Supreme Court orders annulling privatization of SLIC

The Supreme Court landmark judgment annulled privatization of Sri Lanka Insurance Corporation (SLIC) and ordered shares to be reverted back to the Treasury Secretary.

The SC also ruled that the purchase price of Rupees 6.5 billion be repaid in Treasury Bonds with interest within a period of five years. Court also directed the Treasury Secretary to appoint a new management for the SLIC.