BUSINESS

Petitioners lose George Steuart case

The Commercial High Court has dismissed  with costs the case against the Chairman, Deputy Chairman and Managing Director of George Steuart and Company. This case centred around the legality of a share transfer.

Judge L.K. Wimalachandra held that the petitioners "cannot take strong grounds that the said transfer of 625,000 shares is illegal and not valid in law."

The petitioners were K.M. De Silva (Member, George Steuart), Scott Dirckze (Director/Member, George Steuart) and Ranjith Wickramasinghe (Finance Director/Member, George Steuart).

It was in October 2002 that they petitioned the Commercial Court primarily contesting the legality of a transfer of 625,000 shares (previously held by the Merchant Bank of Sri Lanka in George Steuart and Company) to Dubsy Kanagaratnam, a British citizen.

They also sought a court declaration to remove Chairman S. Skandakumar and Managing Director J.M. Wimalagooneratne on the grounds of oppression and mismanagement.

However, the High Court in its recent ruling noted that the Controller of Exchange, after consulting the Attorney-General, has specifically stated that the sale of shares by Merchant Bank to Kanagaratnam constitutes a grant of special permission under the Exchange Control Regulations.

Judge Wimalachandra said the petitioners themselves were participants in the sale of 625,000 shares to Kanagaratnam, and they have treated him as a shareholder of George Steuart.

Moreover, they have benefited by the transfer of shares, he pointed out.

"In this situation, I am of the view that they cannot take strong grounds that the said transfer of 625,000 shares is illegal and not valid in law," said Judge Wimalachandra.

He also stated that generally courts will not intervene at the insistence of shareholders in matters relating to internal administration of the company where directors act within their powers.

"Mere disapproval of the conduct of the company's affairs, whether on grounds of policy or about the efficiency, do not justify interference by the court," he said.

He also observed that the petitioners themselves had participated in various acts of mismanagement alleged by them.

"Disgruntled shareholders there will always be and court will not listen to them unless they make out a persuasive case of oppression and mismanagement," he said.

He dismissed the petitioners' applications made under and in terms of sections 210 and 213 of the Companies Act.

Gamini Marapone PC with Navin Marapone instructed by Abdeen Associates appeared for the petitioners. Kanag Isvaran PC with Avindra Rodrigo, instructed by FJ & G de Saram's appeared for the 1st, 2nd and 4th respondents. J Romesh de Silva with N. R. Sivendran instructed by N. Murugesu appeared for the 3rd, 5th, 6th, 7th and 9th respondents. Nigel Austin, instructed by M/s Julius & Creasy appeared for the 8th respondent.

The board of George Steuart, as presently constituted, includes S. Skandakumar (Chairman), R. A. DaCosta (Deputy Chairman), J. M. Wimalagooneratne (Managing Director), R. J. Wickremasinghe, G. Abeysuriya, GES Dirckze, DP Kanagaratnam and K. Neelakandan (alternate to DaCosta and Kanagaratnam).

Terminal Service Agreement signed between Sri Lanka Ports Authority and Maersk Sealand

The world's largest container carrier, Maersk Sealand, which owns a container fleet of 312 vessels with an annual shipboard capacity of 773,931 TEUs has entered into a Terminal Service Agreement with the Sri Lanka Ports Authority to exclusively patronise Jaya Container Terminal for a period of two years.

Accordingly, all current and future services operated by Maersk Sealand through the Port of Colombo will be handled at Sri Lanka Ports Authority container terminals.

Under the Terminal Service Agreement, Maersk Sealand has committed an annual volume of 125,000 transhipment containers and 40,000 domestic containers. The revenue that the Sri Lanka Ports Authority would derive from a domestic container is approximately four times greater than handling a transshipment container.

Managing Director, Maersk Sealand, Jan Thorhauge said, "We are very impressed with the dynamic proactive leadership at SLPA/JCT and also we are pleased to see JCT sustaining the changes brought in over the last 12 months."

On the advice of Minister of Ports Development, Shipping, Eastern Development and Muslim Religious Affairs, Rauf Hakeem, Chairman, Sri Lanka Ports Authority, Parakrama Dissanayake finalised the conclusion of the agreement.

Prepare to face challenges
of the future - Cabraal

Nivard Cabraal, Managing Director of the Cabraal Consulting Group, emphasized the need for students to prepare themselves to face the challenges of the future. He was speaking at a careers day event of the University of Moratuwa. Excerpts of his speech are given below:

In my view, you are the most intelligent persons in our society. You constitute the upper 2% of the student population in our country. Further, you are persons from whom society expects at some stage of time, to assume positions of responsibility.

The country and society have great expectations of you and perhaps that is one of the reasons as to why successive governments spend such vast sums of monies on your education and training.

 I believe you should get ready to perform the functions expected of you in relation to the skills and knowledge you are deemed to possess. You should be prepared to take leadership roles while at the same time be able to function as a team member of whatever team you belong to.

In addition, you should be ready to communicate well in the English language because that would be your passport to a wide and exciting future. You should be ready and able to manage human resources well. I know  many degree as well as professional courses do not give sufficient attention to the human resources management angle and aspects. This is very unfortunate.

To be successful you should be ready to manage your boss, peers and subordinates, and those are skills that you should try to acquire. Further, be ready to face the challenges of the globalised environment and also be ready to keep abreast of current developments in your professional and other areas.

The world out there is cruel and harsh. You will not be treated with sympathy or with kid-gloves just because you are new to the game. You will have to learn to thrive on chaos, and not feel sorry for yourself and expect everyone to give you a hand and treat you with sympathy.

Remember no one will employ you, continue to pay you a salary, and keep you going just because you are a graduate. In any progressive organisation, qualifications would only serve to give you an edge at the time of recruitment. Once you are in you will be judged by what you deliver.

You will be rewarded based on what you achieve. You will advance in the organisation through the results and outcomes that you help fashion. So the simple message is, you must be prepared and ready to deliver from the time you qualify and start serving an organisation right up to the time you retire and maybe even.... beyond.

 You have studied hard, worked diligently, and passed your examinations. You have undergone practical work and training courses which have prepared you.

From now, you have to start on a new agenda to become really ready. You have to develop a practical focus. You also have to develop a sound and positive attitude. You have to develop in yourself a feeling that you can do it. You must believe in yourself and be persevering. Don't give up. Cultivate an inquiring mind and be ready to learn from whichever quarter, the lessons that life will be constantly teaching you.

Another important method of making yourself ready is to listen. Very often, we tend to talk more than listen. Perhaps we should take a cue from the fact that we have two ears, but only one mouth. That then should provide us a clue that we should listen twice as much as we talk.

 We must appreciate that the standards for which we should prepare ourselves should be not just the national standards, but international standards. We have to aim at becoming internationally competent. No longer will it suffice to be nationally competent.

In my view, when the industrial and commercial world perceives you as being really ready, they will come in search of you. Employers will call you. The industry will be in touch with your professors to find out whom they can recruit long before you even qualify. But we have to realise and understand that such as outcome will not just happen automatically. It will happen only with a huge effort.

The university should constantly and consistently keep its curriculum abreast of current international practices and standards. They must be in regular touch with industry and the prospective employers of  graduates to ensure that the end products from the university, namely its graduates, are actually of the standard and ability that the industry requires. They must also focus extensively on the soft skills of their undergraduates, such as communication, human resource management, leadership, manners,  personality development, etc.

Banking Act is outdated - Mahendra Amarasuriya

"The private sector in my opinion is still individual oriented. There is no collective involvement; no unity. The private sector needs to be more collaborative to bring about the changes they require. Of course, the government too needs to provide a number of incentive and infrastructure facilities the private sector has been demanding, such as long-term generation of power and economic infrastructure facilities," said Chairman, Commercial Bank and United Motors, Mahendra Amarasuriya in an interview with Dinesh Weerakkody. Following are excerpts:

Q: How did you get involved in Commercial Bank?

I joined the Board of Commercial Bank on the invitation of S.K. Wickramasinghe who was then chairman of Commercial Bank. I took over as chairman after about five years when he  went abroad as Sri Lanka's ambassador to UK.

Q: What type of an organisation did you inherit?

The main strength of Commercial Bank was in corporate banking and they were reluctant to get into retail banking. They had a network of about 35-40 branches. The organisation in terms of its culture was very conservative.

Q: So what are the changes you introduced?

The year before I took over there was a change in the management and Morris was brought from Standard Chartered. His one year stay at the bank contributed towards changing the culture of the organisation.

The most important change that was brought about was the introduction of performance-based increments. The existing system before that was employees were given standard increments irrespective of performance.

Then we introduced a number of changes, which in combination helped us to create a difference in the organisation culture and in our employees. My involvement in corporate planning led us to create a vision and a mission for the organisation, which did not exist before.

The corporate plans were taken right down to the individual level, which set out individual objectives. We introduced a performance oriented appraisal system. People were made aware of these changes. I was also instrumental in recruiting a HR manager because I was keen to make the organisation more HR oriented.

Q: What would you say as your contribution for Com Bank to become the top most company in Sri Lanka?

Introduction of corporate planning process and a performance culture together with  Human Resources Development, which created a change in the mindset of the employees and the culture of the organisation.

Then we also expanded our branch network at a rapid pace. We realised that we needed to become a nationally oriented bank with a national impact. We opened up in areas outside Colombo where there was a lot of potential. We had a good computer system, which ensured efficient connectivity.

Q: What are your business drivers?

Technology, people and the customer.

Q: In 2001, Commercial Bank received the highest rating given to a bank - SLAA+ by Fitch rating. What are the attributes that enabled Commercial Bank to become Sri Lanka's number one bank?

Mainly three key areas. One was computerisation and perfecting the system. Second was opening up of branches across the country, which brought in large volumes of business. Third was good advertising programmes and promotions to enhance our corporate image.

Q: How big is your loan loss provisioning?

The board has been extra conservative on loan provisioning. We have also trained our people in risk management. Our management goes into detail before a loan is approved.

However, we try to expedite the process as much as possible. I guess this has made Commercial Bank the bank with the least non-performing loan portfolio.

Q: To me your bank sounds very conservative.

No, we are very professional in our lending. As a result of the computerisation, there is very little human intervention. Based on the Central Bank requirements, provisions have to be made. But as per the international yardsticks, we are still not up to the international benchmark. But, by far, we are the best in Sri Lanka.

Q: Have you seen a huge increase in your deposit base over the last few years?

We are concerned with giving the best possible interest rates. Our expansion has helped Com Bank to mobilise deposit in the rural areas and less urban areas. Without giving huge incentives we have been able to match deposit mobilisation of other banks.

Q: Tell us about your branch expansion strategy?

We do a survey in a prospective area before a branch is opened. This is called a socio economic survey where each area is assessed in terms of its potential population, number of traders and stakeholders.

We also carry out a survey to assess the awareness levels of Commercial Bank as against other banks. Our decision to open a bank will be decided by the outcomes of these surveys. So depending on the potential and our growth strategy we decide where we should open our next branch.

Q: How do you recruit staff to the bank?

We do not recruit for branches per se. We recruit people as banking trainees who are given three years training after which they are made banking assistants. Once we have a pool of people whom we can deploy we allocate them to various branches. We try to allocate people to the respective areas they come from.

Q: How strong are your union management relations?

It has been good. We have had a number of issues earlier but those have all been settled.

Q: Is the bank serious about community development?

Our community activities more or less have been at branch level. So far our biggest charity project has been building a ward at the Victoria House for Incurables for our 50th anniversary. In addition, we also sponsor the national badminton championship.

Q: The banking sector is an area that needs to be reformed urgently. What are the changes that we need?

I think the Banking Act is out- dated. There have been many proposals from us to make certain amendments to the Banking Act. We hope these proposals will be implemented. Another area we need to focus is legislation to deal with computer and credit card fraud.

Q: The Central Bank also I believe needs to play a more pro-active role?

I agree the role of the Central Bank should be more of a proactive and facilitative role. I don't see this happening at present.

Q: Is there a need for a consolidation in the banking sector?

Yes. Setting up a bank requires a capital investment of about Rs. 500 million. Further, one would need about Rs. 100 million in addition to put a good computer system in place, without which a bank cannot function efficiently.

The other issue is that a newly set up bank would attract those customers who might have been rejected by other banks. A new bank might not be able to attract new customers unless there is something special on offer. Considering all this, it makes a lot of sense to consolidate.

Q: You are also the chairman of United Motors. How did you get involved?

I was invited by Minister Karu Jayasuriya to be the head of human resources. He was then the chairman of United Motors. When Jayasuriya left to be the ambassador of Germany, I took over as chairman.

Q: The privatisation of plantations according to analysts has been a great success. What is your view?

Privatisation becomes almost a necessity because the cash flow was such that the government could not afford to fund the plantation companies any further. I think privatisation has done a considerable amount of good to the plantation companies.

When the private sector took over, I think we inherited the highest costing and least productive plantation companies in the world. Labor utilisation (land/man ratio) was low. Agriculture production was again low. The factories were badly run down.

Now the agriculture productivity has increased form 1200 to 2000 per hectare though we are a long way behind compared to the rest of the competing companies in the world. Productivity has increased as a result of labor force reductions. Employer/employee relationship was improved tremendously as a result of bringing in modern HR practices to the plantation sector.

However, one problem we are yet to overcome is the continuity of marketing tea, as a commodity. This causes a problem where we are unable to demand a price since commodity price is determined by the demand and supply mechanisms. This is why we need to market a branded product to a niche market.

There is a limit to the increase in production. It will be difficult to go beyond the 2000 per hectare mark because at that point we would be producing tea through the maximum utilisation of our resources. So now we will have to look at other avenues of marketing our tea more effectively.

Ceylon tea is considered a special brand of tea and is considered to be highest quality of tea in certain areas. We need to take this forward through effective marketing. ADB has given a loan for this purpose to encourage establishing of marketing companies to improve our marketing of tea.

Q: Has our management education lost its relevance?

Yes. I do not think our universities cater to the demands of the job market. The curriculum has not changed in a decade. Teachers are not geared up. There is a huge language barrier, where most of the graduates are unable to communicate fluently in English. As a result we have fresh graduates coming out of universities with high expectations but not employable.

