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Sri Lanka seeks £33 million from MV X-Press Pearl’s owner

Sri Lanka seeks £33 million from MV X-Press Pearl’s owner

SRI LANKA made an interim damage claim of USD 40 m (£33 m) from the owners of the Singapore-flagged cargo ship MV X-Press Pearl.

The Lankan government has lodged the claim of USD 40 m (£33 m) through the attorney general following a directive by prime minister Mahinda Rajapaksa.


"We are still assessing the scale of damage, environmental and economic and decided to make this interim claim," Rohitha Abeygunawardena, the minister of ports, told reporters.

The cargo vessel MV X-Press Pearl- was carrying a consignment of chemicals and raw materials for cosmetics from Hazira in Gujarat to Colombo Port when it caught fire near the port of Colombo.

All 25 crew members of the ship -- of Indian, Chinese, Filipino, and Russian nationality -- were rescued on May 21.

The recovered Voyage Data Recorder (VDR), which is an instrument installed on a ship to continuously record vital information related to the operation of a vessel, has now been handed over to the local law enforcement agencies to assist ongoing investigations.

Though the fire on the ship was doused by a joint effort of the Sri Lanka navy and the Indian coast guard, the efforts to drag the ship away from the port's outer harbour area into deep seas has failed as the rear end of the ship came to be stuck after being submerged.

Environmental officials said tonnes of waste material collected along the shoreline has been collected and stored for environmental impact assessments

The vessel was carrying hazardous goods - nitric acid and chemicals. Tonnes of plastic pellets were seen polluting the shoreline forcing the fisheries authorities to ban fishing in the surroundings

However, the state minister for fishing Kanchana Wijesekera said the fishing ban has been lifted with effect from Saturday"Around 20,000 fisher families were affected and we had made arrangements to provide them with income support," Wijesekera said.

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Lakshmi Mittal quits Britain for Switzerland and Dubai over inheritance tax concerns

Highlights

  • Lakshmi Mittal, worth over £15 bn, has moved his tax residence from UK to Switzerland with plans to spend most time in Dubai.
  • Inheritance tax concerns, not income tax, drove the decision of the "King of Steel" to leave after 30 years in Britain.
  • The departure marks another high-profile exit as chancellor Rachel Reeves prepares major tax rises in the coming Budget.
Lakshmi Mittal, one of Britain's wealthiest men, has ended his three-decade association with the UK, relocating his tax residence to Switzerland and planning to base himself in Dubai. The 74-year-old steel magnate, worth approximately £15.5 bn according to the Asian Rich List 2025, is the latest prominent entrepreneur to leave Britain amid Labour's tax reforms targeting the super-rich.

The Indian-born billionaire built his fortune through ArcelorMittal, the world's second-largest steelmaker, in which he and his family hold nearly 40 per cent ownership. Since arriving in London in 1995, Mittal became a prominent figure in British business, acquiring expensive properties including a £57 m mansion on Kensington Palace Gardens known as the "Taj Mittal."

An adviser familiar with Mittal's family plans told The Sunday Times that, inheritance tax was the decisive factor in the decision. "It wasn't the tax on income or capital gains that was the issue, the issue was inheritance tax."

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