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Article: Overview of the Colombo Port City Economic Commission Act 2021

Overview of the Colombo Port City Economic Commission Act 2021 Image

The Colombo Port City Special Economic Zone (“Port City”) is a Special Economic Zone in Sri Lanka created to facilitate investments and doing business in Sri Lanka. In order to regulate and facilitate international commerce and investments within the Port City, the Colombo Port City Economic Commission (the “Commission”) was established under the Colombo Port City Economic Commission Act No. 11 of 2021 (“Act”). The Act enables the Commission to lease land, manage investments, issue, or grant a registration, licence, authorisation, and other approvals to engage in business, in and from the Port City and facilitate businesses and investments in terms of this Act.

By Administrator
18th April 2024

General

Insight: Challenges and Triumphs: The Economic Resurgence of Sri Lanka

Challenges and Triumphs: The Economic Resurgence of Sri Lanka Image

The recent changes in Sri Lanka’s economy have presented a landscape rich in both challenges and opportunities for local and foreign investors. The purpose of this brief is to explain the country’s journey through the economic crisis, subsequent economic reforms, pathway to stabilization and recovery, and the evolving legal frameworks and attempts to offer a unique insight into the current state of the economy.

By Administrator
27th February 2024

Banking & Finance

Insight: Navigating Investment Opportunities in Sri Lanka: Legal Considerations for Savvy Investors

Navigating Investment Opportunities in Sri Lanka: Legal Considerations for Savvy Investors Image

In the dynamic landscape of global investments, Sri Lanka has emerged as a compelling destination, offering a rich tapestry of economic opportunities across diverse sectors. As the country continues to position itself as a key player in the South Asian region, discerning investors are drawn to its potential for growth, stability, and strategic location. However, the allure of Sri Lanka's investment landscape is accompanied by a complex legal terrain that necessitates a nuanced understanding to mitigate risks and maximize returns.

By Administrator
28th January 2024

General

Insight: “Whistleblowers” - The Enhanced Role Of Auditors Under The Securities Market Law Of Sri Lanka

“Whistleblowers” - The Enhanced Role Of Auditors Under The Securities Market Law Of Sri Lanka Image

The enactment of the Securities and Exchange Commission of Sri Lanka Act, No. 19 of 2021 (SEC Act), has ushered in a new era for the professional auditors of Sri Lanka, auditing market institutions, market intermediaries, and listed public companies. They are now required to act as ‘gate keepers’ and ‘whistleblowers’ to protect shareholders and the investing public from general accounting fraud.

By Ayanthi Abeyawickrama
02nd January 2024

Corporate & Commercial

Insight: A New Corporate Governance Regime for Listed Companies in Sri Lanka

A New Corporate Governance Regime for Listed Companies in Sri Lanka Image

Sweeping changes have been introduced to the Corporate Governance Rules enshrined in the Listing Rules of the Colombo Stock Exchange. This is being done in a bid to qualitatively and quantitatively improve governance of listed companies in the interest of accountability and transparency.

Effective from 01 October 2024, requirements have been introduced for listed companies to establish and maintain policies on Environmental, Social, and Governance Sustainability (ESG).

By Ayanthi Abeyawickrama
10th December 2023

Corporate & Commercial

Insight: A Review on the Status of Arbitration in Sri Lanka

A Review on the Status of Arbitration in Sri Lanka Image

A key purpose of arbitration is to facilitate the swift resolution of disputes by presenting a viable and preferred alternative to the court process. However, over the last decade, arbitration in Sri Lanka as an Alternate Dispute Resolution (ADR) mechanism is becoming less popular among both local and foreign investors. A key reason for this debacle is that arbitrations in Sri Lanka tend to mirror the worst aspects of the litigation model, like rigid structure, wanton delays, and lack of access.

By Admin
22nd November 2023

Litigation & Dispute Resolution

Alert: Update To Data Protection Laws Of Sri Lanka

Update To Data Protection Laws Of Sri Lanka Image

Sri Lanka has become the first South Asian country to introduce data protection legislation with the enactment of the Personal Data Protection Act, No. 19 of 2022 (“PDPA”), by the Parliament of Sri Lanka on 19 March 2022. The provisions of the PDPA will be brought into operation by way of notification issued by the Minister of Technology (i.e., the Minister assigned the subject of data protection) in the Government gazette, and this will be done 18 and 36 months from the date of enactment.

