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Sri
Lanka Insurance Corporation Limited
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(c)
Insurance premium paid during the year on policies
relating to cash in transit and motor vehicles amounted
to Rs. 1.8 million and Rs
3.5 million, respectively. |
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(iii)
Mr. S. Anan who is a Director of the Company is also
the Vice President of NTT Communications Corporation
with which the following transactions
took place during the year: |
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NTT
Communications Corporation |
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As
per the shareholders’ agreement with NTT, which owns
35% of the issued share capital of SLTL, the following
charges have been borne by the Company during the
year: |
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Remuneration
for experts seconded to SLTL Rs.
113 million
Expenditure for experts seconded to SLTL
Rs. 68 million
Management fees payable to NTT Rs.
270 million
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Rs.451
million |
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--------------- |
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Mr.
R.D. Somasiri who was a Director (resigned on 14 October
1999) of the Company was also a Director of Mobitel
(Private) Limited and Sri Lanka Telecom (Services)
Limited. Mr. S. Hashimoto, the Chief Executive Officer
of the Company and Mr. N. Asami, a Director of the
Company, are also Directors of Mobitel (Private) Limited
and Sri Lanka Telecom (Services) Limited. Transactions
with these companies are stated above. |
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27.
Related Party Transactions |
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SLTL
provides telecommunication services to the Government
of Sri Lanka, in theory on terms identical with those
applicable to its other customers. However, the amounts
due from the Government for these services have been
outstanding for long periods. The policy to disconnect
telephones for late payment is not uniformly applied
to Government departments. |
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Related
party transactions should be read in conjunction with
note 26 to the financial statements. |
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28.
Post Balance Sheet Events |
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The
Company issued to the public on March 2000, 1,500,000
unsecured redeemable 5 year debentures (2000/2005)
of Rs. 1,000 each of three (3) types, which rank
equal and pari passu to each other differing only
with respect to interest coupons and the frequency
at which interest payments are made. The descriptions
of the three types of debentures are as follows:
Interest rate of 14% p.a. payable quarterly.
Interest
rate of 14.5% p.a. payable annually.
Floating
interest rate of 1.25% p.a.above the simple average
of 6 months weighted average Treasury Bill rate.
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