Business Times

No action on hedging deals by AG, says Ameresekere

The petitioner in two fundamental rights cases filed in the Supreme Court in Sri Lanka over the oil hedging scandal is urging the Attorney General (AG) Mohan Peiris to take action against those involved in the illegal deals.

The petitioner Nihal Sri Amereresekere’s cases were dismissed earlier this year by the Supreme Court on technical grounds but in a letter addressed to the AG dated 24 June 2010, he states that the AG concurred with Mr. Ameresekere’s submissions and the stances taken and arguments adduced by him in Court.

He further states that the AG assured that he would take all such stances and arguments in the foreign legal proceedings commenced by the three foreign banks involved in the hedging deals with the Ceylon Petroleum Corporation (CPC), those being Deutsche Bank, Citibank and Standard Chartered Bank.
Mr. Ameresekere’s letter says that the AG has failed and neglected, in terms of the law, to deal with the persons who were involved in the illegal deals. He also says that the AG held out an unqualified assurance and guarantee that he will succeed in the foreign legal proceedings against the government and the CPC and that no payments would have to be made from public funds to the banks.

Mr. Ameresekere also states that the AG admitted that the deals were illegal and that he would recover the costs estimated to be around Rs.150 million used to defend the foreign legal proceedings.
Mr. Ameresekere added that there are certain grave and serious facts detrimental to the public interest revealed by the documents filed in the Supreme Court by the respondents in the fundamental rights cases. He says he reserves the right to take up those issues at a later date in the public interest.

‘To me this is a matter of national and public importance and interest, with potential threat of colossal claims of monies in foreign exchange, reckoned to be in the region of US$800 million in the context of the actual claims being mysteriously and intriguingly suppressed from the public, including the real facts pertaining thereto,’ the letter said.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Colombo stocks gone wild
Chinese team visiting in July for Colombo South Harbour construction
Standard Chartered Bank hedging losses carried overseas
Hydraulic experts endorse feasibility of Galle Face commercial city
Encouraging hobbies among Sri Lankans
Census confirmed for 2011
Mixed reaction to the budget
Comment - Missiles over Sri Lanka
Feature - Managing Information Technology and security in a Cha (lle)nging world
Feature - National University System in jeopardy: State indifference towards academics
Link Samahan wins approval from Canadian market In 15th year of business
Anti piracy unit set up in CID
Entries for SLIM Brand Excellence 2010 open July 8
Government’s 2010 budget targets cannot be trusted: Econo
CMA for Sustainable Business amidst climate change
IMF disburses US$407.8 million, extends SBA for another year
Indo – Lanka FTA not up to expectations since a decade
Commercial Bank named Lanka’s best once again
Heritance Kandalama wins Best Five Star Resort for third year at Presidential awards
Order online at chinesedragoncafe.com
Chamber’s CSR awards in November
Financial literacy is about knowing the basics
No action on hedging deals by AG, says Ameresekere
Defects of transitional shelter in post-war resettlement
Unilever helping with rehabilitation in the North
Golden Key depositors demand that authorities expedite repayment
Arpico Supercentre earns top brand honours
Virtusan Madurika Welivita honoured with Academic Excellence Award
Asian Shippers’ Council secretariat moves to Ceylon Chamber
MBSL records a revenue of over Rs.1 billion
Asha Phillip Securities to open new branch, plans to expand
Gerard Victoria, Head of Aviation at Hayleys
Drinking tea could boost food security : UN agency
Working poor and job-oriented growth
SL exports to be US$ 20 billion by 2020
Sri Lanka’s rubber market enters a promising path
Rajitha Kariyawasan appointed to Hayleys Board
LOLC to expand micro finance in North-East
Develop professionally efficient workforce: new THASL president
NDB Bank appoints Chrishanthi and Indrajit as COOs

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution