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Contents

Part VII · General

167. Issue of freezing orders

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

On reasonable suspicion of a contravention of any provision of this Act, regulations, rules or directives made thereunder, the Commission may, at any time where an inquiry is being carried out or a person is being investigated in terms of section 165, issue a directive

(hereinafter referred to as a “freezing order”)-

(a)

prohibiting a person from disposing assets of such person or any part thereof which is related to the matter under inquiry or investigation; or

(b)

prohibiting a person from entering into any transaction or a class of transactions as may be determined by the Commission.

(2)

A freezing order made under subsection (1) shall not be in force for a period exceeding seven market days from the date of issue of such order.

(3)

The Commission after issuing a freezing order under subsection (1), shall within the period during which the freezing order is in force, make an application to court seeking confirmation of such freezing order and also if circumstances so necessitates, request an extension thereto as required after giving the aggrieved person an opportunity of being heard.

(4)

Where the court is satisfied that there are sufficient reasons for issuance of such freezing order, the court may confirm the freezing order and if it is satisfied that there are sufficient reasons for extension thereof may, grant extensions for such periods as it considers appropriate.

(5)

On an application made by the Commission to court in terms of subsection (3), the court shall make an appropriate order in respect of the management of the asset under a freezing order.

Read on from s 168