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28. Related Party Relationships and Transactions
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 (SLTSL) is a related party of SLTL where SLTL
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 SLTL
where SLTL has the ability to exercise significant influence.
Relevant transactions between the two companies are
disclosed in
Note 27 to the financial statements.
Other related party transactions should be read in conjunction
with Note 27 to the financial statements.
29. Post Balance
Sheet Events
No events have arisen since the Balance Sheet date which
would require adjustments to, or disclosure in, the
financial statements.
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