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Cabraal says no nexus between support to Port City and his son’s employment there 

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State Minister of Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal has issued a statement dismissing allegations that his support to Port City is connected to his son being employed by the project company CHEC Port City Ltd. Following is the statement.

Since of late, there has been a massive mud-slinging effort against me and my family carried out in an organised manner by a group of persons. At present, that group is claiming that my son Chatura Cabraal is employed by the Company which is carrying out the construction work of the Colombo Port City, thereby insinuating that I have supported the new Colombo Port City Commission Law, due to that ‘connection’. Chatura (35) is qualified engineer who has graduated from a US University in 2010, and has been employed by this Company since 2016. He secured this employment on his own merit, without any political or personal influence, and that is obvious by the fact that in 2016, we were in the Opposition. Similar to the current allegation, even previously, utterly false and vituperative allegations had been levelled against my children, claiming they had scolded officials at the airport, misbehaved on expressways, involved in fights, etc., but it has been proved beyond doubt that all those claims were blatantly false. Therefore, it is clear that such fake news had been a part of a greater plan to discredit me and my family, as well as distract and discourage me in carrying out my duties.   

 There is no doubt that Sri Lanka’s politics has degenerated in recent times, and personal attacks against a person’s family members is common place and fair game for certain persons. Nevertheless, any right-thinking person will agree that a parent’s subsequent position as a Minister should not be a disqualification for a grown-up son or daughter to continue in employment which he/she has secured before his/her parent assumed office as a Minister.Finally, I wish to state that those who indulge in such falsehoods only display their pathetic political bankruptcy, and therefore I can only feel sorry for them.



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U.S. confident SL would ensure required facilitation for U.S. investors

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Sri Lankan government has pledged to address the pending policy issues and I am confident that once the pandemic subsides, concrete efforts will begin to improve ease of doing business and ensure the required facilitation for US investors, Martin Kelly, Charge d’ Affairs of the Embassy of the United States of America in Sri Lanka said recently speaking at the Sri Lanka Invest Forum 2021 held virtually through June 7-9, 2021

“Sri Lanka was among the first countries in the region to open its economy and offers the highest standards of living among other advanced indicators in South Asia. Over the last seventeen years, the country continued to transition from an agriculture commodity based economy to become world leader in textile and apparel, a major exporter of IT and communication related services and of course a world class destination for international tourists,” he said.

“Promoting trade and investment opportunities is one of the embassy’s top priorities, and a vital component of our efforts to encourage private sector led development and toward stronger ties between the two countries,” he said.

Kelly said that the government of Sri Lanka has promoted pro-business policies including tax benefits, to attract the U.S. and other foreign direct investments.

 

 

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ComBank donates ICU beds to Kegalle Teaching Hospital

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Commercial Bank Chairman Justice K. Sripavan and Managing Director S. Renganathan with representatives of the Bank and the Kegalle Hospital

The Commercial Bank of Ceylon has donated three Intensive Care Unit (ICU) beds to the Teaching Hospital Kegalle, which receives over 80,000 admissions and 350,000 clinic visits, annually. The donation was made following a request from the hospital and will help it to provide seamless healthcare services to prevent non-pandemic related morbidities and mortalities while also treating patients who are COVID-19 positive.

The CSR Trust of the Bank has already gifted medical equipment and gear including Personal Protection Equipment (PPE) kits, face masks, surgical masks, hand sanitisers, Slit lamps, pulse oximeters, multipara monitors and oxygen concentrators to over 16 government hospitals. Commercial Bank also made a monetary donation to the National COVID-19 Healthcare and Social Security Fund set up by the government last year.

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Trading activity gets slower among retail investors

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Lankem Ceylon Rights Issue undersubscribed.

By Hiran H.Senewiratne 

Stock trading at the Colombo Stock Exchange (CSE) was marginally positive yesterday and the number of retail investor participation was lower compared to previous trading days. Index heavy LOLC group which accounted for more than 30 percent of the turnover, contributed 20 points to the All Share Price Index, stock market analysts said.

Both indices moved upwards. All Share Price Index was up by 35.75 points and S&P SL20 up by 2.01 points. Turnover stood at Rs 1.74 billion sans a single crossing. In the retail market top six companies that mainly contributed to the turnover were LOLC Rs 510 million (1.28 million shares traded), Expolanka Holdings Rs 197 million (4.1 million shares traded), Melstacorp Rs 137 million (2.6 million shares traded), Browns Investments Rs 71.5 million (11.3 million shares traded), Windforce Rs 68.2 million (3.5 million shares traded) and Hayleys Holdings Rs 54.8 million (730,000 shares traded).

Index heavy LOLC, which contributed 20 points to the All Share Price Index, appreciated its share price by Rs 18.75 or 4.85 percent. Its share price started trading at Rs 386.25 and at the end of the day it moved up to Rs 405.

A pioneer in renewable energy, Vidullanka PLC has successfully completed raising additional capital of Rs. 253 million to fuel its expansion drive in the solar power sphere.

Lankem Ceylon Plc, Rs. 677 million worth Rights Issue has been undersubscribed. When the issue closed the Company managed to draw only subscriptions for 17.6 million shares worth Rs. 352.3 million. The original plan was to issue 33.85 million shares at Rs. 20 each aiming at raising Rs. 677 million. The basis was one new ordinary share for every one share held. Funds were to be raised to augment working capital requirements.

During the day 67.9 million share volumes changed hands in 17564 share transactions.

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