Financial Times

Swadeshi presents savings accounts to 150 children

A hundred and fifty lucky children, all users of 'Khomba Baby' products, received complimentary savings accounts from the brand's manufacturer, Swadeshi Industrial Works Ltd, the pioneer and market leader in herbal-based personal care products.

The savings accounts containing an opening balance of Rs. 1,000 contributed by the company were handed over to the parents of each child at the end of a three-month promotion by the company.

Chairperson of Swadeshi Ms. Amari Wijewardene said: "We are always looking at ways to reward our loyal customers and contribute to the wellbeing of the community. By opening these savings accounts on behalf of these children, our objective is to encourage children to learn to save from a very young age." Swadeshi's Khomba Baby is the first-ever herbal baby soap produced in Sri Lanka.

The Khomba Baby range has been enhanced with the addition of Khomba Baby talc and Khomba Baby cologne.

TI urges transparency in tax amnesty laws

Transparency International Sri Lanka (TISL) has expressed concern that the government through recent tax amnesty laws is trying to grant a 'blanket immunity' which applies in respect of many other statutes outside the recognised 'tax statutes' such as the Customs Ordinance, Excise Ordinance and Exchange Control Act, etc.
"Comparison may be drawn to similar legislation in countries such as Germany, where exemptions granted under such schemes do not extend to immunity from pending investigation and do not nullify existing court actions already instituted; as is contemplated in this instance," it said in a statement.

Parliament recently enacted the Inland Revenue (Special Provisions) Act No. 10 of 2003 aimed at indemnifying persons from liability to pay certain outstanding taxes/dues and affording them protection from investigations, prosecution and penalties.

While TISL said it appreciated the rationale behind this scheme: to grant people an opportunity to comply with their obligations vis-à-vis the due revenues to the country and to give those persons a 'deadline' to comply - so that those persons may thereafter carry on as 'honest citizens', it was of the view that the present law in its present form contains provisions, which are contrary to basic principles of transparency and accountability, which may be detrimental to the international fight against money laundering.TISL is of the firm opinion that no legislation should be framed in a manner that encourages corruption.

It is imperative that legislative steps taken by the government should not seen by the world as steps that invite and protect illegal money, the origins of which are either unknown or questionable.

Genuine stubbies from Three Coins

Speciality brewer Three Coins has introduced two of its core products, the all malt lager and 3C Irish Dark in stylish 375 ml bottles.

This pack-size conforms strictly to the concept of the stubby defined in the Oxford dictionary, the company said, adding that this is in fact the only authentic stubby to be used in the packaging of beer in Sri Lanka. The stubby was first introduced by Three Coins when it launched its unique bottle re-fermented white beer, 3 Coins Riva, two years ago.

"Genuine stubbies are very popular among the more discerning restaurant goers the world-over," the head of brands at Three Coins Ramesh Nonis said.

"They have a confident style, which the old-fashioned pint or small beer bottles do not have, and deliver excellent value for money. In terms of quantity, 375 ml is ideal for disciplined drinkers looking for a tasty thirst quencher or an accompaniment for food."

ING, SLIC in technical support deal

ING Financial Institutions' Institutional and Government Advisory unit (ING-IGA) and the Sri Lanka Insurance Corporation Ltd (SLIC) have entered into a technical support partnership under which ING-IGA provides technical and management advisory services to SLIC over a three-year period.

Phase I of the project will consist of a strategic and operational review of the SLIC's life and general insurance businesses and will focus on overall strategic direction, commercial management and distribution of its insurance products, operations, IT, financial management, management information systems, internal audit, actuarial functions and investment management, according to a joint statement.

Global Head of ING-IGA, Peter van der Krogt welcomed the opportunity to work with the corporation and said he believed they would be able to help build a platform on which SLIC can maintain its leadership position in Sri Lanka's insurance industry.

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