Govt. amends...

Daily Mirror (Sri Lanka) - - HEALTHCARE -

Such de­tails should also be filed with the Com­pa­nies Regis­trar an­nu­ally.

“Ac­cord­ingly, ev­ery pub­lic lim­ited com­pany will have to file the records of such ben­e­fi­cial in­ter­est in the share, war­rant or any other in­ter­est, along with the per­sonal de­tails of the in­di­vid­ual con­cerned, with the Regis­trar of Com­pa­nies an­nu­ally, along with the an­nual re­turns of the com­pany,” the Fi­nance and Mass Me­dia Min­istry com­mu­niqué said.

Mir­ror Busi­ness, quot­ing Colombo Univer­sity’s Law Fac­ulty aca­demic Dr. Prathiba Ma­hanama­hewa, re­cently re­ported that an amend­ment to the Com­pa­nies Act was forth­com­ing to give more pow­ers to the Crim­i­nal In­ves­ti­ga­tion Depart­ment (CID) to ques­tion any di­rec­tor or share­holder hold­ing 25 per­cent or more in a com­pany. “Don’t let this amend­ment be passed be­cause it is highly pres­sur­ing the di­rec­tors. Even in­no­cent di­rec­tors can be ques­tioned with­out any rea­son,” Dr. Ma­hanama­hewa told a re­cently held sem­i­nar at­tended by com­pany di­rec­tors.

How­ever, Fi­nance State Min­is­ter Eran Wick­ra­ma­ratne deny­ing the claim stated that these are sheer claims by the op­po­si­tion to cre­ate a fear psy­chosis among the prospec­tive in­vestors at a time when the coun­try claimed the high­est for­eign di­rect in­vest­ment fig­ure in the his­tory in 2017.

“These coun­ter­mea­sures were taken im­me­di­ately as Sri Lanka was re­cently listed among the high-risk coun­tries for money laun­der­ing by the In­ter-gov­ern­men­tal Fi­nan­cial Ac­tion Task Force (FATF) and the Euro­pean Union, fol­low­ing which Sri Lanka made a po­lit­i­cal com­mit­ment to the FATF to ad­dress any tech­ni­cal de­fi­cien­cies in coun­ter­ing the money laun­der­ing and counter fi­nanc­ing of ter­ror­ism regime,” Wick­ra­ma­ratne said.

He also stressed that the amend­ment would only ap­ply to the pub­lic lim­ited com­pa­nies as pri­vately held com­pa­nies are spared from the need to main­tain such records.

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