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| Sunday, 16 February 2003 |
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| News Business Features Editorial
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"Legal matters on finance not clear" by Elmo Leonard Twenty six companies which do not come under the Banking Act are engaged in collecting money from the public, Adviser, Ministry of Tertiary Education and Training, Dr Wickrema Weerasooriya said. When the Central Bank requested these companies to produce their accounts, and suspended their operations, they could get these orders revised through Courts. Legal matters concerning finance are in some instances unclear, as both Roman Dutch and English Law apply in the same country. There is a need to change some of these laws, a panel said. The panel comprised Dr Weerasooriya, Minister of Commerce and Consumer Affairs, Ravi Karunanayake, Managing Director, Eagle Insurance Co Ltd, Chandra Jayaratne, Chairman, Ceylon Chamber of Commerce (CCC), Tilak de Zoysa, Director General, Securities and Exchange Commission of Sri Lanka, Dr D.C. Jayasuriya, Senior Partner, Nithya Partners, Arittha Wickremanayake, Partner, PricewaterhouseCoopers Sujeewa Mudalige, and an associate editor of a local business newspaper. The panel discussion followed a seminar on 'Rebuilding public trust: Opportunities for the business community,' organised by the CCC. Some companies advertise the payment of a 24 per cent interest on deposits collected by them. Dr Weerasooriya asked how they could pay such high rates of interest, when the current rate of interest paid for government treasury bills varies from 8.76 per cent for three-month deposits to 10.75 per cent for four-year deposits. |
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