Business
Thodex cryptocurrency boss jailed for 11,196 years in Turkey for fraud
A Turkish cryptocurrency boss and his two siblings have been jailed for 11,196 years each for defrauding investors of millions of dollars.
Faruk Fatih Ozer, 29, fled to Albania in 2021 with investor assets after his Thodex exchange suddenly collapsed. He was extradited back to Turkey in June and found guilty of money-laundering, fraud and organised crime.
Ozer told the court he would “not have acted so amateurishly” if his intent was criminal, state media reported. “I am smart enough to lead any institution on Earth,” the Anadolu agency quoted him as saying. “That is evident in this company I established at the age of 22.”
The brief trial in Istanbul also found his sister Serap and brother Guven guilty of the same charges.
Turkish news agencies said that the defendants were sentenced separately for multiple crimes against 2,027 victims, leading to the total number of years in the judgement. Such extraordinary prison sentences are common in Turkey since the abolition of the death penalty in 2004.
Adnan Oktar, a TV cult preacher, was jailed for 8,658 years in 2022 for fraud and sex crimes. Ten of his followers received the same sentence.
Prosecutors had asked for Ozer to be sentenced to 40,562 years in prison, AFP reported.
Turks began using cryptocurrencies as a defence against a deep slide in the value of the lira that began more than two years ago.
Thodex was founded in 2017 and became one of the country’s largest exchanges for virtual currencies. Ozer gained national fame as a financial whizz and ingratiated his way into the establishment by befriending prominent pro-government figures. However, the platform suddenly imploded in April 2021. Investor assets disappeared and Ozer went into hiding.
He was arrested last year in Albania on an international warrant from Interpol and extradited after a lengthy legal process.
Turkish media previously reported that Ozer had fled with assets worth $2bn (£1.6bn). The prosecutor’s indictment, however, estimates total losses to Thodex investors at 356 million liras. That amount was worth about $43m at the time of the exchange’s implosion. The same amount is now worth about $13m because of rampant inflation and the lira’s collapse on the international markets.
(BBC)
Business
APHNH aims to make Sri Lanka more competitive for healthcare investment
Sri Lanka private healthcare leaders recently pledged an action plan with timelines to address the practical priorities of Sri Lanka’s healthcare sector while making it more viable for local and foreign investments.
The Association of Private Hospitals and Nursing Homes (APHNH) has committed to converting recommendations from its first Healthcare Leadership Summit into a trackable outcome document with defined actions, responsibilities, and timelines, marking a shift from discussion to implementation in sector reform efforts.
The summit held on March 9 at Waters Edge, Colombo, brought together hospital leaders, policymakers, regulators, insurers, and international experts to address practical priorities for Sri Lanka’s healthcare sector.
A key outcome of the summit was APHNH’s plan to consolidate recommendations into a single, trackable charter that will outline specific actions, assign responsibilities, establish timelines, and provide periodic progress updates.
“Our objective is to bring the right decision-makers into one room and focus on what can be implemented, not only what can be discussed, ” said Raveen Wickremesinghe, President of APHNH. “We are committed to taking the inputs from today and converting them into a clear, trackable set of actions that strengthens quality, transparency and public confidence, while supporting national health priorities. “
The summit featured insights from Dr. Hafeez Rahman Padiyath, Dr. Hamdani Anver, and Chandana L. Aluthgama on scaling quality and operational discipline. A keynote and fireside discussion with Dr. Paiboon Eksangsri, President of the Private Hospital Association of Thailand, explored lessons from Thailand’s private healthcare development and conditions for making Sri Lanka more competitive for healthcare investment.
By Sanath Nanayakkare
Business
Atlas SipSavi Naththal Poronduwa records positive public participation, benefiting 10,000 students
Atlas, Sri Lanka’s No. 1 learning brand, successfully concluded Atlas SipSavi Naththal Poronduwa, a national initiative that saw strong public participation in supporting children at risk of dropping out of school due to financial hardship. At a time when more than 22,000 Sri Lankan children leave school each year due to rising economic challenges, the initiative reinforced Atlas Sipsavi’s long-standing ‘No Child Left Behind’ promise by turning seasonal generosity into meaningful educational support.
The initiative reached 10,000 students, with beneficiary schools carefully selected to ensure support reached those most in need. The collected books were distributed to children at risk of dropping out, including those whose education had been disrupted by recent adverse weather, ensuring students had essential learning resources at the start of the new school term. Through its flagship Atlas SipSavi programme, the brand focused on improving access to education by providing essential learning tools, scholarships, and infrastructure to create better learning environments, bringing its purpose of ‘making learning fun’ to life in a meaningful way. As part of the initiative, the public was invited to donate schoolbooks, with each contribution matched one-for-one by Atlas. Donation boxes were placed at all Keells outlets island-wide and at Sarvodaya District Offices, making it easy for communities to take part.
Business
John Keells Logistics expands strategic engagement with CWIT through inter-terminal transport operations
John Keells Logistics (Pvt) Ltd (JKLL), one of Sri Lanka’s leading third-party logistics solutions providers, has successfully expanded its operational engagement with Colombo West International Terminal (Private) Limited (CWIT), through inter-terminal transport services within the Port of Colombo. This enhanced engagement further strengthens CWIT’s efforts to improve operational efficiency, reliability, and scalability across terminal activities.
Inter-terminal transport plays a critical role in modern port operations, requiring high levels of coordination, precision, and operational discipline. JKLL’s appointment for ITT operations reflects CWIT’s confidence in the company’s demonstrated capabilities in managing complex transport operations within a high-throughput port environment.
The ITT operations are underpinned by JKLL’s technology-enabled logistics framework, incorporating real-time fleet tracking, performance monitoring systems, and data-driven operational planning. These capabilities provide enhanced visibility and control over transport movements, while ensuring compliance with established safety, productivity, and service quality standards.
The awarding of this engagement to JKLL is a testament to the successful implementation of the Inter-Terminal Vehicle (ITV) operations undertaken by John Keells Logistics at CWIT during the previous year. The ITV assignment was executed through structured operating procedures and disciplined service delivery, contributing to improved cargo movement, operational coordination, and service continuity within the terminal. The performance outcomes of the ITV operations provided the basis for the subsequent expansion of the partnership into ITT services.
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