Skip to content

May 22: Fortieth Anniversary of Sri Lanka’s Republican Constitution

by Dr.Tissa Vitarana

Forty years ago, on May 22, 1972, at the Navarangahala in Colombo, the Parliamentarians of Sri Lanka concluded two years of sitting there as the Constituent Assembly, by passing and accepting the new autochthonous Constitution of Sri Lanka.

This home grown Constitution was formulated de novo by the elected representatives of the people of Sri Lanka, and was not derived in any way from the Constitution that was imposed on Sri Lanka by the British rulers, the Soulbury Constitution.
Continue reading ‘May 22: Fortieth Anniversary of Sri Lanka’s Republican Constitution’ »

Disturbing questions about National Savings Bank and The Finance Company

by Dr A.C.Visvalingam | President, CIMOGG

Recently the Board of the National Savings Bank (NSB) sought to explain why it purchased shares of The Finance Company (TFC) from two or three of the latter’s directors with a premium exceeding 50% of the market value at a time when the entire Stock Market was in dire straits.

It was apparently a very sound investment! For whose benefit? The NSB has not revealed from where it got the confidence to violate the very Act under which it was created and the various provisions under which the Central Bank, the Treasury, the Stock Exchange and the Securities & Exchange Commission (SEC) are required to exercise certain supervisory functions over all financial institutions and the Stock Market, including the NSB.
Continue reading ‘Disturbing questions about National Savings Bank and The Finance Company’ »