The government needs to focus in this area very seriously because such a situation will create a breeding ground for another insurrection.

Q: Is the private sector projecting itself beyond the customer?

The private sector in my opinion is still individual oriented. There is no collective involvement; no unity. The private sector needs to be more collaborative to bring about the changes they require.

Of course, the government too needs to provide a number of incentive and infrastructure facilities the private sector has been demanding, such as long-term generation of power an economic infrastructure facilities.

Sathosa opens supermarket in Jaffna

Sathosa recently opened the first supermarket in Jaffna after peace returned, with a view to expand it into a super mall in the future.

At the opening ceremony, Commerce and Consumer Affairs Minister Ravi Karunanayake said that Sathosa will also be starting a purchasing center soon to provide market access for Jaffna produce in other parts of the country.

The minister said that the produce would not necessarily bring in Colombo but could be sold at other main cities of the country as well.

The supermarket is situated at the Sathosa complex at Kasthuriyar Road at the heart of the Jaffna city and it sells goods at the same prices prevailing throughout the Sathosa chain.

It was accompanied by a warehouse which is now defunct and the minister said that will be restored in a next few months, with the help of architects, to start a store complex and the proposed purchasing centre.

Prior to the war, the Sathosa chain had operated three more outlets in Point Pedro, Kankasanthurai and in Kandy Road.

Minister Karunanayake said these outlets would also be re-opened in due course. He revealed that Sathosa has planned to open four super malls in every district under the 100 super malls project

TULF Jaffna District MP, P. Anandasangaree pointed out the importance of maintaining quality and consistency of the goods available at the supermarket. He also emphasised the importance of providing market access for Jaffna produce in other parts of the country.

The Kasturiyar Road was the centre for jewellery in Jaffna, resembling Sea Street in Colombo, and Minister Karunanayake did not forget to step in to several jewellery shops and exchange pleasantries with the owners.

Later he visited the STC General Trading Showroom and also inspected the construction work on  the Jaffna Public Library.

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Highest figure of company registrations in 2002

The highest ever number of company registrations was reported last year as there were 3284 companies registered during the year 2002. Registrar of Companies, D.K. Hettiarachchi said this was a 46% increase compared with the figures of 2001, and it includes 3050 private companies and 90 public companies.

Hettiarachchi said that there are about 43,000 companies registered so far, out of which 32,000 were registered under the Company Registrations Act No 17 of 1982.

The Department of the Registrar of Companies launched its own website www.dir.gov.lk last year, which provides online facilities in business name reservation and online payments.

Hettiarachchi said that the department was the first government department providing an online payment facility, which was obtained through Sampath Bank.

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Barista Espresso Bar opens in Sri Lanka

Sri Lanka's first Barista Espresso Bar opened its doors recently at the World Trade Center. In celebration of this occasion, there was a simple yet traditional Sri Lankan opening ceremony to introduce the authentic ltalian neighbourhood espresso bar experience to Colombo.

Barista Espresso Bars aim at providing people a place to unwind and relax over a cup of coffee. The Barista experience is a unique combination of a warm and friendly ambience, bright interiors, handcrafted coffees made with 100% Arabica beans, finest equipment imported from ltaly, expert brew masters and the unique customer brew master interaction, and authentic ltalian food items.

Barista Coffee Lanka (Private) Ltd. is a 51:49 joint venture between Barista Coffee and Jewelex Trading Ltd., with Barista Coffee holding the majority stake.

Tata Coffee has a 34.3 percent stake in Barista Coffee, and they are key strategic and integrated solutions partners. Barista is also a member of the Speciality Coffee Association of America (SCAA) and received the SCAA Tops award in 2001.

DLB to introduce new technology

The Development Lotteries Board (DLB) is set to change the face of lotteries in Sri Lanka by introducing new technology to make lotteries more user-friendly, interactive and exciting.

DLB, which will celebrate 20 years of service to the nation on January 19, is looking at new ways of revolutionising the industry. Research is being undertaken on lottery systems in other countries and plans are afoot to introduce vending machines, lottery kiosks and an on-line lottery system in Sri Lanka.

Said Chairman, Development Lotteries Board, J.K. Fernando, "DLB sees itself as a regional player in time to come as technology will make boundaries redundant in this field. For governments around the world, lotteries are important tools to mobilise funds. DLB has far exceeded expectations in this regard and envisions a more dynamic role for itself by adding value to the lives of its consumers and all Sri Lankans. Our target is to increase our revenues by 20% in the next year and move upwards thereafter. Our marketing plans are geared towards that objective."

