SL commends UK’s decision to proscribe LTTE

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By Susitha Fernando
Colombo, Sep 3 |
Sri Lanka has commended the UK’s move to maintain the proscription of the Liberation Tigers of Tamil Eelam (LTTE) as a terrorist organisation.

In a statement on Thursday, the Foreign Ministry in Colombo said that that the government has been made aware that the UK Home Secretary has decided to maintain the proscription of the LTTE under the UK Terrorism Act No. 7 of 2000 following the judgement of the Proscribed Organisations Appeals Commission (POAC).

The Commission has rejected the application of a LTTE front organisation to de-proscribe the group in the UK.

“The LTTE, therefore, remains a proscribed organisation in the UK, as in over 30 other countries worldwide, including in the EU region,” the Ministry noted.

“The LTTE was initially proscribed in these countries due to the group’s brutality and atrocities targeting civilians and democratically elected leaders, involvement in organised crime and other criminal activities that impacted global and regional security.

“The continued retention of the LTTE’s proscription worldwide, is a recognition of the continued threat posed by the remnants of the group working through its international network, which continue to finance terrorist activities, radicalise youth towards violent extremism and cause ethnic disharmony and disrupt cohesive living in every country in which they are active,” it added.

The UK listed the Tamil rebel group which fought for a separate territory from the Northern and Eastern Sri Lanka, as a terrorist outfit in early 2000.

However the POAC in October 2020 decided to delist the LTTE as a proscribed organisation following an appeal filed in May 2019 by the front organisation challenging the decision.

The Commission held that the UK Home Office’s decision to keep the LTTE proscribed as a terrorist organisation was “flawed and unlawful”.

However Sri Lanka, which militarily crushed the LTTE in May 2009 after the 30-year-long war, appealed against the Commission’s decision stating that there are “sufficient evidence to prove that the remnants of the LTTE and groups aligned with its terrorist ideology are active in foreign countries, working to incite violence and destabilise” the island nation.

India banned the LTTE after the rebel group was accused of assassinating former Prime Minister Rajiv Gandhi in 1991.

The ban had been periodically renewed and in May 2019 the Central government extended the ban for five more years under sub-sections (1) and (3) of Section 3 of the Unlawful Activities (Prevention) Act, 1967 (37 of 1967).

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered with modest gain against the resilient global cues. Throughout the week, Sensex traded in a narrow range following an uneven move. Sensex ended at 54884.66 gaining 558 points or 1.03 percent while Nifty settled at 16352.45 with 86 points or 0.53 percent on a weekly basis. While Banknifty ended at 35613.30 levels with strong bounce with an upside of 3.90 percent in a week.

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INDIA VIX has cooled off during the week with 7.01 percent and has settled at 21.48 levels. Investors and traders may watch out key events such as the RBI meet in the second week as well as the US Fed meeting likely to be on 14-15 June for monthly expiry. As corporate results are likely to end soon stocks would expect less volatility in upcoming days. In Nifty stocks, HDFCLIFE gained 9.61 percent while DIVISLAB shed 18.41 percent in a week. Sectorally Nifty Finance saw the highest gains of 4.32 percent followed by the Nifty Auto with 3.26 percent. On the flip side Nifty Pharma, Energy, Realty and PSE lose more than 3 percent each on a weekly basis. However Midcap gained 0.77 percent while Smal lcap dropped by 3.42 percent.

Technically, Nifty has formed a bullish candle on the weekly chart with a long tail suggesting strong support around 15900 levels, while on the upside 16800 may act as strong resistance. Index has taken support from the previous horizontal line & closed above 21-days Simple Moving Averages that indicates further pullback rally in the near term.

Indicators such as RSI remained in the neutral zone while MACD suggest some positive cross over observed in daily time frame suggest some sign of reversal. Coming to the OI Data, on the call side the highest OI witnessed was 16500 followed by 16800 strike prices while on the put side, the highest OI was at 16000 strike price. Overall, Nifty is having support at 16000 mark while on the upside 16500 followed by 16750 may act as an immediate resistance. While Bank nifty has support around 34300 while resistance is placed at 36800 on weekly chart.

Om Mehera
Research Associates
Choices Broking

Souce: Choice India

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