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The Colombo High Court has fixed 15 October for the next pre-trial conference in the case against former Minister Keheliya Rambukwella and his family over alleged unlawful acquisition of assets worth about Rs. 97 million. The case was filed by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) under the Prevention of Money Laundering Act.

Rambukwella, his wife, three daughters, and son-in-law appeared before High Court Judge Mohamed Mihal when the matter was taken up yesterday.

President’s Counsel Kalinga Indatissa, representing Rambukwella, told the Court that 12 documents required by the defence had not yet been provided. He argued that indictments had been filed without handing over these papers, which he described as an irregular move.

CIABOC Assistant Director General Subhashini Siriwardena said efforts were being made to trace and release the requested documents, though some were tied to ongoing inquiries.

The judge directed the Commission to supply the documents without delay and listed the case for a further pre-trial conference on 15 October. The indictment covers the period between August 2020 and June 2024, during which Rambukwella served as Minister of Mass Media, Health and Environment. The prosecution alleges that he and his family unlawfully accumulated assets and property during this time.

The Overseas School of Colombo (OSC) has once again achieved international acclaim, winning Gold at the prestigious International ARC Awards in New York for its 2023/24 Annual Report, Timeless Dedication: Celebrating the Faces Behind Our Progress.

‘This triumph is not just about an award, but a reflection of OSC’s philosophy, of who we are: a community rooted in trust and openness, where every individual is part of the story, striving for excellence in all we do, and carrying the Gecko spirit from Colombo to the world stage with pride,’ OSC’s Head of School Nel Capadona, captured the essence of the Gecko ethos: a spirit embodied daily by every teacher, student, staff member, and parent who shapes OSC’s enduring legacy.

This marks back-to-back Gold victories (2024/2025), following a Silver in 2022, making OSC the only IB World School globally – and the only Sri Lankan educational institution ever – to triumph at the ARCs.

Often hailed as the ‘Oscars of Annual Reports,’ the ARC Awards are now in their 39th year, recognising the highest standards in corporate communication and transparency. Past and present winners include global icons such as PepsiCo, McDonald’s, IBM, Coca-Cola, Nike, Boeing, PETRONAS, Walmart, Harley-Davidson, BMW, and Volkswagen.

Yet for OSC, this victory represents more than a prestigious trophy. Timeless Dedication is a tribute to the very heart and soul of the school; the teachers who inspire, the staff who uphold, the students who strive, and the community that binds it all together.

OSC Director of Marketing and Communications Jehan de Silva said: ‘As the saying goes, it takes a village to raise a child – and at OSC, it is about celebrating the extraordinary people who bring professionalism, creativity, and heart to our community year after year. The theme of last year’s report was about valuing everyone; academic, administrative, service, and beyond. This victory is not about the accolade itself, but about honouring the true faces behind OSC’s remarkable journey.’

Nations Trust Bank PLC (NTB) has facilitated a foreign investment in Sri Lanka’s apparel industry, reinforcing its position as a trusted financial partner for complex cross-border transactions and structured finance solutions.

The transaction, valued at Rs. 2.7 billion, saw Q Collection, a Singapore-headquartered apparel firm with operational roots in Bangladesh, acquire two subsidiaries of a local apparel group. This strategic move not only injects new capital into a vital export sector in Sri Lanka, but also preserves over 2,400 jobs with the potential of creating additional employment, revives manufacturing capacity, and sends a signal of investor confidence in Sri Lanka’s economic trajectory.

NTB’s Corporate Banking team played a pivotal role in structuring and financing the transaction, navigating legal and regulatory frameworks across three jurisdictions, viz., Sri Lanka, Bangladesh, and Singapore, within a compressed timeline. The bank’s ability to deliver seamless financial advisory and facilitate under complex conditions highlights its expertise in supporting both local and international clients with tailored solutions.

Nations Trust Bank’s Executive Vice President – Corporate Banking Senal Seneviratne said, ‘At Nations Trust Bank, we are proud to have enabled a transaction that not only strengthens Sri Lanka’s apparel industry but also contributes to national economic resilience. This deal exemplifies our commitment to facilitating foreign investment, preserving employment and livelihoods of rural communities, and supporting industries that are critical to the country’s growth.’

The transaction also provided relief to the divesting entity, further stabilising the financial ecosystem.