The DLB was established in 1983, and through the years has assisted in the development of the country as one of the key annual contributors to the President's Fund and Mahapola Scholarship Fund. Annually, millions of rupees are channeled towards the President's Fund. These funds in turn support numerous projects to uplift the living conditions of the rural communities in Sri Lanka, especially in the areas of education and health care. DLB is also responsible for generating jobs for thousands of people across the country through  their dealer network.

DLB has a distribution network that spans the entire country. It is one of the largest players in the lotteries market with a presence in the war torn areas of the east and north too. "The past 20 years have been the most tumultuous in the history of Sri Lanka. Through this difficult period DLB has provided a tremendous support at the grass root level," Fernando said.

"This is just the tip of the iceberg. As Sri Lanka moves in to a new era of peace and prosperity, we will reinforce our role of providing support from bottom upwards, with a focus on making people more self-reliant and providing opportunities for self-employment. Even through our products we wish to enhance the lives of our consumers by introducing innovative prize structures like three wheelers which are income generating, houses, jewellery, household items and cars." These are aimed at giving lower income households a chance to improve lifestyles.

DLB is organising a mega celebration for its 20th anniversary. 20 new lotteries will be introduced. Apart from the grand prize, winners will receive Rs. 3000 per month for a period of one year. Every child born on its anniversary date, January 19, will receive a free savings account of Rs. 1000. After a lapse of several years, three cycle races are being arranged simultaneously from Matara, Balangoda and Dambulla. They will all culminate in Colombo. A huge musical concert is being organised at Parliament Grounds on January 25. DLB Dealers will receive citations for outstanding performance at a dealer convention.

DLB has always been at the forefront of innovation. It was the first to introduce the instant prize lotteries with the scratch and win feature, and the Saturday Fortune is one of the highest fund generators. Its strengths are high security in its process and instant delivery of prizes. It tickets are printed abroad with state-of-the-art on-line technology. The draw process is also foolproof with constant back checks.

Among DLB's main benefactors is the Mahapola Scholarship Fund, which facilitates the education of thousands of students annually. They are supported right through their higher education and many scholarship winners have reached senior positions in society and industry.

The President's Fund supports the health care needs of the poorest of the poor in Sri Lanka. Most significant among the benefactors are the patients at the Maharagama Cancer Hospital. Funds from DLB are also utilised during national crises like the drought, when extensive relief was provided to the Sri Lankans in the south. The fund also contributes towards the development of religious institutions and welfare organisations, as well as sports and arts.

ICBT signs up with Education
Ministry of  Australia

The International College of Business & Technology (ICBT) has created history by being the first institute to sign up with the Ministry of Education, Australia. The Australian government has offered the ICBT tertiary diplomas leading to degrees and further education in Australia.

Speaking to The Sunday Leader, Chief Manager Mohan Pathirana said students who complete their O/Ls in Sri Lanka can, on enrolling with ICBT, complete their degrees in Australia.

Being the first institute to introduce the Master of Business Administration (MBA) in connection with the University of Western Sydney (UWS) the lecturers for this course are specially flown down from Australia.

"We are talking of a high profile student base where working people as well as students can attend courses and work in a flexible environment," Pathirana said.

"For students enrolling for the MBA, the advantage is that equal recognition is given to Sri Lankan students as that of internal students of UWS. While access to the UWS online library is available, the course is conducted in keeping with total compliance of quality assurance," Program Manager, Tertiary And Further Education (TAFE) Diplomas, Srimali Fernando said.

According to Fernando, Sri Lankan students have the advantage of obtaining a foreign certificate at a lesser price together with a graduation in Australia.

"We also have a multinational student base that includes Maldivians, Chinese, Indians and expatriates' children. The MBA is a one year course and many people seem to show interest in this course," Fernando said.

The ICBT campus is a fully owned subsidiary of Ceylinco Consolidated and is a BOI approved project. Therefore, students on completion of this course have the option of joining a subsidiary of Ceylinco as a management trainee. Situated in Mount Lavinia, the ICBT features state-of-the-art A/C lecture rooms with the latest teaching aids, computer labs, internet reference facilities, a cafeteria, a recreational center and an extensive up to date library on par with the best of the world.

The ICBT campus is a partner institute of the Curtin University of Technology to deliver their prestigious BBA in Sri Lanka.

The BBA provides students with a general course in business administration and is well suited for those seeking professional expertise in the general management area.

This program focuses on preparing managers for their challenging roles in a global environment.

Students are trained to apply their course material to their own work environment and international study tours. "Those wishing to further their academic career may proceed to a specialist post graduate program. For example, marketing, educational administration, human resource management and international or public sector management," Pathirana said.

Other short term courses offered by ICBT include Certificate IV in Front Line Management with areas such as develop work priorities, show leadership in the workplace, implement operational plans, lead work teams and promote innovation and change.

The Diploma in Business HR includes manage human resources, consultancy services and manage remuneration and employee benefits, among others.

