Brief History of Facebook
Importation of several essential food items including potatoes, dhal, sugar and onions have been suspended
Measures have been taken to suspend the importation of several essential food items including potatoes, dhal, sugar and onions. The Association of Essential Commodity Food Importers said the move was prompted by a lack of dollars to import the goods. Due to this situation, there will be a shortage of essential imported food items in the country as well as an increase in the prices of goods, said its spokesman Nihal Seneviratne. He also said that sugar container were already stuck in the port due to a shortage of dollars. It costs at least $ 100-110 million a month to buy an essential food item.
A covid variety that can break the safety of all vaccines
Prof. Channa Jayasumana, Minister of State for the Supply and Regulation of Pharmaceuticals, says that Sri Lanka is also concerned about the A.30 virus, which is currently attracting the attention of many countries around the world. Speaking to the media, the Minister of State further said that there is a high risk of spreading the virus due to disregarding health advice at weddings and funerals. A new discovery has been made about this variety. This type of A30 is said to be able to break down the safety of all major vaccines, including Pfizer and AstraZeneca. The whole world is paying attention that if this spreads it will cause great inconvenience. We are also concerned about this. If people act like it’s all over, we’ll have to suffer the consequences in four weeks
Inter-provincial travel restrictions were lifted from 4 am today
Under the new generalization, inter-provincial travel restrictions have been removed to maintain the lives of the people without any hindrance. The Task Force on covid Suppression stated that the inter-provincial travel restrictions were lifted from 4 am today (31). Accordingly, the inter-provincial travel restrictions that had been in effect for nearly six months have been lifted from today. With the removal of inter-provincial travel restrictions, inter-provincial bus and train services are also scheduled to commence and the transport services will be operational from tomorrow (01).
An easy win for England
England record an easy victory in the Super 12 round match of the Twenty20 World Cup between England and Australia. England was bowled out for 126 in 11.4 overs for the loss of just two wickets. Jose Butler was unbeaten on 71.
Conflict of opinion started between American and France presidents
French President Emmanuel Macron says his country has lost billions as a result of a security deal between Britain, the United States and Australia. He was speaking at a meeting between US President Biden and French President Barack Obama. The meeting took place at the Vatican Embassy in Vila Bonaparte, Rome. This is the first meeting between the presidents of France and the United States since an agreement was reached with Australia to build a nuclear-powered submarine. The French President has stated that his country has lost 37 billion rupees due to the relevant agreement.
What will Happen to Ceylinco Investors?
Earnest attempts are being made at denying justice to the depositors of the F&G Group of companies (F&G Real Estate Co. Ltd. and F&G Property Developers Pvt. Ltd.) subsequent to 13 long years following the debacle of Ceylinco. Nearly 4,700 depositors who had invested their hard-earned cash with the F&G Group of companies (F&G Real Estate and F& G Property Developers) risked losing over Rs. 7 Billion due to the collapse of Ceylinco which occurred in 2008. Investors in the hope achieving justice in 2009 filed a fundamental rights petition (FR 317/2009) in the Supreme Court seeking the assistance of Sri Lanka’s judicial system in a bid to reclaim their deposits. After examining the FR petition the Supreme Court ordered the appointment of an Interim Board of Directors to manage the assets owned and operated by F&G Real Estate Co. Ltd. and F&G property Developers Pvt. Ltd The Interim Board of F&G consisted of Roshan Fernando, former Supreme Court Judge Nimal Dissanayeke, former SL Army Officer Ranjan De Silva and former Treasury Secretary Dixon Neelaweera and Lional Katuwawala. Consequently Chief Justice Shirani Tillakawardhana instructed the Interim Board of F&G to call for an Expression of Interest (EOI) for a potential investor to take over the F&G Group of companies, revamp the operation and pay back the depositor’s liability. Although several EOIs were submitted, none of them were able to submit an efficacious investment plan to jump start F&G. As a result, under the guidance of the Supreme Court & Central Bank the F&G Board hired KPMG to carryout an evaluation and submit their recommendation to pick an appropriate investor to take over the group. KPMG upon carrying out a stringent technical & financial evaluation of the listed investors who submitted their proposals deemed that ZRA Holdings Pvt. Ltd, was up for the task, since the proposal submitted by it proved to be the most productive and beneficial to depositors. According to the proposal, ZRA Holdings Pvt. Ltd. whose directors have a wealth of experience in investing in high value urban real estate ventures will take over the reins of F&G,establishing both companies under them while making an initial investment worth Rs. 500 million. As per the settlement plan, a payback ratio of 51 per cent of depositor funds was outlined to be paid in cash to depositors of F&G Property Developers while the outstanding 49 per cent was to be met through the granting of non-voting shares. Whereas F&G Real Estate was concerned, repayment was to come through 61 per cent in cash through depositor funds while the outstanding 39 per cent was to be settled through the granting of non-voting shares. Accordingly, the Supreme Court which sanctioned the settlement plan on 24March 2021 directed the signing of the investment agreement with the Interim Board of F&G & ZRA Holdings Pvt. Ltd. and both partied signed the agreement on 30th April 2021. As per the agreement ZRA Holdings Pvt. Ltd was warranted to issued maiden shares on behalf of F&G Real Estate Co. Ltd. and F&G Property Developers Pvt. Ltd. to commensurate with its initial investment value of Rs. 500 Mn in 60 days, following which ZRA Holdings Pvt. Ltd would take over as the major share holder of the F&G Group of companies. Subsequently two members of the F&G’s Interim Board already appointed by the Supreme Court together with Directors representing ZRA Holdings Pvt. Ltd were required to overlook operations and upon settling of all the depositors, these directors representing the F&G’s Interim Board were required to step down, handing over operations to the new management through a systematic transition. As per the agreement Central Bank will monitor the whole process in this period. As the second phase of implementing the investment Agreement ZRA Holdings Pvt. Ltd was required to issue shares and a meeting in this regard was convened between the share holders of F & G property Developers Pvt. Ltd. & members of the Interim Board. This meeting convened on 30 July 2021 with Directors of ZRA Holdings Pvt. Ltd drawing a bank draft worth Rs. 500 million in accordance with the terms & conditions of the agreement. However, the following shareholders, Directors and their sanctioned representatives refused to grant approval at this juncture and proposed to set another date for a meeting while providing them with more time to consider. These individuals comprised of Lalith Kothalawela, K.A.S.Jayasinghe, Mervyn Jayasinghe &Malani Sabharutnam. This course of action has deliberately & maliciously precluded the investor from issuing shares in accordance with the agreement entered into. Surprisingly their logic was that they weren’t made aware of the investment process despite being parties and stakeholders of the Supreme Court petition filed in 2009. Ironically these stakeholders had concurred with the final Supreme court verdict issued on 24 March 2021, which included the Central Bank, the Attorney General’s Department, Depositor Unions, Shareholders Unions of both companies, their directors and attorneys. Moreover, if the relevant stakeholders & directors were keen on filing their objections, they were at liberty to do so ahead of the verdict being issued. Deliberately interfering and causing delays to the investment agreement which has been sanctioned through a Supreme Court verdict may well amount to contempt of court. However new date to continue the adjourned EGM has been secluded to 2nd November 2021, after much delay due to pandemic situation in the country and all the details and documents requested by the share holders have been furnished by the current board. While some of the share holders have already expressed their willingness to toe the line with the supreme court decision, intentions of the others are yet unknown. Most of the 4,700 depositors affected by F&G financial crisis are still struggling to make ends meet and some of them are no more, recent Covid 19 crisis has worsened their plight. Even after the elapse of 13 long years the process to ensure justice to the depositor remains mired and depositors are waiting in anticipation of a speedy solution.
Rice price has increased again
Leading rice producers have once again increased the price of rice by between 10-30 rupees. Accordingly, a kilo of Kiri samba has been increased by Rs. 30 and a kilo of samba and Nadu rice by another Rs. 10. With this price increase, a kilo of Kiri samba is being sold at Rs. 225, a kilo of samba at Rs. 165 and a kilo of Nadu rice at Rs. 140. With the increase of 5 rupees per kilo of white and red rice, the new price of a kilo of white raw rice has become 125 rupees and the new price of a kilo of red rice has become 110 rupees. With the government deregulating rice prices, large scale producers are setting the price of rice.
The decision is taken on transportation services
Steps have been taken to operate bus and train services between the provinces from November 1. It was decided at the covid Suppression Special Committee meeting held yesterday (29) to remove the travel restrictions between the currently active provinces after 04.00 am on October 31. The Director-General of the National Transport Commission Nilan Miranda said that steps have been taken to operate special bus services for office workers coming to Colombo from various parts of the country. Meanwhile, the Railway Department states that train services between the provinces will be operational from November 1. General Manager of Railways Dhammika Jayasundara said that passengers can also obtain train tickets through the ticket counters.
Pakistan recorded the third victory
Pakistan beat Afghanistan by 5 wickets in the Twenty20 World Cup. Batting first, Afghanistan scored 147 for 6 in their 20 overs. In reply, Pakistan scored 148 runs for the loss of 5 wickets in 19 overs. Barber Assam scored 51 runs. Asif Ali, who scored an unbeaten 25 off 7 balls, was named man of the match. Pakistan have won all three of their matches in the Super 12 round.