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Editorial

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.

Press releases

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Legal Developments worldwide

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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
  • OLG Frankfurt: Misleading advertising featuring corporate history

    If over the course of its history a company was split up, advertising featuring the company’s history may be misleading. That was the verdict of the OLG Frankfurt (Higher Regional Court of Frankfurt) in a recent ruling (6 U 167/14).
  • Gender Pay Gaps: The Latest Reporting Requirements

    On average, male employees are paid more than female employees. In 2015, men working full-time were paid approximately 9.4% more than women working full-time. As a result, the government is working to introduce measures with the aim of reducing this gap.
  • European Commission Recognises The Importance Of Crowdfunding

    It has been announced last week that the European Commission (EC) has published a report on the EU crowdfunding sector, as part of its Capital Markets Union Action Plan. In doing so, the EC has recognised the growing importance of crowdfunding platforms – websites that allow fundraisers to interact with investors and donors – for the improved economic growth and job creation in Europe. Despite being acknowledged as relatively small at this moment in time, its rapid development has been noted, and for that reason, efforts are being made for crowdfunding to be appropriately regulated en route to becoming one of the key sources of financing for small & medium sized enterprises in the future.
  • Pitmans acts on Westcoast’s acquisition of Art Systems Holdings Ltd

    Pitmans LLP has acted on behalf of its longstanding client, Westcoast (Holdings) Limited on its acquisition of Art Systems Holdings Limited.
  • Dubai Investors Take Ownership Of Porto Montenegro

    One of the biggest news reports in the region last week was the acquisition of Porto Montenegro , the luxury yacht marina located in Tivat, by the Investment Corporation of Dubai (ICD). The marina was handed over to the new owners during a press conference at the Regent Hotel, where the accompanying protocol was signed by ICD's Executive Director, Sheikh Mohammed Al Shaibani, and the CEO of the marina's previous owner – Adriatic Marinas, Oliver Corlette. The conference was also attended by the Montenegrin Prime Minister, Milo Đukanović, and the Minister of Sustainable Development and Tourism, Branimir Gvozdenović.
  • Insolvency Update: Changes that take effect from April 2016

    The Department of Justice has issued a practice direction in connection with the new insolvency express trials pilot.
  • The Apprenticeship Levy

    Following last year’s autumn statement, HMRC has now published draft legislation which introduces the proposed new apprenticeship levy. The levy will have effect from 6 April 2017.
  • https://www.karanovic-nikolic.com/knnews/Pages/2016/04/28/Competition-Commission-Joins-Forces-with-t

    Another piece of news related to our competition team in Serbia are the recent signings of a Memorandum of Understanding and Agreement of Cooperation in the field of forensics between the Commission for the Protection of Competition and the Ministry of Internal Affairs (MIA).
  • Chinese Company To Invest In Bosnian Thermal Plant

    The Sarajevo Business Forum 2016 (SBF) was, among hosting a number of lectures and discussions, a platform for one of the largest post-war investments in the energy sector in Bosnia & Herzegovina (BiH). The reason for this can be found in the latest reports that an agreement was reached for the EUR 722 million construction of Thermal Power Plant Tuzla's Block 7 between Elektroprivreda BiH and the China Gezhouba Group Corporation , with the official MoU signing taking place on the first day of the SBF 2016. The project financier for the deal in question will be the Export Import Bank of China (EXIM), and the repayment period – together with a five-year grace period, is reported to be 15 years.
  • Karanović & Nikolić Attends Commission’s Anniversary

    ​Karanović & Nikolić attorneys were among the guests at the Republic of Serbia's Commission for the Protection of Competition's 10 year anniversary celebration, which also included an international conference on the topic of the law and policy of competition protection. The conference was opened by Deputy Prime Minister, Prof. Dr Kori Udovički, President of the Commission for Protection of Competition, Dr Miloje Obradović, President of the National Assembly's Committee for Economy, Regional Development, Trade, Tourism and Energy, Dr Aleksandra Tomić, and European Union Delegate, Steffen Hudolin.