According to Pathirana, the ICBT strength lies on the exceptional lecture panel approved by the Australian University.

CCC calls for lower lending rates

THE Import Section of the Ceylon Chamber of Commerce is lobbying with fiscal authorities to ensure that commercial banks offer the business sector reductions that commensurate with the reduced lending rates introduced by the Treasury and the Central Bank.

The Treasury and the Central Bank, in persistent efforts to reduce lending rates to the business sector, has on many occasions during the last year reduced the reserve requirement, REPO rates, reverse REPO rates and Treasury Bill rates. Treasury Bill rates have now been brought down to single digit figures with an average of 8.9% at last week's auction.

The Import Section, in its endeavour to ensure that its members obtain commensurate reductions from their commercial banks has addressed this issue with the Secretary of the Treasury and the Governor of the Central Bank.

The Import Section has pointed out that although the government has lowered interest rates, the commercial banks still continue to charge an average of 18% on their lending rates, paying their depositors only 4%-6% on saving accounts. It has drawn attention to the universal index of assessing the profitability of a bank, where a return of 1% was considered a good profitability index.

However the Sri Lankan banks were giving three times this at about 3% , thereby earning profits of around Rs. 1000 million per bank annually. The fiscal authorities have given an undertaking to the import section that this problem will be addressed.

ICASL presentations in Jaffna

THE Institute of Chartered Accountants of Sri Lanka (ICASL) plans to extend its career guidance programme to the Jaffna peninsula, a region that has produced many top flight accountancy professionals in the past.

Nearly 30 schools in Thenmarachchi, Vadamarachchi, Valikamam and Jaffna city, as well as the Jaffna University and the Jaffna Technical College are to be covered at a series of presentations over three days from January 21, the institute announced.

The career guidance programme, modeled on others carried out by the institute in the north central and western provinces in 2002, is organised in association with the Institute of Professional Accounting Studies, which conducts lectures in Jaffna for ICASL courses.

"The unfortunate situation that prevailed in the north for many years limited the opportunities for many high potential students in the peninsula," President, ICASL, Asite Talwatte said. "It is our hope that this programme will encourage a significant number of youth in Jaffna to choose accountancy as a profession and once again contribute to the economic progress of the country."

He said the ICASL hopes to conduct its foundation examination in Jaffna in July if adequate numbers register from the peninsula.

"Chartered accountants hold top management positions in both public and private sectors, and also practice as chartered accountants and management consultants in Sri Lanka and overseas," Talwatte added.

Millennium City goes into Phase Five

By Shezna Shums

Ceylinco Developers Ltd., has moved into Phase Five of the Millennium City project at Athurugiriya. This is the last call to the public who want to invest in a Millennium City house, and grab a bit of paradise.

Some of the other new projects under Ceylinco Developers Ltd., are one at Piliyandala where 1000 individual houses will be built on an 80-acre land and another project where 250 housing units are to be built in Ekala, Ja-Ela.

The Malabe-Athurugiriya Millennium City housing scheme has a total of 1500 houses - 1150 houses have already been sold and Director, Ceylinco Developers Ltd., Bandula Ranaweera says they are confident that the other houses will be sold over the next one and a half years.

The sales for the final phase will be launched by end January or early February.

'Tulip' within the Athurugiriya Millennium City housing scheme is situated amidst the tranquillity of mother nature and unique eco-friendly settings where you can experience peace of mind.

This residential complex in Malabe is situated just 9.4 miles away from Colombo city limits.

This specially created complex offers 24-hour security facilities enabling the residents to reside in this ideal setting of harmonious living.

All houses are single storied detached homes and they include three bedrooms with two toilets, a living and dining room, and a kitchen.

A car porch, verandah,  servant's toilet are also included. The house will have a four feet high boundary wall with a steel gate - all this is ready-made for a family to move in anytime without a worry.

The verandah and the other rooms in the house are tiled with ceramic floor tiles.

The toilets will feature ceramic non-slip floor tiles; the kitchen will consist of an imported two-piece suite with accessories and a single bowl stainless steel kitchen sink for convenience and comfort.

Other facilities provided are an individual septic tank and soakage pit; and there will be central distribution for water supply, a turfed garden and a telephone. All telephone connections will be sold at a concessionary rate to the residents.

'Olympus' is a unique residential complex and township set in a green eco-friendly and calm environment within Millennium City.

Ceylinco Developers Ltd., has designed and implemented this futuristic concept with the aim of creating a wholly self-supporting community that meets the demands of the 21 century.

Ceylinco Developers Ltd., is a member of Ceylinco Consolidated, one of Sri Lanka's biggest and most diversified business conglomerates operating in many fields, as well being in the forefront of real estate and housing development.

Olympus offers two luxury house types named 'Olympus Classique' and 'Olympus Crystal.'

