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Business

Peace group urges political leaders to stop squabbling
A group representing wide-ranging interests in Sri Lanka's business community and civil society has come out strongly in support of peace talks and urged political leaders to stop squabbling.

"We hope and pray that you will bring about a lasting peace thorough your example of love for one another by cessation of quarrels amongst you and by extinguishing the flames of hatred," said Lalith Kotelawala, convener of Peace for People, in a statement.

It was a reference to the acrimonious exchanges between President Chandrika Kumaratunga and members of Prime Minister Ranil Wickremesinghe's cabinet.

Kotelawela is chairman of Ceylinco Consolidated and has been involved in two peace initiatives earlier including the business-peace effort some years back with business leader Ken Balendra.

The statement said that representatives from the Federation of Chamber of Commerce & Industry of Sri Lanka, Ceylon Chamber of Commerce, Industrial Association of Sri Lanka, International Chamber of Commerce, Exporters' Association of Sri Lanka, National Chamber of Commerce of Sri Lanka, Ceylon National Chamber of Industries, Joint Business Forum, the Colombo Magistrates Court Lawyers' Association, Association of Disabled Ex-Service Personnel, Association of Relatives of the Missing in Action, civil peace organisations - SriLankaFirst, Solo-U, advertising agencies - Grants, Holmes Pollard, J. Walter Thomson, Leo Burnett and the print and electronic media met at the Ceylinco Seylan Tower twice to discuss these issues.

The group decided unanimously to appeal to the president, the prime minister, all political parties and political leaders of our country to bring a lasting permanent peace "NOW to our country."

"We appeal to our political leaders not to lose this opportunity to bring us lasting peace after 19 years of conflict. It is we the citizens who have suffered and will suffer in war. It is our children who are orphaned; our mothers widowed and our youth crippled in mind and body and our nation destroyed and devastated," the statement said.

Kotelawala told The Sunday Times that civil society including the business community and other groups were unlikely in future to organize peace rallies and marches in support of peace. "We got attacked by racist organizations when we held hands for peace and despite complaints to the police, no one has been apprehended."

"The people's verdict at the last election was a clear mandate for peace and we need to move forward from there," he said.

Veteran travel agent completes 25 years service today
Manil de Mel, Managing Director Aitken Spence Travels Ltd completes 25 years of outstanding service to the travel industry on September 1.

De Mel joined the company in September 1977 as a junior executive at a time when the company was in its infancy and rose to the position of Managing Director of what is today one of the foremost travel agencies of the country and the flagship company of the Aitken Spence Group.

His knowledge and vast experience have also been put to good use in the national interest as he has held the post of President of the Association of Group Tour Agents (AGTA) for many years, and has been an Executive Committee Member of the Pacific Asia Travel Association (PATA) and the Travel Agents Association of Sri Lanka (TASSL) among other positions.

HNB in ambitious fund raising scheme
The Hatton National Bank is planning to raise up to two billion rupees through a maximum of 20 million unsecured subordinated redeemable debentures of par value of Rs. 100

A bank statement said HNB would be the first corporate to issue a quoted debt instrument with a maturity of 10 years. In 1998 HNB created history by being the first corporate to test the Sri Lankan market with a debt instrument, which is subordinated to the interest of the general and secured creditors by issuing 10 million Unsecured Subordinated Redeemable Debentures.

That issue was oversubscribed by 1.6 times and closed on the opening day itself.

These debentures are now in their final year of maturity, the statement said. There are six types of debentures on offer - under the latest issue - with fixed or floating options for each of the maturities. Interest will be paid semi annually.

"This debenture issue is in preparation for the one percent increase in the minimum capital adequacy ratio requirement in January 2003 to 10 percent from the present nine percent.

To meet this capital adequacy requirement the capital base of the bank has to be increased to support the risk assets.

Therefore, the main objective of the issue is to raise the supplementary capital of the bank," it said.

The bank said the long terms funds raised through this issue would be utilised to finance the expected long term lending opportunities for HNB in infrastructure development and project finance activities, arising from a recovery of the Sri Lankan economy and the future expected expansion of the housing loan and leasing portfolios.

New general manager at Bank of Ceylon
S.N.P. Palihena has been appointed General Manager, Bank of Ceylon with effect from August 21, the bank said.

He is BOC's 15th GM and succeeds Sarath de Silva, who retired on August 30 after 37 years of service.

Palihena has had a very distinguished banking career extending over 34 years at Bank of Ceylon.

He is a fellow of the Chartered Institute of Bankers, London, a fellow of the Institute of Bankers, Sri Lanka and holds a Post Graduate Diploma in Business and Financial Administration.

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