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Notes to the Financial Statements
 
  26. Directors’ Interests in Contracts
 
    (i)  Mr. J.C.L. de Mel who is the Chairman of the Company is also a Director of People’s Bank, Mobitel (Private) Limited,          Delmage Forsyth Limited and Sri Lanka Telecom (Services) Limited with which the following transactions took place          during the year:
   
   People’s Bank
 
     
  (a) Four current accounts are maintained with the Bank for which the total cash book balance as at 31 December 1999     amounted Rs. 56 million.  
     
  (b) Two loans of Rs. 300 million each obtained in 1998 and 1999 respectively have been fully settled during the year, for which     interest amounting to Rs. 7.8 million and Rs. 9.7 million respectively have been paid during the year.  
     
  Mobitel (Private) Limited  
     
  (c ) Payments amounting to Rs. 4.5 million have been made during the year on call charges relating to celluar phones     purchased for SLTL employees.  
     
  Delmage Forsyth Limited  
     
  (d) Payments amounting to Rs. 1 million have been made during the year for the purchase of paints and painting equipment.  
     
  Sri Lanka Telecom (Services) Limited  
     
  (e) Management fees payable as at 31 December 1999 amounted to Rs. 23.1 million which is stated after absorbing Rs. 3.5     million into work in progress.  
     
  (ii) Mr. D. Amarasinghe who is a Director of the Company is also a Director of Commercial Bank of Ceylon Limited, Property     Development Limited and the Chairman of Sir Lanka Insurance Corporation Limited with which the following transactions     took place during the year:
 
     
  Commercial Bank of Ceylon Limited  
     
  (a) Three current accounts are maintained with the Bank for which the total cash book balance as at 31 December 1999     amounted to Rs. 4.6 million.  
     
  (b) Short-term loans of Rs. 500 million and Rs. 350 million were obtained during the year for which interest paid during the     year amounted to Rs. 44 million and Rs. 27 million, respectively.  
     
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Notes to the Financial Statements                              
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