This luxurious residential complex will rise in Oruwela, Athurugiriya, away from the hectic rush of the city. This site is also in close proximity to the proposed Colombo-Kandy highway.

This specially created township will offer a wide spectrum of features, services, and conveniences to residents.

Other facilities at Olympus include wide access roads, electricity supply from the main grid, garbage disposal, playgrounds, recreational parks, community centres, main bus halt and a commercial complex.

At the entrance to the scheme is a 24-hour security point and for a concessionary rate the members will be able to use the swimming pool, clubhouse, gymnasium and tennis court.

The 'Classique' two story home is built on a land extension of seven perches with a floor area of 1560 sq.ft.  It would consist of a living and dining room, pantry, three bedrooms and two toilets, a toilet for the domestic, a car porch, verandah, balcony and courtyard, and a boundary wall.

A 'Crystal' two story home is built on seven perches and has a floor area of 1400 sq. ft. Here the homes consist of the same features as 'Classique' but on a lesser square area.

The 'Heartland' residential complex offers four types of homes, namely 'Orchid,' 'Rose,' 'Anthurium' and 'Dahlia.'

Orchid homes are built on six perches with a floor area of 863 sq. ft.  They have two bedrooms, a living and dining room, toilet and servants toilet, utility room, kitchen, car porch and verandah.

Rose is built on six perches of land and has 750 sq. ft. These houses will also include two bedrooms, an utility room, toilet and a servants toilet, living and dining room, kitchen, a verandah and a boundary wall with a steel gate.

Anthuriam as well as Dahlia are on six perches of land and have a floor area of 660 sq. ft. and will have a verandah, two bedrooms, living and dining room, a kitchen, a toilet and a boundary wall.

Other house types at Millennium City are Horizon and Paradis homes.

Horizon homes are perfect for a small family - these condominium style housing units are built in Malabe with the latest concepts of contemporary style and community living.

Paradis homes are built to cater to those who demand a luxurious lifestyle and convenience; and this enchanting environment overlooks a natural lake.

Here also two types of houses are offered named Paradis Esteem and Paradis Prestige, with all facilities provided to the other houses as well as including a bit more such as cable TV facilities, gym, clubhouse and 24 hour security.

If a resident wants a land extension the company is willing to oblige. Other benefits these residents can take advantage of are the 20%-30% cost saving due to BOI status in terms of land at government valued price, customs duty exemptions and VAT exemptions on imported building materials, fittings and fixtures.

Green belts in the scheme support the concept of an eco friendly, clean environment the residents will enjoy.

Reputed foreign and local architects, and registered contractors design and build the houses for all these housing schemes.

Foreign fixtures, fittings and tiles brought from Britain, Malaysia, etc., are used to add value to the houses.

Also easy payment schemes from reputed banks and financial institutions are available. The client will be able to chose whatever bank he or she wants to deal with as Ceylinco Developers deals with a large number of banks and finance houses.

All this is backed by the experience and expertise of the Ceylinco Group and all houses will be given a one-year guarantee at the time of purchase.

Bandula Ranaweera says that these houses have been very popular with expatriates as well as local people.

"If you build your own house it will cost much more, but here we benefit from economies of scale, huge discounts from suppliers and contractors, so the price of a house is lower, thus benefiting the customers," he pointed out.

These houses have a price range of between Rs. 1 million to around Rs. 6 million.  With only a small down payment required a family is able to own a house by taking advantage of the company's easy payment schemes.

Without having to worry about construction, house planning or utility connections, Ceylinco Developers will take care of all the hassle to provide a fully constructed house to move into without a worry.

Emerald introduces 'the' shirt

Emerald has been the corporate shirt since 1956. Through the years the company developed in keeping with global trends. The company has taken pride in specialising in the field of shirt manufacture. Infusing the latest technology and using the best Japanese fabric, Emerald has continued to produce shirts of the best quality for the local market. Recently the company stepped into the next stage of its development by producing its first top of the line branded shirt in Sri Lanka, which bypasses all else in the market place and ranks with the best labels in the world.

"Our decision to launch a totally Sri Lankan flagship product stemmed from the need to extend our local expertise for the common benefit of the Sri Lankan people. The trend in the market is to purchase either inferior quality imported shirts or go for the premium priced designer labels. Customers do not perceive locally manufactured shirts as being of the desired quality. Given this background, we felt that the time to change is here. Why do we not give our people the best products that we have the capacity and confidence to produce? We were determined to make a difference because we were so confident that our product could match the best in the world," said a spokesperson for Emerald.

The brand new designer shirt will not only take Sri Lanka by storm but make its mark in the catwalks of the South East Asian region. It is named Emerald Leonardo from the House of Emerald.

