Financial Times

Questionable privatizations, says Vasu
 

Petitioner in the Lanka Marine Services Ltd (LMSL) privatization, Vasudeva Nanayakkara told The Sunday Times FT this week that there are at least 41 questionable privatizations where there are instances of malpractice, deception, cheating and robbery. Mr. Nanayakkara said he is planning on filing other fundamental rights petitions but much depends on the availability of resources and lawyers.

Mr. Nanayakkara filed the LMSL fundamental rights petition in January 2008, alleging fraud and corruption and loss of revenue to the Sri Lankan government. The Supreme Court judgment in the case which was delivered in July 2008 confirmed the findings of the petitioner and led to the resignation of the former Treasury Secretary Dr. P.B. Jayasundera who was found to have played an instrumental role in the controversial privatization and declared unfit by the Court to hold public office. Furthermore, the judgment found that leading blue chip company John Keells Holdings (JKH) Chairman Mr. Susantha Ratnayake had also engaged in unethical behaviour, in pushing the deal through. (NG)

Top to the page  |  E-mail  |  views[1]
 
Other Financial Times Articles
Now trouble brewing in Co-op Banks
Bribery Commission summons PBJ over LMSL deal
SEC probes JKH share transactions after July
Questionable privatizations, says Vasu
Crude oil prices collapse this week
Let the (mobile) games begin!
Strengthen micro finance schemes - Comment
Business schools and the global crisis
BoC to issue debentures
Maximising on the World Bank rankings through process re-organisation and automation
Investors in tea-related BOI project run away with concessions
Business in brief
Appropriation Bill 2008 challenged by public interest activist
Call for accountants to work closely with Central Bank, SEC
DHL to assist government in disaster management
Regional manufacturers tour Brandix Green Plant
Arpico gets PVC pipes SLS certification
Sri Lanka among largest biscuit consuming countries in Asia
Western culture may have caused sub prime crisis
Sri Lanka at UN World Tourism Day

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo, Sri Lanka. All Rights Reserved.