News
ETI properties sold illegally: Swarnavahini deal also questionable
The Presidential Commission of Inquiry (PCoI), which was appointed to investigate irregularities in the Edirisinghe Trust Investments (ETI), has revealed that ETI properties had been sold illegally.
The PCoI said that money has also been laundered during the sale of the properties.
The commission has indicated that the government can seize the property and take legal action against the Edirisinghe family under the criminal law.
This PCoI was appointed in January 2020 by former President Gotabaya Rajapaksa to find out if irregularities had taken place when selling properties owned by the ETI group, with the intervention of the Central Bank, to pay back the depositors.
The Commission was headed by former Supreme Court Judge K.T. Chithrasiri and included former Solicitor General Suhada Gamlath and senior banker D.M. Gunasekara.
Meanwhile, this commission has also been entrusted to find out whether the sale of Swarnavahini media network to several companies including Ben Holdings is against the law.
The President has given instructions to relevant departments to take necessary actions regarding the commission’s recommendations.
The office-bearers of Ben Holdings at the time of the purchase of Swarnavahini.
A threat to national security!
Meanwhile, media reports earlier 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 November 15, 2019, the State Ministry of Defence had informed the Telecommunications Regulatory Commission of Sri Lanka (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 purchased by Ben Holdings (Pvt.) Ltd.
The company has been able to indirectly obtain 60% ownership of Swarnavahini, violating the laws and regulations of Sri Lanka.
It was also revealed that three 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 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 obtained recently.
It was later revealed that Lyca Group Chairman Subaskaran Allirajah had provided funds for Ben Holdings (Pvt.) Ltd, Alex Lowell and Blue Summit Capital to obtain Swarnawahini shares.
Allirajah is also said to be a strong financial supporter of the British Conservative Party and former UK Prime Minister – John Major.
Meanwhile, Sri Lanka Mirror previously reported that there is a risk of EAP Group of Companies being confiscated based on this situation.
A post is also circulating on social media regarding this information.
The post is shown below
Interesting developments
Meanwhile, it was interesting to note that the members of Maha Sangha presented Vishwa Keerthi, Sri Abhimana, Sri Janaranjana Deshabhimana award to Lyca Group Chairman Allirajah at the historic Sri Purvarama Vihara, Matara recently.
The award is said to be given on the basis of meritorious service, talent and conducting an exemplary life.
BIZ
Adani denies cancellation of power purchase deal with SL
India’s Adani Group has denied the cancellation of its $440 million power purchase deal with Sri Lanka, terming the reports as “false and misleading”.
The media statement notes that “the Sri Lankan Cabinet’s decision of 2 Jan 2025 to reevaluate the tariff approved in May 2024 is part of a standard review process, particularly with a new government, to ensure that the terms align with their current priorities and energy policies.”
“Adani remains committed to investing $1 billion in Sri Lanka’s green energy sector, driving renewable energy and economic growth,” it adds.
The media statement comes after the AFP reported that the new Sri Lankan government has revoked a power purchase agreement with Indian conglomerate Adani Group following allegations of corruption.
The deal had initially approved to purchase electricity at US$0.0826 per kilowatt hour from the proposed Adani wind power plant, which is to be built in the Northern region of Sri Lanka.
Several activists had challenged the agreement, arguing that smaller renewable projects were selling electricity at two-thirds the price of Adani, the AFP had further reported.
In addition, the project is also facing separate environmental concerns.
While President Dissanayake’s cabinet has revoked the 20-year deal power purchase deal signed in May 2024, it has not cancelled the project and has appointed a committee to review the project, the AFP reported, citing an official document and an energy ministry official.
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