Corporate Scandals with Impunity
One of our top listed companies which was picked for a top award by a Business Magazine was recently faulted by the Supreme Court in the case filed by Mr Vasudeva Nanayakkara re the privatization of Lanka Marine Services. The bunkering business was a government monopoly carried out by a government owned company- Lanka Marine Services. The government had decided to privatize it but not before liberalizing the bunkering business which was to be done in one year. The Cabinet had decided to recommend the issue of 3 licenses to carry on the business. But the Chairman of PERC had decided to privatize it before such liberalization. The Chairman Dr P.B Jayasundera says the Supreme Court in its judgment “instead …
