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Tuesday September 26th, 2023

Loss making SriLankan completes MRO service for Oman’s Salam Air

ECONOMYNEXT – State-run SriLankan Airlines’ Engineering unit completed a Maintenance, Repair and Operations (MRO) project to Salam Air, the budget airline of Oman, the local carrier said on Friday.

“The heavy maintenance C check was performed on a Salam Air A320 neo aircraft at SriLankan Engineering’s dedicated European Aviation Safety Agency (EASA) approved A320 hangar, as part of a series of C checks that has been awarded to SriLankan Engineering,” SriLankan said in a statement.

“Over the years, SriLankan Engineering has etched a solid track record for providing high quality MRO services,” it said.

“Having the necessary human and technical resources; the airline’s hub strategically located in the Indian Ocean; and necessary international certifications and approvals have given the impetus to secure new high-value contracts from the region and beyond.”

The loss-making SriLankan Airlines has been resolute in building strategic partnerships and acquiring MRO projects from other airlines since 2020, the company said.

The Airlines, which was a profitable venture under Emirates management from 1998-2007,  has includes signed five new contracts with other airlines and leasing companies in Asia and the Middle East to provide services in relation to aircraft MRO activities in the past 12 months, it said.

However, it did not provide any information on the revenue it earned so far since it started MRO projects.

Prime Minister Ranil Wickremesinghe last month proposed SriLankan to be privatised though its losses should have to be borne by the 22 million people of the country.

He said the national carrier’s loss was 45 billion rupees in the financial year 2020/20 while its total losses were 372 billion rupees by March 31 last year. (Colombo/June 03/2022)

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Sri Lanka cabinet okays appropriation bill for 2024 budget

ECONOMYNEXT – Sri Lanka’s cabinet of ministers had approved a draft Appropriation Act for 2024, the state information office said.

The Finance Minister’s proposal to gazette the bill and table it in parliament was approved by the cabinet.

Presenting the appropriation bill is the first stage of presenting a budget for 2024,

The appropriation bills set outs the expenditure plans for each ministry.

The budget proposals, made in November is called the second reading of the Appropriation Act. (Colombo/Sept24/2023)

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Sri Lanka’s MEPA to get 28.5 mn rupees from Singaporean AEPW, for beach clean up

ECONOMYNEXT – Sri Lanka’s Marine Environment Protection Authority (MEPA) is to receive 5.7 million rupees a year, for five years, from Singapore-based marine waste solutions provider, Alliance to End Plastic Waste (AEPW), to maintain 8 beach cleaner machines.

The donation is meant to support MEPA clean coastal areas across Sri Lanka, using BeachTech Hydro Sweepy beach cleaner machines, previously donated by the organisation.

The oil industry-founded non-governmental organisation donated the 8 beach cleaners worth about US$180,000 to MEPA in the wake of the 2021 MV X-press Pearl ship disaster.

The machines manufactured by Kässbohrer Geländefahrzeug AG, a German company, are effective at cleaning up plastic nurdles and other types of potentially harmful non-biodegradable waste, minimising human contact with hazardous materials.

As a significant amount of money is spent for the deployment of these machines for beach cleaning activities, the Alliance to End Plastic Waste has agreed to provide the funds for the upkeep of the machines for a period of five years.

With this financial donation, the Maritime Environment Protection Authority will be able to continue using these machines without interruption to clean identified beaches in the future. (Colombo/Sep26/2023)

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Sri Lanka’s SEC makes four new appointments

ECONOMYNEXT – The Securities and Exchange Commission of Sri Lanka (SEC) made four new additions from diverse backgrounds to its leadership.

These appointments are expected to increase the effectiveness of the SEC secretariat in the respective operating areas, the SEC said.

Manuri Weerasinghe, with over 20 years of experience in accounting, financial management, financial reporting and auditing, was appointed Director, Corporate Affairs.

She is a Fellow Member of CA Sri Lanka, member of the Chartered Institute of Management Accountants and a member of the Certified Practicing Accountants of Australia.

Her academic credentials include a Master of Business Administration and a BSc (Hons) in Accountancy and Financial Management (Special).

Prior to joining the SEC, she served in several financial management positions in Bermuda and Sweden.

Madura P R Wanigasekara was appointed Chief Digital Officer. He has over 20 years delivering and managing IT solutions, and has held several senior management positions in the public and private sectors.

His academic qualifications include a Master of Science in Information Technology from the University of Colombo and a Bachelor of Information Technology from the Curtin University of Technology.

He is also a member of the Australian Computer Society (ACS).

Sharmila Panditaratne was appointed Assistant Director, Legal and Enforcement.

She is an Attorney-at-Law with over 21 years of experience as a securities market regulator.

She holds a Master of Laws degree from the University of Houston, Texas and has worked at two law firms in the USA prior to joining the SEC.

Riyaz Bary, Deputy Solicitor General at the Attorney General’s Department was appointed a Director on secondment basis. (Colombo/Sep26/2023)

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