News

What will happen to SLT’s most precious fiber optic cables?

Published

2 months ago

March 27, 2023

editor

Among the physical assets owned by Sri Lanka Telecom (SLT) to be sold, it is reported that the most valuable asset is the cable system consisting of five underground cables (submarine fiber optic cable system) that provides communication facilities from Sri Lanka to foreign countries.

Meanwhile, it was reported that both Malaysia and India are trying to buy the SLT.

However, it is said that if SLT were to sell the 49.5% shares owned by the government, Malaysia’s Global Telecom Holding (GTH), which owns 44.98% of the SLT, should first be invited.

According to the SLT Privatization Agreement, shares of GTH owned by Malaysian Tamil Buddhist Ananda Krishnan of Sri Lankan origin and the Sri Lankan Government are prohibited from being sold to third parties.

The government can sell its 49.5% stake to a third party only if the Malaysian company refuses to buy the shares.

Lalitha Hewagamage, a social media activist, in a post on his Facebook page said that Malaysia’s Dialog Axiata already owns more than 82.74% of Dialog’s shares. If GTH owns SLT, Malaysia will be the lead telecommunications owner in Sri Lanka.

He said that this is a beautiful acquisition compared to the South Indian, Portuguese, Dutch and English conquests.

He also said that the minions of President Ranil Wickremesinghe are trying to violate the agreement and transfer the shares owned by the government to a third buyer like Lycamobile or Reliance.

Mr. Hewagamage warned that if the agreement is violated, the country will have to pay compensation to GTH in an international court in the future.

He said the amount of compensation could be more than the amount obtained by selling the shares owned by the government.

Who is behind the idea?

Economic experts pointed out that developed countries with large economies have achieved their economic growth by moving to the world of e-commerce.

Accordingly, it is important for the government to have a stake in the country’s communication system to develop a country.

Meanwhile, security analysts pointed out that India is already working carefully to acquire the printing of national identity cards and its database, and its second step is to take over the national communication network.

Indian wolves vying for SLT

It has been confirmed that Reliance company owned by the Mittals family, as well as Jio company owned by Mukesh Ambani and Lycamobile owned by Subaskaran Aliraja are interested in buying SLT.

Reliance also owns Airtel in Sri Lanka.

Rohan is the most unsuccessful chairman…

Meanwhile, SLT trade unions said that current Chairman Rohan Fernando is the most unsuccessful chairman in SLT history.

Though the Chairman has told the media how SLT has become profitable, they said he is now silent about selling such a profitable company.

What Nanda Malini said about selling country’s resources:

News

Bus collides head-on with lorry injuring 22

Published

1 hour ago

June 9, 2023

editor

A bus belonging to SLTB collided head-on with a lorry at Embulgama in Hanwella on the Colombo-Avissawella Road early this morning (9).

The drivers of both vehicles and 20 bus passengers were injured in the accident and hospitalized.

The accident occurred when the lorry travelling from Colombo towards Avissawella collided head-on with the bus travelling from Akkaraipattu to Colombo.

News

Chinese National protest deportation at BIA!

Published

1 hour ago

June 9, 2023

editor

The Chinese man, who was arrested for entering Sri Lanka with a fake passport, has behaved aggressively saying that he cannot return to China when he was brought to the Bandaranaike International Airport (BIA) to be deported, airport sources said.

He was brought to the airport yesterday (08) around 5 pm under strict security of two STF officials, a police inspector from the Police Narcotics Bureau and an officer from the Immigration Department.

Sources said that when he was brought to the final gate to board the plane, he began to behave violently saying that he could not return to China.

A senior official at the airport said that the security personnel had to use force to get the Chinese national to board the SriLankan Airlines flight UL884 and took him to China with great effort.

The three police officers and the immigration officer also went to China along with the suspect.

News

ADB provides SL access to concessional financing

Published

12 hours ago

June 8, 2023

editor

The Asian Development Bank (ADB) on Wednesday said it has approved Sri Lanka’s eligibility to access concessional financing.

The availability of concessional assistance, offered at low interest rates, broadens Sri Lanka’s options to bridge its urgent development financing needs to restore economic stability and deliver essential services, particularly to the poor and vulnerable, the Philippines‎-based regional development bank said in a press release.

Eligibility for concessional resources among the ADB’s developing member countries is based on gross national income per capita and creditworthiness.

ADB explained that its decision was considered based on a request from the Sri Lanka government in view of the severe and unprecedented economic crisis that has reversed hard-won development gains.

“ADB is committed to further enhancing its support for the people of Sri Lanka as the country responds to this deep crisis that has severely undermined their livelihoods and well-being,” said ADB Director General for South Asia, Kenichi Yokoyama. “The availability of concessional assistance will help Sri Lanka to lay the foundation for economic recovery and sustained, inclusive growth.”

Thus, Sri Lanka is now eligible for ADB support including concessional and market-based financing, technical assistance, policy advice, and knowledge solutions that together comprise a comprehensive suite of options to address the crisis.

The ADB notes that access to concessional financing will also ease debt servicing pressures through more favourable lending terms.