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US wants SL Bondholder lawsuit be put on hold

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The US Government has said a bondholder’s lawsuit filed against Sri Lanka over its historic debt default should be put on hold.

In a statement of interest filed yesterday (2) in New York Federal Court, the US backed the Sri Lankan Government’s request to delay a lawsuit by Hamilton Reserve Bank Ltd. seeking full payment and accrued interest on more than USD 250 million in bonds that came due in July 2022.

The US said the delay would help with ongoing restructuring talks between Sri Lanka and other creditors.

Sri Lanka fell into default in May 2022 after the expiration of a 30-day grace period for missed interest payments on two of its sovereign bonds, the first debt default by the country since it gained independence in 1948. Hamilton Bank sued Sri Lanka in July 2022.

Sri Lanka in July asked US District Judge Denise Cote to put the case on hold for six months. Cote had put her decision on hold until the US decided whether or not to file a statement of interest. 

The French and UK Governments previously asked the court to put the suit on hold.

The two countries said in a Sept. 6 letter that they were writing as members of the Paris Club, an informal group of official creditors that help coordinate repayments for struggling debtor nations.

They said delaying the case was “key to ensuring the success of the International Monetary Fund (IMF) supported assistance programme” for the nation.

Sri Lanka recently announced the completion of its local debt restructuring plan and is now engaging with other holders of Sri Lanka’s foreign debt, including China and India.

Hamilton Reserve has opposed the bid to postpone the proceedings, saying that putting them on hold “would be both contrary to US policy interests and an exercise in futility.”

The case is Hamilton Reserve Bank v. Sri Lanka, 22-cv-5199, US District Court, Southern District of New York (Manhattan).

(Bloomberg)

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02 arrested with over Rs. 5.7M on money laundering charges

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Two suspects have been arrested on charges of money laundering and aiding and abetting money laundering, along with Rs. 5,745,000 in cash found in their possession.

The arrests were made as part of the ongoing island-wide crime and drug prevention operation initiated under the directives of the Acting IGP. 

The two individuals were taken into custody near Thunmodara Junction in the Kirulapone Police Division after being observed acting suspiciously in a three-wheeler during a search.

They were brought to the Kirulapone Police Station, where further investigations were launched, police said.

According to police, the suspects – aged 49 and 39 – are residents of Siddhartha Road, Kirulapone. 

One of the individuals is the owner of a LP gas shop in the area. Preliminary investigations have uncovered possible links between him and illegal drug trafficking activities.

One suspect has been formally arrested for money laundering, while the other has been charged with aiding and abetting the offense, police added.

Kirulapone Police are continuing investigations to determine whether the seized funds originated from narcotics-related activities or from the suspect’s business operations.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

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03 access routes for devotees attending ‘Sri Dalada Vandana’

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Three designated access routes have been announced for devotees attending the Sri Dalada Vandana (sacred pilgrimage) starting on the 18th.

The three entry routes to the Temple of the Sacred Tooth Relic are as follows:

1. The queuing path set up from D.S. Senanayake Street (Trincomalee Street side) up to the entrance of the Sri Dalada Maligawa.
2. The queuing path starting from the Red Bridge area (Rathu Bokkuwa), passing along Sangharaja Mawatha (around the Kandy Lake), leading to the main entrance of the temple.
3. Another queuing path also starting from the Red Bridge area, going around the Maligawa premises by the Kandy Lake, and reaching the temple’s main entrance.

Devotees can use any of these designated paths to visit the temple for the upcoming Dalada Vandana.

(News1st)

(Except for the headline, this story, originally published by News1st has not been edited by SLM staff)

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Fmr. prison superintendent’s murder : suspected shooter arrested

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The suspect allegedly responsible for the recent shooting of the retired Superintendent of the Boossa Prison was arrested this morning (15) by officers of the Criminal Investigation Department (CID) while attempting to leave the country through the Bandaranaike International Airport (BIA), Katunayake.

The arrest was made at the departure terminal with the assistance of the “Face Recognition System” installed by the CID at the airport.

The suspect was reportedly apprehended while preparing to board SriLankan Airlines flight UL-404 to Bangkok, Thailand, using a forged passport.

The individual has been identified as Wijemuni Lalantha Prithiraj Kumara, 31, a resident of Kuleewatta, Ambalangoda.

He is reportedly the primary shooter and an associate of the organized criminal gang leader in the Southern Province known as “Karandeniya Sudda.”

The suspect was in possession of a fraudulent passport issued under the name Ekanayake Mudiyanselage Lakindu Sandeep Bandara.

He is also wanted by the police in connection with multiple murders and financial fraud cases in the Galle and Ambalangoda police divisions.

The arrest took place at approximately 7:50 a.m. today. He was later escorted out of the BIA premises by a team of officers, including the Officer-in-Charge of the Ambalangoda Police Headquarters, at around 10:00 a.m. today for further investigation.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

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