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Overview
Sri Lanka’s economy grew by 7.4% in 2014, a slight increase on the year before, however, this growth was stymied in 2015 by political uncertainty following the new Sri Lankan president’s dissolution of parliament ahead of the August 2015 elections. Intended to consolidate power and push through political reforms, the uncertainty surrounding the election result caused a halt in infrastructure projects which were previously gathering pace. Foreign investment has also been affected by the enactment of the Land Bill which legislates against the purchasing of land by foreigners (although the new act does allow foreigners to acquire land on a lease basis of up to 99 years). Therefore, law firms reliant on a significant amount of projects work have suffered somewhat of a dip in workflow, as have those who are instructed by foreign corporates (offset to some extent by advisory work surrounding the implications of the Land Bill).
Now the elections have occurred and the results come through, the outlook for the future is positive with voting largely made along national rather than ethnic or regional lines. Indeed, the new Prime Minister Ranil Wickremesinghe has offered positive and conciliatory statements urging the country to move forward as "one family" and away from the divisive politics of the past.
The main players in the market include F. J. & G. De Saram, Nithya Partners, Neelakandan & Neelakandan (formerly Murugesu & Neelakandan), and Julius & Creasy. D. L. & F. De Saram, Sudath Perera Associates and Tiruchelvam Associates also have strong full-service practices.
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Press releases
The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
Legal Developments worldwide
Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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Korea strengthens taxation on multi-national enterprises in 2017
On July 28, 2016, the Ministry of Strategy and Finance (“MOSF”) announced the annual proposal to amend the tax law for 2017 (the “Proposal”). The Proposal was submitted to the National Assembly on 2 September 2016. -
Protecting the ‘Little-Guy’ in Distributorship Arrangements in Korea
- Enforcement Decree to the Fair Retail Agency Transactions Act -
Single Continuous Infringement Concept and the Practice of the Turkish Competition Authority
The concept of a single continuous infringement (" SCI ") enables competition authorities to consider a series of agreements or conducts that have the same objective to distort competition in the market as one single continuous infringement. Similar to the approach in the European Union, the Turkish Competition Authority ( Authority ) also considers this concept while assessing a case under Article 4 of Law No 4054 on the Protection of Competition of 13 December 1994 ( Law No 4054 ), which is akin to-if not the same as-Article 101 of the Treaty on the Functioning of the European Union ( TFEU ). -
Broader Interpretation Boosts Anti-Avoidance Rules
Businesses seeking to structure cross-border transactions in ways that help them avoid paying tax are finding it more difficult as authorities worldwide step up information sharing. One such example is the Global Forum on Transparency and Exchange of Information for Tax Purposes, which is driven by the Organization for Economic Co-operation and Development and has 135 members. The cabinet recently approved Thailand's membership in the forum. -
Austria: Amendments to Gas Market Model Ordinance
The Gas Market Model Ordinance plays a major role in the Austrian gas market, as it regulates network access and the capacity management and balancing system in Austria's three market areas: the east, Tyrol and Vorarlberg. read more... -
[South Korea] Data Privacy Legal Update
Proposed Amendment to the Enforcement Decree of PIPA -
Applications under the Overseas Investment Act 2005 - a practical update
New Zealand’s overseas investment regime has been in the media spotlight in recent times. While lobbying organisations and political parties closely scrutinise the decisions of the Overseas Investment Office ( OIO ), those in the investment community have raised concerns that the regime is overly burdensome and time consuming. Against this background, there have been a number of changes in process and regulation, with further changes in the pipeline, aimed at ensuring the regime is fit for purpose. This article provides a brief overview of the regime and then looks at some of the recent and impending developments. -
Arbitrators’ Liability: Austrian Supreme Court Reconfirms Strict Standards
One of the main advantages of arbitration vis-à-vis state court litigation, is that the parties are free to choose independent and highly specialised experts to decide their cases. Yet, if these experts negligently (or even deliberately) violate the duties that come with the acceptance of the appointment, the issue of liability arises. read more... -
On Gifts, Courtesies and Other Business Amenities
Nurlan Sholanov Partner, AEQUITAS Law Firm -
Promissory Note Holders Not Bound by Arbitration Clause in Underlying Contract
This update discusses the recent case of Rals International Pte Ltd v Cassa di Risparmio di Parma e Piacenza SpA [2016] SGCA 53 where the Singapore Court of Appeal upheld the decision of the High Court that the assignee’s claim based on a number of promissory notes did not fall within the scope of the arbitration agreement in the underlying Supply Agreement. The assignee of such notes was therefore free to litigate in the courts.
