SL
Insurance sale annulled, shares revested in Treasury
* SC commends petitioners
* Govt. Valuer kept in the dark
* New directors to be appointed
* Tender Board had no jurisdiction
* Deal struck under UNF govt.
The Supreme Court yesterday declared in judgement that the
sale of 90 per cent shares held by the Secretary to the Treasury on behalf
of the government, in the Sri Lanka Insurance Corporation, had been
carried out wrongfully. The Court declared the aforesaid sale to a private
owner null and void and ordered that the shares sold in that transaction
be immediately re-vested in the Secretary to the Treasury.
Vasudeva Nanayakkara who petitioned Supreme Court against the SLIC
deal is carried by a group of SLIC employees in support of his action.
Pic Nimal Dayaratne
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