Connect with us

News

CoPF questions action taken to recover losses incurred by the Sugar Tax Scam

Published

on

The Committee on Public Finance questioned the officials representing the Ministry of Finance regarding the action taken to recover the loss incurred by the Sugar Tax Scam in Sri Lanka.

The Committee expressed its displeasure as the Ministry of Finance has failed to take action in this regard as yet.

The matter arose at the Committee on Public Finance held recently (08) in Parliament under the Chairmanship of the protem Chair Patali Champika Ranawaka, in the absence of its Chair Dr. Harsha de Silva.

The Committee questioned as to why the Inland Revenue Department in consultation with the Attorney General has not yet taken action on this regard. Accordingly, officials representing the Ministry of Finance stated that they have been updating the Committee on Public Accounts (COPA) regarding the progress and that the Attorney General’s Department has advised that as there was a case pending on this regard, proceeding forth would follow post the determination.

The Committee then inquired whether action could be instituted if the relevant parties withdrew the pending case in court. Accordingly, the Committee requested the Attorney General’s Department to have the Committee informed regarding the stated concern with immediate effect.

The Committee also raised concerns over the failure of the Ministry of Finance to have the Committee informed regarding the issues raised previously pertaining to the Regulations published in the Gazette issued under the Regulations under the Imports and Exports Controls Act on wheat flour.

Furthermore, the Regulations under the Imports and Exports Control Act, No. 1 of 1969, published in the Gazette Extraordinary No. 2336/45 which was presented to Parliament on 18.07.2023 taken up at the Committee on Public Finance dated 21.07.2023, was also taken up for discussion. The protem Chair Hon. Patali Champika Ranawaka stated that unless the order process of wheat flour has begun, license for the importation of wheat flour is restricted and the present context has created a flour duopoly. The Committee inquired the action and progress on this regard.

Moreover, the Committee took into Consideration the Appropriation (Amendment) Bill 2023 and was approved by the Committee.  The borrowing limit of Rs.4,979 billion has been increased to Rs. 13,979 billion under the Appropriation Act No. 43 of 2022. Accordingly, 9,000 billion rupees for re-issuance of debt ceiling needs has been revised. As a provision to the Department of Treasury Operations for repayment of loans Rs. 4,222.23 billion to Rs. 13,222.23 billion expenditure limits will be increased by amending sub-section 2 (4) of the Act and the Second Schedule.

BIZ

Adani decides to withdraw from wind energy project in SL

Published

on

By

Adani Green Energy has decided to withdraw from its proposed wind energy project in Mannar, Sri Lanka.
The company has conveyed this decision in a letter addressed to the chairman of Sri Lanka’s Board of Investment.

“It was learnt that another Cabinet appointed negotiations committee and Project Committee would be constituted to renegotiate the project proposal,” the company wrote in a letter, a copy of which was seen by Reuters, addressed to the chairman of Sri Lanka’s Board of Investment.

“This aspect was deliberated at the Board of our company and it was decided that while the company fully respects the sovereign rights of Sri Lanka and its choices, it would respectfully withdraw from the said project,” the letter added.

Adani Green Energy is a part of Indian billionaire Gautam Adani’s Adani Group.

Continue Reading

News

AG withdraws recommendation on Lasantha murder suspects

Published

on

By

The Attorney General has informed Mt. Lavinia Magistrate’s court that the recent recommendation made by him regarding the suspects involved in the murder of Sri Lankan journalist – Lasantha Wickrematunge will be suspended temporarily.

The AG has informed the Court of this in writing today (Feb. 13).

In a letter sent to the Director of the CID on Jan. 27, the Attorney General had previously provided his legal advice, regarding the release of three individuals.

Continue Reading

News

UAE – SL reaches agreement to strengthen economic & investment relations

Published

on

By

 
Coinciding with the President’s three-day official visit to the United Arab Emirates (UAE) to attend the World Governments Summit 2025, Sri Lanka and the UAE reached an agreement on Reciprocal Promotion and Protection of Investments to strengthen economic and investment relations between the two countries.

The agreement was signed by Mohamed Bin Hadi Al Hussaini, UAE’s Minister of State for Financial Affairs, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs.  

This bilateral agreement establishes a secure legal framework to expand investment opportunities in global markets while ensuring the protection of foreign investments.  

The purpose of this agreement is to facilitate and strengthen foreign investments between the two nations by ensuring investor rights protection, promoting economic cooperation, and establishing comprehensive investment protection mechanisms, dispute resolution frameworks, and policy structures. This agreement will also contribute to strengthening global economic partnerships and creating opportunities for exploring new investment prospects in Sri Lanka.

This agreement underscores the importance of bilateral economic development and financial stability while demonstrating the commitment of both the United Arab Emirates and Sri Lanka to strengthening economic cooperation. It aims to foster trade and business expansion in Sri Lanka while promoting a transparent and stable investment environment.

Furthermore, this agreement also highlights Sri Lanka’s commitment to enhancing Foreign Direct Investment (FDI) and fostering a more attractive investment landscape. By enhancing investor confidence, it is expected to generate new business opportunities and contribute to economic progress.  

Ultimately, this agreement will reinforce the long-term partnership between the UAE and Sri Lanka, facilitating sustainable investments and advancing trade and financial collaborations between the two countries.  

(President’s Media Division)

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved