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CBSL reiterates OnmaxDT & MTFE are pyramid schemes

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Participating in pyramid schemes is a punishable offence, the Central Bank of Sri Lanka (CBSL) reiterated in a new statement.

According to the statement, the CBSL has taken steps to ban nine identified institutions so far.

Accordingly, the CBSL has determined that these entities conduct and/or have conducted prohibited schemes in contravention of the provisions of Section 83C of the Banking Act No. 30 of 1988.

Any person who directly or indirectly initiates, offers, promotes, advertises, conducts, finances, manages or directs a scheme in contravention of the provisions of the Banking Act shall be guilty of a punishable offence, it said.

Meanwhile, the Central Bank rejected the claim of certain elements that it has reached some agreements with the nine institutions which have been determined as conducting/having conducted pyramid schemes.

Accordingly, the CBSL has requested the Attorney General to consider instituting criminal proceedings in terms of the provisions of Section 83C of the Banking Act against these institutions.

The nine institutions are:

1. Tiens Lanka Health Care (Pvt) Ltd.
2. Best Life International (Pvt) Ltd.
3. Global Lifestyle Lanka (Pvt) Ltd.
4. Mark-Wo International (Pvt) Ltd.
5. V. M. L. International (Pvt) Ltd.
6. Fast 3Cycle International (Pvt) Ltd (F3C)
7. Sport Chain App, Sports Chain ZS Society Sri Lanka
8. OnmaxDT
9. MTFE App, MTFE SL Group, MTFE Success Lanka (Pvt) Ltd and MTFE DSCC Group (Pvt)Ltd.

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Wijedasa requests Speaker to summon key officials of JSA

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Justice Minister Wijeyadasa Rajapakshe has formally requested the Speaker to summon key officials of the Judicial Service Association (JSA) to the Committee on Privileges. 
This follows a JSA statement, which the Minister alleges, has breached his parliamentary privileges.

In a letter addressed to the Speaker, Minister Rajapakshe highlighted his concerns regarding the recent statement made by the Chairman and Secretary of the JSA.

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Five-member judge bench appointed to hear ex-Navy chief’s writ

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The Court of Appeal has decided for the writ petition filed by former Sri Lanka Navy Commander Wasantha Karannagoda over the alleged abduction of 11 youths in 2008 and 2009, to be taken up for hearing before a five-member judge bench.

The former Navy Chief has filed the relevant petition seeking an order preventing the hearing of a case filed before the Colombo High Court against him and several others, related to the alleged abduction of 11 youths in Colombo and its suburbs in the 2008 and 2009.

Accordingly, the petition will be taken up for hearing before a five-member judge bench comprising Justices Menaka Wijesundera, Sampath B. Abeykoon, Mayadunne Corea and Chamath Morais on September 25, 2024.

The petitioner’s attorney has alleged through this petition that despite the investigations into the case stretching out for 10 years and statements being recorded from over 150 persons, the police had failed to uncover evidence to prove his client guilty of abducting and killing the said 11 youths.

(adaderana.lk)

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

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Rulers can’t decide whether country isn’t bankrupt anymore – Sajith

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Opposition leader Sajith Premadasa has slammed the government, saying that rulers themselves cannot decide if the country is bankrupt any longer.

He said that making the relevant  decision is up to international rating agencies, and they are yet to find the country eligible to be so.

“When the debt repayment system is prepared, the international rating companies such as Fitch, Moody’s, and Standard and Poor’s, will use the financial data to declare whether our country is bankrupt or not because our country has entered into a debt repayment system,” he pointed out. 

“One of the reasons for the decline of this country is the deception, desperation and trickery of the people. The people of a bankrupt country should pay attention to the information and data provided by international financial rating agencies which decide whether the country is bankrupt or not,” he added.

Mr. Premadasa was speaking after donating smart classroom equipment to St. John’s College, Kalutara yesterday (June 24).

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