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Supreme Court halts Sri Lanka telco sale to Malaysia
Friday, 15 June 2007 - 6:45 AM SL Time
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Sri Lanka`s highest court halted the sale of shares of the country`s largest fixed access operator to a Malaysian firm Thursday, after a lawmaker filed suit against the deal.
Japan`s NTT which holds a 35.2 percent stake in Sri Lanka Telecom was negotiating to sell a 25.3 percent stake of the Telco to the Usaha Tegas group of Malaysia controlled by billionaire Ananda Krishnan.
The Supreme Court suspended the sale, pending a full hearing of the petition and also directed all documents relating to the deal to be filed in court.
NTT has a contract to manage Sri Lanka Telecom which expires as soon as its stake falls below 10 percent.
The government which owns 49.5 percent of Sri Lanka Telecom has appointed a committee to work out a new management agreement with the Malaysian group.
Lawmaker Sripathi Sooriyarachchi who was sacked earlier in the year as a minister by President Mahinda Rajapakse, went to court alleging that the sale caused losses to the government and the country.
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Damed
Joined: Jun 2006
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15 Jun 2007 00:22:34 GMT Report for Abuse
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Please settle this soon.
Basil struck in USA.
NTT will have to pay a penalty. |
Livera53
Joined: Jan 2007
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15 Jun 2007 05:00:17 GMT Report for Abuse
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| What ever said n done in the past, I raise my hat to Sripathy for having guts to do this in public interest, irrespective of his political motives! |
Pera
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15 Jun 2007 05:04:18 GMT Report for Abuse
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I raise my hat to Sripathy for having guts to do this in public interest, irrespective of his political motives!
yes, we have a lazy idiot as our leader of opposition who shold do this task. But he was on holiday...
Only Sripathy was there to pull the trick :)
PERA
Edited By - Pera - 15 Jun 2007 05:04:43 GMT |
saliya
Joined: Mar 2005
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15 Jun 2007 22:35:35 GMT Report for Abuse
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| Now it is a part of Supreme court to intervene for even small things. But SC has bigger responsibilities on other issues. |
anizam
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15 Jun 2007 23:21:31 GMT Report for Abuse
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yes, we have a lazy idiot as our leader of opposition who shold do this task. But he was on holiday...
Only Sripathy was there to pull the trick :)
See Pera and i agree on this point. The moment RW is kicked out of the leadership, MR will fall. Anyone, JUST ANYONE, as opposition leader will bring down MR.
Like Pera Said - 'Amude & Puka'. THe Reason the 'Puka'(MR) is covered is becuase of the Amude (RW). The moment the Amude is kicked out, the Puka is exposed and will be easy to take out!
Pera - when is that Rebellion with in the UNP supposed to happen? I cant wait!! :) :) |
Livera53
Joined: Jan 2007
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16 Jun 2007 09:38:09 GMT Report for Abuse
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Capricon2,
Thanks. Few things are better not explained in detail. But, I guess its necessary nowadays!! |
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