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Pyramid schemes a crime not a business: Siyambalapitiya

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Action will be taken under the criminal law against the institutions and individuals who operate pyramid schemes, State Minister of Finance Ranjith Siyambalapitiya said.

State Minister Siyambalapitiya said that pyramid schemes are not a business but a crime.

He expressed these views while speaking to the media after a programme held in Dehiowita.

Commenting further, he said that the Central Bank has prohibited this crime in accordance with the Banking Act No. 30 of 1988 and that action can be taken under the criminal law.

“Accordingly, the Attorney General will be informed and the complaints in this regard will be forwarded to the police and the Criminal Investigation Department (CID) and cases will be filed against these fraudulent companies and the persons who led them under the criminal law,” he said.

He said that a large number of people in the society have fallen prey to these smugglers since they only focus on temporary benefits despite the warnings issued by the Central Bank.

LPL winning Kandy team owners, B-Love, alleged of pyramids schemes

Meanwhile, Justice Minister Wijeyadasa Rajapakshe recently said in Parliament that the Lanka Premier League (LPL) tournament was a gambling den.

He said that the sponsor of the B-Love Kandy team that won the LPL championship is a company that promotes cryptocurrency which is prohibited under the laws of Sri Lanka.

The Minister of Justice disclosed about 15 betting websites that played a major role in the LPL tournament, which was held without the Sport Minister’s approval.

It was also revealed that SKYFAIR, which sponsored the titles of the tournament, was an illegal offshore betting website.

“In the LPL tournament, many programmes were held especially to promote the cryptocurrency system. The titles of the T20 franchise were sponsored by an illegal offshore betting site called SKYFAIR.”

“These sites are prohibited according to our laws. This tournament has been used to promote illegal acts. Many sponsors operate illegal betting sites. Fifteen such institutions have been identified. They are; Skyfair.News, 1xBet 1XBook, Crickets In, Kheloyar News, Babu88, SAT sport, Wolf 777, Tiger ESCH, BA Fry Coin and MTFE.”

“All these institutions are engaged in betting business or promoting cryptocurrency transactions. The winning Kandy team has also been sponsored by a cryptocurrency company called ‘Be Love’ which is a banned institution,”

The minister has a responsibility to find out whether these actions taken by Sri Lanka Cricket are illegal. And then… steps should be taken to correct them,” he said.

A Constitutional Responsibility

“The Article 108 of the Anti-Corruption Act has been newly introduced. The MPs passed the law to make giving bribes, tips and accepting them in sports as an offence punishable with seven years imprisonment and a fine of not more than Rs.1 million. This is Act No. 09 of 2023.”

“Article 109 of the Act is also related to this. Under that article, not only the SLC but also any person should explain how they have amassed wealth.”

“The minister should make that explanation. If such an explanation cannot be made, action should be taken after considering this as an offence subject to punishments.”

“The minister has the authority and he should use it. Get these proposals approved by the Cabinet. We will prepare the Bill within two weeks,” Minister Rajapakshe said.

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Major presidential candidates fail to submit campaign finance details

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None of the four leading presidential candidates—current President Anura Kumara Dissanayake, former President Ranil Wickremesinghe, Sajith Premadasa, and Namal Rajapaksa—had made their campaign expenditure declarations as of Friday, in keeping with the campaign finance laws.

The parties and candidates were due to submit election expenditure details relating to last month’s presidential election today. However, as of Friday, the Election Commission  noted that only 13 of the 38 candidates had filed their accounts under the Election Expenditure Act No. 3 of 2023. The EC on Friday listed out the names of these candidates.

The Election Expenditure Act holds that all parties and independent candidates must submit records of the donors to their campaign within 21 days of the election results being announced. In conjunction with this Act, which was implemented for the first time since its enactment, a gazette detailing the stipulations around these submissions was published in August.

Accordingly, each candidate was permitted to spend up to Rs. 109 per voter for campaign activities, amounting to a total of 1,868.3 million rupees ($6 million). This marked another first for Sri Lanka’s election law, as a verifiable expenditure limit has not been in place before.

The EC said the report should include an estimated cost of all donations and contributions accepted or received in cash or kind by such recognised or other political party or candidate, stating whether they are donations, loans, advances, or deposits, as well as the “name, address, national identity card number, tax number (TIN), or the registration number of the donor, contributor, or the institution, incorporated or non-incorporated.”

Expenditure on media promotions, from printed handbills and banners to advertisements and broadcast programs, must be included in the submission.

The expenses for all media activities—handbills, posters, banners, pictures, advertisements, propaganda notices, radio and television shows, news bulletins, magazines, periodicals, social media, digital exposes, and any other digital media or publications—as well as the fuel supply for vehicles, regardless of whether payments were made or not, should be included in this report.

The Election Expenditure Act also requires all political parties that participate in the presidential election to include the tax payment information of individuals and companies that are funding presidential candidates.

Submitted records will be available for public viewing within two weeks of the deadline today. The EC had also noted, before the election, that those who failed to meet the deadline provided with accurate and honest information would be subject to the penalties prescribed in the Election Expenditure Act.

(The Sunday Times)

(This story, originally published by The Sunday Times has not been edited by SLM staff)

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President instructs Finance Ministry to allocate Rs. 50 mn for relief services

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President Anura Kumara Dissanayake has instructed officials to provide immediate relief to those affected by the recent adverse weather conditions across the country, the President’s Media Division (PMD) said.

He also instructed the Secretary to the Ministry of Defence to ensure that special attention is given to the safety of people in districts impacted by floods and landslides and to provide necessary support for 
effective relief operations.

The President emphasised that the government will take action to provide necessary assistance to all affected citizens and that Local Government officials in the affected areas ensure that the people receive the required aid.

Until such time, the President requested the public to act cautiously.

Additionally, the President instructed the Ministry of Finance to allocate Rs. 50 million for relief services and urged state officials to ensure proper coordination in delivering the relief to those in need.

According to the Disaster Management Centre, 24,492 individuals from 6,018 families have been affected by floods and landslides in 11 districts due to the adverse weather conditions experienced in recent days.

At present, 2,200 individuals from 584 families are being sheltered in 23 relief centres. 

Relief operations in all affected districts have already begun, coordinated by state officials through the Chief of Defence Staff’s office.

Emergency situations can be reported by contacting the Disaster Management Centre’s hotline number 117 or by calling 0112136136, 0112136222 or 0112670002.

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Train travel along Puttalam line limited due to floods

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Train travel along the Puttalam railway line have been limited upto Lunuwila, due to flooding of the railway track near Thummodara. 

Meanwhile the National Disaster Relief Services Centre has instructed district secretaries and district relief service officials to ensure the daily provision of three nutritious meals and clean drinking water to those affected by the adverse weather.

In a statement, the National Disaster Relief Services Centre said that if dry rations are to be provided, they should be distributed systematically among the affected population in accordance with the relevant circular, and documented accordingly.

The center has also advised that all activities should be carried out in a transparent manner and that a process should be used to confirm the accuracy of expenditures related to the relevant purchases and their beneficiary records.

(News1st)

(This story, originally published by News1st has not been edited by SLM staff)

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