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Risk of Onmax DT losing funds held by CBSL

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It has been warned that persons who have invested in Pyramid schemes that have had their accounts frozen by the Central Bank of Sri Lanka, could lose their funds.

Mr. Tharindu Rathnayake, convener of the Sri Lanka Anti-Pyramid Force (SLAPF) says that around Rs. 30,000 million in such frozen accounts could be lost to their investments under the domestic debt restructuring programme.

He had said this after the SLAPF attended a meeting at the Presidential Secretariat yesterday (27).

Noting that the CBSL had not give an opportunity to inquire about the money in such pyramid scheme accounts, Mr. Ratnayake said that when he came to the meeting and requested for such an opportunity to do so, they were told to submit a formal request.

Accordingly, the SLAPF had submitted this matter in writing to the Presidential Secretariat, he added.

Mr. Rathnayake also revealed that among the frozen accounts were funds of the Onmax DT pyramid scheme in which most deceived people had invested in so far.

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CAA seizes bottled water stock in Hemmatagama over violations

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The Consumer Affairs Authority (CAA) raided a factory in Hemmatagama, Mawanella, seizing over 3,000 bottles of drinking water prepared for distribution.

Investigations revealed that the factory’s Health Ministry registration certificate had expired and was obtained using false information. The seized stock included bottles of varying sizes from 500 ml to 19 liters.

The CAA emphasized that falsely claiming standards or endorsements violates the CAA Act, and legal action will be taken against the violators. Regular raids are conducted to prevent consumer deception.

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POIASL renews call to lift oil palm cultivation ban

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The Palm Oil Industry Association of Sri Lanka (POIASL) has urged the Government to reconsider the 2021 ban on oil palm cultivation, citing its economic, environmental, and strategic benefits.

Speaking at the association’s fifth AGM, President Dr. Rohan Fernando criticized the ban as an “ill-conceived decision” lacking scientific basis, driven by vested interests. He emphasized that oil palm is the most efficient vegetable oil crop, meeting over 40% of global demand.

Fernando argued that expanding oil palm cultivation could reduce edible oil imports, save foreign exchange, and create jobs. He highlighted India’s accelerated oil palm expansion as a model and called for collaboration with major producers like Indonesia, Malaysia, and India.

The AGM concluded optimistically, with hopes that the new administration will reconsider the ban to align with its goals of food security, poverty alleviation, and economic growth.

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Met Department forecasts showers in several provinces

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The Meteorology Department says several spells of showers will occur in Northern and Eastern provinces. 

Showers or thundershowers may occur at several places in Western, Sabaragamuwa and Southern provinces and in Nuwara-Eliya and Kandy districts during the evening or night.

Mainly fair weather will prevail elsewhere, the Met. Department added.

Misty conditions can be expected in most places of the island during the morning.

Thus, the general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

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