By Admin
15th November 2023

General

Alert: Supreme Court holds CEB’s refusal to issue permit for solar power plant illegal boosting future renewable energy projects in Sri Lanka

Supreme Court holds CEB’s refusal to issue permit for solar power plant illegal boosting future renewable energy projects in Sri Lanka Image

In a landmark decision, the Supreme Court of Sri Lanka recently ordered the Ceylon Electricity Board (CEB) to pay compensation of LKR 1 Million to the Vavuniya Solar Power (Private) Limited. This was following the hearing of a Fundamental Rights petition filed by the latter regarding the failure of CEB over several years to issue a “letter of intent”. The said letter confirms the intent of the state-owned electric utility to procure power from the renewable energy plant to be set up by the petitioner, and without which, the petitioner would not be able to obtain the necessary approvals, permits, and licences from the relevant regulatory authorities.

By Tanya Goonewardene
16th October 2023

Litigation & Dispute Resolution

Article: The Offence Of Market Manipulation: Some Aspects Of The Law And Its Enforcement

The Offence Of Market Manipulation: Some Aspects Of The Law And Its Enforcement Image

Market manipulation involves the unwarranted interference in the operation of demand and supply for securities in a stock market. 

Interference in the market may be achieved where manipulators disseminate misleading or false information about an issuer or its securities or through artificial transactions intended to convey false information regarding the forces of demand and supply for the market or price of securities.

By Ayanthi Abeyawickrama
06th October 2023

Banking & Finance

Insight: The Case Of The (Not So) Well-Known Trademark

The Case Of The (Not So) Well-Known Trademark Image

A multinational company with a global reach challenged a small Sri Lankan entrepreneur making and selling bakery items, on the basis that one of the multinational company's trademarks was being used. The action of the multinational company under the Intellectual Property Act (Colombo HC /Civil/26/2014/IP) was unsuccessful and was dismissed with cost by the Provincial High Court of the Western Province in the exercise of its commercial jurisdiction ("Commercial High Court").

By Admin
04th August 2020

Intellectual Property

Insight: Traditional Construction Contract Or Design & Build: Making The Right Choice.

Traditional Construction Contract Or Design & Build: Making The Right Choice. Image

The selection of an appropriate procurement method is essential for successful project development. The most suitable method can lead to increased certainty regarding time and costs and ensure that the completed works are fit for intended use. Construction in the Sri Lankan private sector primarily involves two popular methods of procurement, namely traditional construction contracts (or design bid build) and design & build contracts.

By Admin
09th July 2020

Construction & Project Development

Article: Amalgamations of Companies under the Companies Act

Amalgamations of Companies under the Companies Act Image

Amalgamation is the coming together of two or more companies to form a single unified entity. In simple terms, the combined businesses of two or more existing companies, including all assets and liabilities of such amalgamating companies, are subsumed or transferred by the operation of law into an existing company or a new company formed for such purpose. The shareholders of the existing undertakings thereby become the shareholders of the combined (amalgamated) company. One of the innovative fea

By Krishanth Rajasooriyar
25th March 2020

Corporate & Commercial

Insight: Protecting Minority Interests

Protecting Minority Interests Image

A shareholder is defined under Section 86(1)(a) of the Companies Act, No. 7 of 2007 ("Companies Act"), as a person whose name is recorded in the share register, as the holder of one or more shares in the relevant company. The ownership structure of a company can involve both minority and majority shareholdings. A minority interest is said to be existing where an entity/individual holds less than 50% of the voting rights in the company and a majority shareholding is created where 50% or more of such voting rights are held by an entity / individual.

By Admin
25th April 2020

Corporate & Commercial

Article: The Impact Of Ouster Clauses In Modern Sri Lankan Jurisprudence

The Impact Of Ouster Clauses In Modern Sri Lankan Jurisprudence Image

Ouster clauses are statutory provisions that exclude certain actions and decisions from the jurisdiction of competent courts of law. Such clauses prevent the courts from remedying the injustices that can be caused by executive zeal and pose a great peril towards good governance and the goals of sustainable development. In fact, as O. Sambo and Abdulkadir state1 , "it seeks deny the litigant any judicial assistance in respect of the matter having bearing on sustainable development and good govern

By Krishanth Rajasooriyar
25th March 2020

Litigation & Dispute Resolution

Insight: Force Majeure And Frustration In The Face Of COVID-19

Force Majeure And Frustration In The Face Of COVID-19 Image

On 11 March 2020, the Director-General of the World Health Organisation had declared the outbreak of COVID-19 as a pandemic. Governments around the world are taking several contingency measures to mitigate the resulting global health crisis, including the imposition of lockdowns and curfews to varying degrees. The effects of the pandemic have sent shockwaves throughout the world and have severely disrupted global markets, trade, and commerce.

By Admin
25th April 2020

Corporate & Commercial