Financial Times

Bribery Commission finalizing probe in LMS deal

The Commission to Investigate Allegations of Bribery or Corruption is close to concluding investigations into corruption allegations in the controversial privatization of Lanka Marine Services (LMS), its Deputy Director General Ms. L. Jayawickrama said.

A decision on the findings of the investigations will be taken by the Commission soon after it receives the report from the investigators, she said, declining to comment however on the progress of the investigation.

Statements of former Treasury Secretary Dr. P.B. Jayasundera and Chairman of John Keells Holdings (JKH) Susantha Ratnayake among others have been recorded.

The Commission began the probe based on many issues raised in the COPE (Parliamentary Committee on Public Enterprises) report including the failure to appoint a Cabinet approved Tender Board., the selection of DFCC Bank by PERC without competitive offers to do a business valuation of LMS and without the Chief Valuer’s valuation.

The Supreme Court had earlier asked the Commission to conduct investigations and act on the Court's findings – following a fundamental rights case -- on the LMS deal which it declared was invalid, null and void. The Court held that the entire process of the sale of shares of LMS to John Keells has been done without lawful authority.


 
Top to the page  |  E-mail  |  views[1]
 
Other Financial Times Articles
> Invisible hand behind Tax Dept. changes
> Stocks seen rising, companies expect boom when war ends
> At least 50,000 workers lose jobs since January
> Finance companies- confidence yet to be restored
> IMF team in Colombo to discuss $1.9 bln loan
> GK depositors reveal hidden agenda of Ceylinco Consolidated
> Braille bills
> Tackling the recession - COMMENT
> Motor Insurance – What you need to know - IBSL
> Bakery entrepreneur's environmental initiative cuts costs in the business
> Global crisis could be blessing to corporate sector
> Keells Supermarkets offer purchases thro' Internet
> Bidding deadline for South Container Terminal project extended
> Coca-Cola launches Minute Maid Mango
> Banks deny claims of restricted lending
> AMW scholarships and long service awards
> Hameedia's upgrades factories, launches new products
> 17th Annual NCE Export Awards for 2008
> Kotelawala transferred to Prison Hospital
> Ceylinco Finance PLC to be strategically repositioned
> Controversy plagues Chillies again
> Sri Lanka Tourism gears up for post-conflict
> Companies given notice to re-register
> Ceylinco Savings Bank name changed to MBSL Savings Bank
> MBSL reviving failed F&G, interest payments being made
> Business executives to the fore in relief work
> War not affecting GSP+ prospects
> More FR petitions by Ceylinco Depositors
> Bribery Commission finalizing probe in LMS deal
> Mandatory offer gain at Rs 185 million for Eagle
> Tea pluckers earn only around Rs 3,500 per month
> Synergy teams up with Hemas for ‘Insight Out’
> Emirates SkyCargo supports relief effort in Sri Lanka
> IMF streamlines conditions for programmes
> Honda re-launches 'Wing Mark' in Colombo
> Symposium on global recession, options for employers

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution