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State estates to be leased to private sector
The government is planning to lease estates coming under the purview of the Janatha Estate Development Board (JEDB) - with the help of the Board of Investment (BOI) - and hopes to raise Rs. 150 million per annum from this exercise, Plantations Industries Minister Lakshman Kiriella said.

The decision to get the BOI involved is because the Plantations Ministry doesn't have the resources to value the assets and hence has sought BOI help, he told the 66th Annual General Meeting of the Ceylon Planters' Society (CPS), recently.

Kiriella also said that plantations divested under the former government were grossly under valued mostly by the Public Enterprise Reform Commission (PERC). Some of the best RPCs, he noted, were sold at Rs. 10 per share and the entire company for Rs. 100 million whereas buyers sold it at Rs. 400 million.

On the wages issue, the minister said the government will not interfere in the wage dispute between plantation workers, trade unions and plantation companies. The vision of the government is to de-politicise all the activities of the state sector including the plantation industry in order to ensure steady growth.

He said the government will, however, act as a behind-the-scenes catalyst especially in the area of wage negotiations so that independent decisions are taken for the benefit of all sectors concerned.

Responding to allegations from plantation companies and the industry in general that the Tea Research Institute was inefficient, the minister urged companies to have their own research stations and promised to fund them as well.

If research institutes such as the Tea Research Institute, Rubber Research Institute and Coconut Research Institute are not meeting the expectations of respective sectors, plantations companies should set up their own research units with the support of the ministry, he added. (HR)

INFOTEL promotes new visions
The INFOTEL LANKA 2002 exhibition will showcase the latest available Information and Communication Technologies (ICTs) from 9 to 11 October at the Sri Lanka Exhibition and Convention Centre.

A statement from the organisers said the exhibition will provide valuable insights into how ICTs can improve performance and efficiency in every sector of our economy - from industry, business and finance right through to agriculture, administration and governance.

'Envisioning an e-Nation' is the theme of this year's INFOTEL Exhibition and Conference. It highlights the urgent need to take a fresh look at the way "we do things, in order to ensure the prosperity of our nation in the turbulent years ahead. As suggested by a recent report, companies now have to upgrade their technology every two to three years in order to remain competitive in global markets."

Numerous hardware and software products and services on display will cover converging computer, communications, multimedia and Internet technologies. Among companies taking part are Advent International, Debug Computer Peripherals, Dialog GSM, Intel, PC House and Softlogic.

INFOTEL LANKA 2002 is organised by Infotel Lanka Society Ltd, a non-profit cluster unit with representatives from the ICT industry, IT professional bodies and relevant government agencies.

Central Bank renews warning to depositors
The Central Bank has again warned the public to be careful about depositing money in unauthorised 'finance companies' and 'banks'. "Some of these institutions have failed and become bankrupt, and the public who invested funds in them have lost their monies," the bank said in a statement.

Approved finance companies and commercial banks are required to exhibit at their main offices or places of business the licence issued by the Central Bank. "The public could request a registered finance company or a licensed commercial or specialised bank to show the licence issued to it, if there is any doubt about its authority to accept deposits," the Central Bank said.

Organisations that accept deposits could be required to show documents of legal authority to accept deposits, it said. Certain institutions, which are not legally authorised to accept deposits from the public, are raising monies in various forms by calling them "investments" or "credit" or "borrowings" or "placements", the bank said.

"It appears from advertisements in the media that the number of these institutions and their activities have grown in the recent past," it said. "These unauthorised organisations which call themselves "banks" or "finance companies" or use similar titles, engage in heavy publicity, often offering very high rates of interest on deposits."

The Central Bank advised the public "to exercise utmost care" when investing funds particularly in institutions that are not authorised to accept money as deposits.

Seminar on packaging material-related issues
The Ceylon Chamber of Commerce, at the initiative of the Exporters' Association of Sri Lanka, is organising a seminar to explain the procedure relating to the TIEP scheme for printed packaging materials has been simplified by the Customs.

The new scheme came into operation this month. Speakers at the October 11 seminar are: P.D.K. Fernando, Director - Bonds, Sri Lanka Customs, Elmo de Silva, Consultant, M.S.H. Packaging Industries Ltd and T. Sambasivam, Vice Chairman, Exporters' Association of Sri Lanka.

A panel discussion will follow by D.A.I. Daranagama, Assistant Director - Bonds, Sri Lanka Customs, S. Nithkunanathan, Assistant Director - Bonds, Sri Lanka Customs and D.N. Hettiaratchchi, Superintendent of Customs.

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