News

Mitsubishi to end operations in Sri Lanka after six decades!

Published

1 year ago

February 10, 2023

editor

Mitsubishi Corporation, one of the leading business enterprises of Japan, has decided to end its operations in Sri Lanka next month.

Among reasons to close the office are Sri Lanka’s default of external debt, the cancellation of several Japanese project proposals including the light rail project, the bio gas project and adverse international ratings and economic outlook.

Mitsubishi played a significant role in the bilateral relationship between Japan and Sri Lanka while contributing to the business of many Sri Lankan companies.

The decision to end operations in Colombo by March 31 had been a shocking news to the private sector while local and foreign companies have said that Sri Lanka will suffer a major setback due to this decision.

Japan is Sri Lanka’s largest lender and Sri Lanka owed Japan USD 2.46 billion as of September last year.

Sources said that the Sri Lanka office was one of the first offices Mitsubishi opened overseas.

Mitsubishi was a key operating partner in several projects funded by the Japan International Cooperation Agency (JICA).

Although the Colombo Mitsubishi office has only a staff of 20, the company’s business and projects have provided livelihood to thousands of Sri Lankans.

News

Sannasgala arrested

Published

44 mins ago

April 25, 2024

editor

Popular tutor and social media personality – Mr. Upul Shantha Sannasgala has been arrested.

According to reports, he has been arrested over failing to return a borrowed sum of Rs. 01 million to an individual within a month’s time as promised.

He is to be produced before the Welisara Magistrate Court later today.

Further investigations are underway.

(Source : Lankadeepa)

News

Parliament approves 3-month paid leave for Sampanthan

Published

1 hour ago

April 25, 2024

editor

Parliament today (April 25) approved a request to provide a 03 month-long paid leave for former Opposition leader and Trincomalee District MP – R. Sampanthan.

The Opposition Chief Whip Lakshman Kiriella has made the request which was seconded by Tamil National Alliance MP – Charles Nirmalanathan.

MP Sampanthan, who is 91 years of age, is currently in poor health.

(Source : Lankadeepa)

BIZ

CBSL urged to seek overseas travel ban against Dharmasena

Published

2 hours ago

April 25, 2024

editor

Chairman of the ‘Magen Ratata’ organization – Sanjaya Mahawatta has submitted a formal complaint to the Governor of the Central Bank of Sri Lanka (CBSL), with regard to the “Pintanna Plantation” cultivation project founded by former cricketer – Kumara Dharmasena.

In his complaint, Mr. Mahawatta says that the project is accepting investment deposits from the public without a license from the CBSL to do so.

Noting that this project has misled the public and accepted deposits violating the provisions of the Part II of the Finance Business Act. No. 42 of 2011, Mr. Mahawattha’s complaint further notes that the project is being advertised on print media and on Facebook.

Overseas travel ban

Noting that there is a possibility of Mr. Dharmasena fleeing with these funds, Mr. Mahawatta has also urged the CBSL to seek an overseas travel ban against Mr. Dharmasena.

In a recent media briefing, the CBSL had stated that it is illegal to obtain investments from the public for cultivation projects such as Agarwood, Vanilla, Mango, Teak etc. in the promise of high interest rate returns. The CBSL added that their Non-Banking Financial Institutions Supervision Department has initiated a comprehensive investigation on such companies.

Speaking, Assistant Governor of the CBSL – K.G.P. Sirikumara had said that it was a criminal offense to go against the rates implemented by the CBSL and accept deposits from the public.

Only companies authorized by the CBSL are legally allowed to accept such deposits, he pointed out.

The CBSL further disclosed that they are looking into details pertaining to the former cricketer’s project.