt, investors and settlements, and in accordance with the parameters indicated in the debt sustainability analysis conducted by the IMF under the provisions of the Extended Fund Facility (EFF) program for Sri Lanka.

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Faiszer Musthapha’s name gazetted as MP

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Former Minister Faiszer Musthapha’s name has been gazetted by the Election Commission as a National List MP of the National Democratic Front.

The NDF contested under the symbol of a Gas Cylinder at the recently concluded General Election.

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CID ordered to develop program to reimburse ‘Onmax DT’ depositors

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The Criminal Investigation Department (CID) has reported to the Colombo Magistrate’s Court that a total of 2,017 complaints have been filed by depositors who claim to have been cheated out of their money after investing in ‘Onmax DT,’ a private firm alleged to have been operating a pyramid scheme.

According to the CID, the total estimated financial losses incurred by the complainants amounts to around Rs. 2.96 billion.

During a hearing before Colombo Chief Magistrate Thilina Gamage today (11), CID officials disclosed that a total of 865 new complaints have been received since the last hearing, and that additional complaints continue to be received.

Nine suspects, including the directors of Onmax DT, appeared before the court for the hearing. The CID further informed the court that three other suspects remain overseas, and open warrants have been issued for their arrest.

Investigations against the suspects are being conducted under the Prevention of Money Laundering Act and the CID revealed that inquiries into two suspects have been completed and the excerpts of the investigations have been referred to the Attorney General.

Additionally, the CID officials informed the court that properties belonging to the suspected directors have been identified in foreign countries, including Australia, and investigations are being carried out in collaboration with the INTERPOL.

Colombo Chief Magistrate Thilina Gamage instructed the CID to immediately develop a program to reimburse the depositors who suffered financial losses.

The court ordered the CID to present an update on the progress of the investigation at the next hearing, scheduled for February 5, 2025.

(adaderana.lk)

(This story, originally published by adaderana.lk has not been edited by SLM staff)

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New Naval Attaché at Chinese embassy in SL calls on Navy commander (Pics)

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The new Naval Attaché at the Embassy of the People’s Republic of China in Sri Lanka, Senior Captain Zheng Zhaoping called on Commander of the Navy – Vice Admiral Priyantha Perera at the Navy Headquarters on Dec.10.

During the ensuing meeting, they exchanged views on several matters of bilateral importance, and the cordial discussion drew to a close with an exchange of mementoes, as a gesture of goodwill and cooperation.

Director General Health Services, Rear Admiral Janaka Marambe, Director General Operations, Rear Admiral Buddhika Liyanagamage, Director Naval Operations, Commodore Aruna Weerasinghe and Defence Attaché at the Embassy of the People’s Republic of China in Sri Lanka, Senior Colonel Zhou Bo were present on this occasion.

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