"Research carried out by us revealed that there was a great need in the market place for an international quality corporate shirt at an affordable price. The customers were demanding a better product. We at Emerald have been manufacturing quality shirts for over five decades. It was time that we branded our product so that our customers could see the difference we offer. With this thinking we set out to create our latest product, the brand new designer shirt, Emerald Leonardo. This all Sri Lankan international quality shirt will offer optimum comfort and style to the wearer. Our vision for this brand extends beyond Sri Lankan shores. We are confident in making Leonardo a renowned brand in the entire region," the spokesperson said.

"The name Leonardo has been selected after much deliberation and evaluation of customer feedback. Emerald opted for an Italian name as Italy is synonymous with fashion and the language offers a certain sex appeal. Italian men are considered to be macho, rugged and sexy. This feeling was the perfect brand association for our product, which was going to be marketed to upwardly mobile executives from 20 upwards, who would be conscious of their appearance. Furthermore, we were confident that the name Leonardo would ring a bell with Leonardo Di Caprio, the star of the academy award winning blockbuster movie Titanic."

"We will market this exclusive product through our network of dealers, who have been our partners in progress.

"When we were developing Leonardo, we had quality at the top of our minds. A team of experts worked very closely with the innovators and the designers to create a product of superior quality. Only the best Japanese cotton fabric was recommended. Even the accessories had to be imported. The stitching of the shirt was carried out under strict supervision and quality control, on the lines of an export oriented production facility. We understood that quality assurance was and will continue to be the fundamental factor in making Leonardo the chosen corporate shirt in Sri Lanka and in the region.

"We have created a brand with the best quality so that it becomes a fashion statement. We have incorporated unique features in to the garment like a hidden button down collar, pen holder and a special form of stitching for the arm and back for a better fit. We will support the marketing effort of this novel product with 'out of the box' advertising and promotions," the spokesperson explained.

IT-Office exhibition in Kandy

IT-Office 2003 Exhibition, a mega event that will bring the newest developments of information technology and office automation industry to the hill capital, is to be held from January 24 to 26 at Hotel Suisse in Kandy.

This event has been designed as a result of a long felt need in the rapidly developing city of Kandy. Even though Kandy is keeping pace with developments in the industrial and communication sectors, a vast gap is still visible between the hill capital and Colombo with regard to information technology and the office automation sector.

Thus the IT-Office Exhibition will provide a forum for IT and office automation companies to reach the Kandy market. The consumers in Kandy will be able to visit the stalls of top solution providers in the country and get the benefit of their services at their own convenience, without the hassle of having to travel down to Colombo.

The profile of the exhibitors cover an extensive area including IT companies (hardware and software), IT training institutes, office equipment companies, education/training centers and other related products and services. They include top-notch solution provides in the market like PC House, Dialog GSM, Inktech, Abans Lanka, Epson Computers and Samsung, to name a few. PC House is the main sponsor of the event.

The exhibition has been organised by Design Event (Pvt) Limited, which is an associate company of Art Box Advertising (Pvt) Limited. It will be open to the public from 9.30 a.m. until 7.30 p.m. each day. The event is expected to draw large crowds.

Singer returns to Jaffna

Singer Sri Lanka returned to Jaffna after an absence of 17 years to be met with an overwhelming welcome from the people of Jaffna. The enthusiasm and need for electrical appliance was all too apparent when all the appliances on offer were sold out on the opening day itself.

The people of Jaffna have long been crying out for guaranteed appliances and Singer Sri Lanka was the first to realise this need and take steps to provide reliable domestic appliances, thereby playing its part in helping rebuild the war torn peninsula.

Lanka Bell gives Jaffna its first cyber cafe

Lanka Bell takes the lead once again in connecting Jaffna to the rest of the world - this time by providing Jaffna with its first cyber cafe.

Lanka Bell was also the first fixed wireless operator to provide digital telephony to the peninsula. This also marks the opening of yet another Lanka Bell Mini BellCentre through their partnership with Sathosa. This is the first Mini BellCentre to be opened outside the Western Province.

The new Mini BellCentre located within the premises of the Jaffna Sathosa Super Centre will provide the public in Jaffna with affordable local and international calls.

These calls will be charged on a per-second basis and also offer internet surfing and computer games at low rates. This is in keeping withe the Sathosa concept of low cost and affordability.

Lanka Bell is also taking its digital technology to the country's major rural population and servicing the high demand for telecommunications such as payphone services as well as access to the world wide web.

All these facilities are made possible through BellSat, Lanka Bell's VSAT solution, in partnership with NEC and JC SAT of Japan, two leading players in the global communications industry.

Lanka Bell was able to meet the request to install the required voice and data lines at very short notice. This was due to the fast deployment capability of Lanka Bell's BellSat solution which has the capacity to provide instant connections to any part of the island including the remotest of areas in Sri Lanka that do not have telecommunication services.