Press Releases worldwide
The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
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Inheritance: Gifts during testator’s lifetime to be considered for purposes of compulsory portion
A testator who makes a gift during his lifetime may give rise to tax advantages. However, any gifts need to be taken into account when calculating the compulsory portion. -
Interest Shown For The Kotor-Cetinje Cableway Concession
Montenegrin media outlets have recently reported that the initial phase of the tender for the pre-qualification procedure in awarding the concession for the Kotor-Lovćen-Cetinje cableway – announced on 3 August in the Official Gazette of Montenegro – will be open to interested parties until 5 October this year. The president of the Tender Commission, Daliborka Pejović, pointed out that seven potential concessionaires have so far shown great interest for submitting the required documentation in the pre-qualification stage. -
Karanović & Nikolić Advises The Seller Of Electric Buses For The City Of Belgrade
Karanović & Nikolić is pleased to have advised on the recent public procurement case in which our client – the seller – provided the City of Belgrade with five new electric buses for the city's public transport system. The team that led the client throughout the process was represented by Marjan Poljak, Partner, and Ana Stanković, Senior Associate. -
Italian Company To Acquire Bihać-Based Kombiteks?
Recent news reports from Bosnia tell us that the BiH government, represented by the federal prime minister for economic issues and investments, Suvad Osmanagić, paid a visit to Bihać with Ludovico Camozzi, the president and owner of Camozzi – an Italian company that produces industrial automation machinery. -
Sale Of Serbian Agricultural Land To Foreigners: What Does The Agreement With The EU Really Say?
Ever since Serbia’s Stabilisation and Association Agreement with the EU (‘SAA’) entered into force in September 2013, Serbian media have paid significant attention to the country’s obligations concerning the acquisition of agricultural land by foreigners. The fear of one part of the public appears to be that, due to the application of the SAA, large portions of Serbian agricultural land will be sold out to foreigners. -
Drawing The Line – Parallel Import
This article was initially featured in CEE Legal Matters, June 2016 edition. -
D&O insurance: BGH bolsters policyholders‘ rights
Claims arising from a D&O (Directors & Officers) insurance policy can be ceded to the employer. That was the verdict of the Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, in its ruling of April 13, 2016 (Az.: IV ZR 304/13). -
Memorandum On The Serbia-Bulgaria Gas Pipeline Construction To Be Signed Soon
According to latest media reports, the governments of Serbia and Bulgaria have agreed on the formulation of a new memorandum for the task of building a gas pipeline between the two countries, during a recent meeting of the group for gas connections in Central and South East Europe that was held in Budapest. -
Belgrade-Timisoara Highway Announced
An interesting news update has recently come up in the media, as the Serbian roads company "Putevi Srbije", and the Ministry of Construction, Transport, and Infrastructure – together with the representatives of the relevant institutions in Romania – announced that a contract on implementing a cross border project of building the Belgrade-Timisoara highway is due to be signed in the next two weeks. -
Serbia’s Investment Potentials Presented In Paris
Media reports are letting us know that the "Serbia - A Strategic Crossroads between Western and Eastern Europe," conference was held in Paris on 15 September, where the French companies were presented with the political and economic environment in Serbia, as well as with the ensuing investment opportunities and the possibility of financing economic projects.