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Sri Lanka Takes Action to Address $715 Million in Advance Payment Oversight; Opposition Raises Concerns About Bureaucratic Hurdles
FINANCIAL CHRONICLE – In an effort to address unauthorized capital flight, Sri Lanka’s parliament has introduced new regulations under the Import and Export (Control) Act. This initiative follows police investigations revealing that over $715 million had left the nation through loopholes in advance payment systems, without the corresponding goods being imported. During the parliamentary session,…
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Sri Lanka’s Central Bank Issues Alert on Unlawful Plantation Ventures, Advises Media to Exercise Care with Advertisements
FINANCIAL CHRONICLE — The Central Bank of Sri Lanka has issued a warning to the public regarding informal plantation investment schemes that guarantee high returns. They have also advised media organizations against airing advertisements that could mislead the populace into engaging with illegal deposit-taking operations. Governor Nandalal Weerasinghe stated that officials responsible for supervising non-bank…
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Sri Lanka Police Launch Inquiry into Shooting Incident Leading to Former IGP’s Death
FINANCIAL CHRONICLE – The Sri Lanka Police have announced that they are looking into the circumstances surrounding the death of former Inspector General of Police (IGP) C D Wickramaratne. He was taken to Colombo East Teaching Hospital after suffering gunshot injuries at his home located on Parakrama Road in the Talahena area, within the jurisdiction…
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Sri Lanka Initiates Prison Expansion Efforts to Address Overcrowding Amidst Drug Enforcement Surge
FINANCIAL CHRONICLE — In response to the pressing issue of prison overcrowding exacerbated by ongoing nationwide anti-drug initiatives, Sri Lanka is implementing a comprehensive strategy that includes infrastructure development, recruitment within prison institutions, and rehabilitation efforts, as stated by Minister Nalinda Jayatissa. Jayatissa noted, “As anti-drug operations continue to be conducted outside, resulting in increased…
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Sri Lanka’s NITF to Compensate Rs6 Million to Families of Deceased Jailers from Negombo Prison Uprising
Sri Lanka’s National Insurance Trust Fund (NITF) has announced that it will disburse a total of 6 million rupees in compensation to the families of eight prison officers who lost their lives during the recent riot at Negombo prison, according to officials. Representatives from the statutory body confirmed that all eight individuals were enrolled in…
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Sri Lanka set to welcome tourists back to historic prison site following fatal unrest.
FINANCIAL CHRONICLE – The government of Sri Lanka has announced the reopening of Bogambara Prison, a historic facility established during the colonial period, for housing inmates once again. This decision follows a recent violent incident at Negombo Prison, which resulted in multiple fatalities, as indicated by a gazette published on July 8. The country is…
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Sri Lanka’s Prisons Overwhelmed, Operating at Four Times Capacity During Government’s Drug Enforcement Initiative, Says Minister
FINANCIAL CHRONICLE — The prison system in Sri Lanka is currently experiencing significant overcrowding, largely due to the government’s Ratama Ekata anti-drug initiative, as reported by Minister Nalinda Jayatissa. The inmate count has skyrocketed to 41,000, far surpassing the official capacity of 11,000 inmates. Jayatissa informed the media that the situation has deteriorated sharply since…
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Sri Lankan Lawmakers Informed About Emerging Patterns in Human Trafficking
FINANCIAL CHRONICLE – Members of the Sri Lankan Parliament have received a comprehensive briefing on the rising trends in human trafficking, focusing on its legal, policy, and developmental aspects. The objective is to enhance the legislative framework to effectively combat this pressing issue. According to a statement made in Parliament by Sampath Thuyacontha, Secretary of…
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Sri Lanka Central Bank Investigation Uncovers Infinity Rover’s Participation in Illicit Activities
Sri Lanka’s Central Bank has announced the results of its investigation into the cryptocurrency trading platform Infinity Rover (Pvt) Ltd, revealing the company’s involvement in an illicit scheme. This finding has led to the addition of Infinity Rover to a list of 25 firms identified as participating in such prohibited activities. The Central Bank clarified…
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Sri Lanka Police Enhances Officer Training for Effective Handling of Sensitive SGBV Cases
ECONMYNEXT – The National Police Academy in Katana has recently concluded the third cohort of its Diploma in Sexual and Gender-Based Violence (SGBV). This program trained 56 Officers-in-Charge (OIC) who oversee Women and Children’s Desks throughout Sri Lanka, focusing on delivering gender-sensitive and survivor-focused responses. The United Nations Development Programme (UNDP) in Sri Lanka, which…
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SriLankan Airlines Accuses Employees in India of Embezzling INR 22 Million
FINANCIAL CHRONICLE – Several Indian employees at the finance division of SriLankan Airlines’ Chennai office have been implicated in the embezzlement of 22 million Indian rupees. This fraudulent activity involved the unauthorized alteration of invoices and signatures, according to a statement from the national airline on Saturday. SriLankan Airlines reported that the fraudulent actions transpired…
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SriLankan Airlines Accuses Employees in India of Misappropriating ₹22 Million
FINANCIAL CHRONICLE – SriLankan Airlines has reported that several Indian employees working in the finance department at its Chennai office misappropriated 22 million Indian rupees by fraudulently manipulating invoices and signatures. This revelation was made public by the national airline on Saturday. The airline indicated that the fraudulent activities took place over an extended period…
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SriLankan Airlines Refutes Responsibility in AED 974,000 Fraud Case Involving UAE Service Provider
SriLankan Airlines, the state-owned national carrier, has refuted claims of liability made by a service provider based in Dubai, who alleged that it had not received payment after the airline mistakenly transferred funds to an incorrect account. The airline reported that the service provider had raised concerns over an outstanding payment amounting to AED 974,000.…
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Sri Lanka’s Central Bank Investigates All Financial Institutions for NDB-Style Fraud, Says Governor
FINANCIAL CHRONICLE – The Central Bank of Sri Lanka has conducted a thorough examination of all banking institutions to identify any fraudulent activities akin to those discovered at the National Development Bank (NDB), according to Governor Nandalal Weerasinghe. The NDB recently disclosed a misappropriation of 13.2 billion rupees, amid claims of pervasive financial misconduct and…
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Sri Lanka Central Bank Investigates All Financial Institutions for NDB-Style Fraud, Says Governor
FINANCIAL CHRONICLE – The Governor of Sri Lanka’s Central Bank, Nandalal Weerasinghe, announced that a thorough examination of all banking institutions was conducted to identify any fraudulent activities similar to those reported at the National Development Bank (NDB). The NDB disclosed a misappropriation totaling 13.2 billion rupees, accompanied by allegations of systemic financial misconduct and…