Insurance Corp judgment on Monday

The much-awaited judgment on the privatization of Sri Lanka Insurance Corporation (SLIC) case is scheduled to be delivered by the Supreme Court tomorrow (June 1).

Well informed sources said that this would the outgoing Chief Justice Sarath Nanda Silva’s last major ruling.

In this case Vasudeva Nanayakkara who previously moved the Supreme Court against the privatization of Lanka Marine Services Limited (LMSL) filed a fundamental rights petition against the 2003 SLIC privatization.

He sought annulment of the transaction due to several irregularities in the process which caused massive losses to the government of Sri Lanka and the public.

Around 38 respondents were cited in the case including businessman Harry Jayawardena whose consortium of companies, Milford Holdings (Pvt) Ltd, Greenfield Pacific EM Holdings Ltd, Distilleries Company of Sri Lanka (DCSL) and Aitken Spence Insurance (Pvt) Ltd, entered into an agreement on the sale and purchase of the entire issued share capital of SLIC on April 11, 2003.

Nanayakkra’s action followed a damning report on over a dozen public enterprises including SLIC by parliamentary watchdog committee COPE at that time headed by Wijeyadasa Rajapakshe. (SF)

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