News
Not a single LC of BOC turned down due to downgrading: BOC chairman
by Sanath Nanayakkare
The recent downgrading of Bank of Ceylon’s foreign debt rating had affected none of the bank’s customers who obtained Letters of Credit (LCs) for foreign transactions, Bank of Ceylon Chairman Kanchana Ratwatte told the media in Colombo yesterday.
When asked whether foreign banks had refused to accept the letters of credit (LCs) issued by the Bank, BOC Chairman said, “If there is any such customer, let him or her come forward.
“Since the downgrading we have not faced any serious issues contrary to claims being made in social media. It is not an issue as far as the Bank is concerned. With the robustness of the Bank’s operations, such a situation has not arisen.
“The use of LCs is a very important aspect of international trade. In 2016, we had four LCs that were not accepted. Then in turn, we also reject certain LCs from other parties. It’s not a matter of the strength of the bank concerned or downgrading as you are intimating. These are normal, ordinary trading activities. Having said that, since the downgrading we have not faced a situation where our LCs were refused. As of now, we don’t have any immediate issues of that nature because our position is strong enough to handle the situation.”
“In the future, we may see higher interest rate due to the downgrading. But that doesn’t mean we are unable to borrow. We have a line of credit with the Asian Development Bank (ADB). That amount was increased by 150% this year. Those funds are also available. The Bank is in a very healthy position. I reiterate that.”
The Colombo Stock Exchange (GL 12) has contributed LKR 25 million to the Rebuilding Sri Lanka Fund.
The cheque was handed over to the Secretary to the President Dr. Nandika Sanath Kumanayake by the Chairman of the Colombo Stock Exchange, Dimuthu Abeyesekera, the Chief Executive Officer Rajeeva Bandaranaike and Senior Vice Chairman Kusal Nissanka at the Presidential Secretariat.
News
Karu argues against scrapping MPs’ pension as many less fortunate members entered Parliament after ’56
Former Speaker of Parliament Karu Jayasuriya has written to President Anura Kumara Dissanayake expressing concerns over the proposed abolition of MPs’ pensions.The letter was sent in his capacity as Patron of the Former Parliamentarians’ Caucus.
In his letter, Jayasuriya noted that at the time of Sri Lanka’s independence, political participation was largely limited to an educated, affluent land-owning elite. However, he said a significant social transformation took place after 1956, enabling ordinary citizens to enter politics.
He warned that under current conditions, removing parliamentary pensions would effectively confine politics to the wealthy, business interests, individuals engaged in illicit income-generating activities, and well-funded political parties. Such a move, he said, would discourage honest social workers and individuals of modest means from entering public life.
Jayasuriya also pointed out that while a small number of former MPs, including himself, use their pensions for social and charitable purposes, the majority rely on the pension as a primary source of income.
He urged the President to give due consideration to the matter and take appropriate action, particularly as the government prepares to draft a new constitution.The Bill seeking to abolish pensions for Members of Parliament was presented to Parliament on 07 January by Minister of Justice and National Integration Dr. Harshana Nanayakkara.
Five suspects, including former Minister Johnston Fernando and his two sons, who were arrested by the Financial Crimes Investigation Division (FCID), were further remanded until 30 January by the Wattala Magistrate’s Court yesterday.
The former Minister’s , sons Johan Fernando and Jerome Kenneth Fernando, and two others, were arrested in connection with the alleged misuse of a Sathosa vehicle during Fernando’s tenure as Minister.
Investigations are currently underway into the alleged misuse of state property, including a lorry belonging to Lanka Sathosa, which reportedly caused a significant financial loss to the state.
In connection with the same incident, Indika Ratnamalala, who served as the Transport Manager of Sathosa during
Fernando’s tenure as Minister of Co-operatives and Internal Trade, was arrested on 04 January.
After being produced before the Wattala Magistrate’s Court, he was ordered to be remanded in custody until 09 January.The former Sathosa Transport Manager was remanded on charges of falsifying documents.
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