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Parties are considered to be related if
one party has the ability to control the other party or exercise significant
influence over the other party in making financial and operating decisions.
A related party transaction takes place with a transfer of resources
or obligations between related parties, regardless of whether a price
is charged.
Accordingly Sri Lanka Telecom Services Limited (SLTS) is a related
party of SLT where SLT has the ability to control. All transactions
during the year and balances as at the balance sheet date between
the two companies have been eliminated in preparing consolidated financial
statements.
Mobitel (Private) Limited, is a related party of SLT where SLT has
the ability to control. All transactions during 31 December 2004 and
balances as at the balance sheet date between the two companies have
been eliminated in preparing consolidated financial statements.
Other related party transactions should be read in conjunction with
Note 29 to the financial statements. |
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