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Colombo Port City: Regulations gazetted to register offshore companies

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The Government has gazetted regulations to fully permit the registration of offshore companies in the Chinese-built Colombo Port City but the promulgation of a framework allowing incentives and exemptions to “businesses of strategic importance” (BSIs) is still overdue, official sources said.

The enactment of enabling legislation to allow for widespread activities within the Port City continues to lag, the sources pointed out.

For instance, guidelines for businesses to obtain operating licences were first published in late September. They said companies seeking permits to set up within the Port City area must pay a US$ 2,500 application fee and a US$ 2,000 annual fee to allow them to qualify as “authorised persons” in the specified areas.

But application forms for the registration of such businesses with the Registrar-General of Companies (RGC) were only gazetted two weeks ago. Accordingly, provided the required documents are in order, the RGC shall register a business as an offshore company within three days. And it will be entered into a Register of Offshore Companies-Colombo Port City Commission.

However, the Colombo Port City Economic Commission Act also makes provision for companies to be categorised as BSIs whereupon they will receive exemptions or incentives. These must be promulgated by regulation. But they are under discussion, the sources said, expressing concern that investor interest could flag. The classifications and definitions are yet to be decided upon, they said. As it stands, therefore, a company can be licensed and continue to operate under the directors of the Colombo Port City Economic Commission Act minus the incentives and exemptions it would receive if classified as a BSI, they said.

“The latest gazette should have come out two-and-a-half months ago,” one source pointed out. “But two gazettes were issued and one wasn’t. A lot of investor interest was built up. They are now waiting to see what incentives and exemptions they would qualify for. Bear in mind that Colombo Port City faces competition from a global perspective.”

In July, the Central Bank of Sri Lanka (CBSL) authorised a special class of bank account called the Colombo Port City Investment Account (CPCIA) exclusively to carry out business in the Port City Special Economic Zone (SEZ).

There are two types of CPCIAs—investor and investee. The accounts may be used by companies seeking to attract foreign currency from overseas to establish businesses.

Banks setting up within Port City will be licensed under the Colombo Port City Economic Commission Act for carrying out business within its area of authority. They will be governed by rules and regulations issued by the Commission and not CBSL. But the guidelines are formulated in consultation with the Monetary Board of Sri Lanka and the Finance Ministry.

(sundaytimes.lk)

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Consultant neurosurgeon further remanded

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The Colombo Magistrate’s Court has ordered to further remand Dr. Maheshi Wijeratne, a consultant neurosurgeon attached to the Sri Jayewardenepura General Hospital, until July 15.

Dr. Wijeratne was previously arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) and subsequently remanded.

Colombo Chief Magistrate Thanuja Lakmali issued the order after considering the facts presented by officials from the CIABOC and legal representatives of the defense.

The court also ordered the release on bail of two other suspects who had been remanded over the same case.

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Johann Peries returns after conquering highest peaks of all continents

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Sri Lankan mountaineer Johann Peries returned to the island this morning (08) after successfully summiting Mount Denali in Alaska, completing his remarkable journey to conquer the highest peaks on all seven continents.

Starting with Mount Kilimanjaro in Africa in 2014, Johann has now achieved the prestigious Seven Summits challenge — scaling the tallest mountain on each continent. His journey includes Mount Everest (Asia), Mount Elbrus (Europe), Aconcagua (South America), Mount Vinson (Antarctica), Mount Kosciuszko (Australia), and now, Mount Denali (North America).

Johann, a professional hairdresser and entrepreneur with salons in Colombo, London, and Australia, proudly planted the Sri Lankan flag atop each summit, earning international recognition and bringing pride to the nation.

Speaking at the Katunayake Airport, he announced plans to publish a book based on his mountaineering experiences and expressed hopes of promoting Sri Lanka as a premier destination for adventure tourism.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

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Presidential Secretariat declines to disclose names of PMD officials

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The Presidential Secretariat has informed social activist Anuruddha Bandara that the names of officials attached to the President’s Media Division (PMD) cannot be disclosed.

Senior Assistant Secretary to the President G.P.H.M. Kumarasinghe has conveyed the decision in a written response to an appeal filed by Bandara, who had sought details regarding all designations at the Presidential Secretariat, along with the names of appointees, their salaries, allowances and other benefits.

The Presidential Secretariat invoked Section 5(1)(a) of the RTI Act. Section 5(1)(a) of the Right to Information (RTI) Act No. 12 of 2016 of Sri Lanka relates to the exemptions under which a public authority may refuse to disclose information.

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