Supreme Court Rules Against Sale Of LMS To John Keells
July 21, 2008 at 12:31 pm · Close Watch · Scroller
The Supreme Court ruled Monday that the sale of shares of Lanka Marine Services to John Keells Holdings by the government in 2002 violated fundamental rights.
The ruling came after a fundamental rights petition filed by Vasudeva Nanayakkara.
The court also held that the land transfer was void and the land, as a result, goes back to the Sri Lanka Ports Authority.
The shares transfer was not invalidated due to consequences that may arise and will remain with John Keells, a lawyer for Nanayakkara said.
Treasury Secretary P.B. Jayasundera was ordered to pay Rs500,000 in damages, he further said.
To read key parts of the Supreme Court judgment click here (updated)
To read a John Keells press release click here