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| Sunday, 10 October 2004 |
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Court of Appeal dismisses Okanda applications The Court of Appeal delivered judgement recently dismissing with costs two applications filed by Okanda (Pvt) Ltd and Okanda Finance (Pvt) Ltd against the Monetary Board of the Central Bank of Sri Lanka and the Director of the Department of Supervision of Non-Bank Financial Institute of the Central Bank. The two companies were represented by Romesh de Silva P.C with Hiran de Alwis,Attorney-at Law.The Monetary Board and the Director were represented by P.A Ratnayake Additional Solicitior General with Riad Ameen, (State Counsel). The two companies sought writs of certiorari against the Monetary Board and the Director to quash letters issued by the Director requiring the companies to show cause as to why action should not be taken by them for failure to furnish documents and information sought by her under the Finance Companies Act to ascertain whether the two companies are engaged in finance business as defined in that Act.Writs of prohibition were also sought preventing the Director from further inquiry in respect of the activities of the said companies. In dismissing the applications, court has stated it is of the view that available material constituted reasonable and probable cause for the Central Bank to suspect that Okanda Investment and Okanda Finance had invited the public to make deposits in return for payment of interest payable annually. Two transactions carried by the company will also be subjected for investigation. |
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