The Government yesterday issued Sri Lanka’s first residence visa under the Individual Investor Category, introduced through the amended Immigration and Emigration Regulations published in November 2023.

The visa was awarded to German national Dr. Prey Drechsel by Public Security and Parliamentary Affairs Minister Ananda Wijepala.

The scheme allows foreign nationals to qualify for a five-year visa with an investment of $ 100,000, or a 10-year visa with $ 200,000. Investments must be deposited in a Visa Programme Foreign Currency Account (VPFCA) at a licensed Sri Lankan bank.

The initiative is intended to attract foreign capital by linking long-term residency to direct investment in the country.

The Sri Lanka Food Processors Association (SLFPA) successfully held its 28th Annual General Meeting (AGM) on 24 September at The Kingsbury Hotel, Colombo, with the participation of its members and industry stakeholders.

Established in 1997 as an advocacy group, SLFPA today represents over 162 member companies, ranging from large multinationals to small and medium-sized enterprises (SMEs), all dedicated to advancing Sri Lanka’s food and beverage processing industry.

The keynote address was delivered by UN FAO Manager of the Circular Economy in the Food Sector (CIRCULAR) Project, Sri Lanka Camelia Andria Bucatariu.

In her presentation, Bucatariu emphasised the urgent need to address food loss, food waste, and plastic packaging waste in Sri Lanka, highlighting that urban food waste alone accounts for nearly 56.6% of municipal solid waste, or about 3,963 tons per day (FAO/IWMI, 2023). She pointed out the interlinkages between food waste and plastic waste across the supply chain and stressed the importance of scaling alternatives to single-use plastics, particularly in food packaging.

She further underlined that applying circular economy practices across the agri-food value chain can reduce losses, improve resource efficiency, and create new opportunities for SMEs. Her key message was that integrating food waste and plastic waste strategies under a circular economy framework-through strong multi-stakeholder collaboration-can accelerate progress on climate action, food security, and sustainable economic growth in Sri Lanka.

Outgoing President Thusith Wijesinghe reflected on the association’s journey, recognising the contributions of the 14 past presidents who have shaped SLFPA’s growth. He also emphasised the success of the Pro Food/Pro Pack 2025 Exhibition and the Annual Cricket Carnival. In a key announcement, he revealed SLFPA’s plans to begin construction of a dedicated Secretariat and facility at Gothami Road, Borella-marking a significant milestone in the association’s long-term strategy.

At the AGM, the new Executive Committee for 2026/2027 was appointed, comprising Mr. Aruna Senanayake of C W Mackie PLC as President, Mr. Deepal De Alwis of Neochem International Ltd., as Secretary, and Sanjeewa De Silva of Unilever Sri Lanka Ltd. as Treasurer. The committee also includes Thusith Wijesinghe of Trans Continental Packaging Commodities Ltd., as Immediate Past President, Nadishan Guruge of Mead Lee Trading Co. Ltd.. as President Elect, Vasantha Chandrapala of Visvaka Marketing Ltd., as 1st Vice President, Damitha Perera of Forbes and Walker Commodity Brokers Ltd., as 2nd Vice President, and Rasika Seneviratne of Diesel and Motor Engineering PLC as 3rd Vice President. Supporting roles are held by Dineth Alahakoon of Country Style Food Ltd., as Assistant Secretary and Sameera Jayathilaka of Westmann Engineering Ltd.. as Assistant Treasurer.

In addition the following ten Executive Committee members were appointed: Nirosh Lalantha of Ceylon Cold Stores PLC, Niroshan Dalpethado of C D De Fonseka and Sons, Sheran De Alwis of MA’s Tropical Food Processing Ltd., Sanjeewa Niroshan of SGS Lanka Ltd., Amila Weerasinghe of Nestlé Lanka Ltd., Thusitha Ekanayake of Anods Cocoa Ltd., Praharshi Wickramasekara of International Commodity Traders Ltd., Vijitha Govinna of Ceylon Biscuits Ltd., Rangajeewa Hettiarachchi of Fonterra Brands Lanka Ltd., and Kushan Amarasinghe of Finagle Lanka Ltd.

SGS Lanka Ltd., Unilever Sri Lanka Ltd. and Hayleys Aventura Ltd., partnered as Gold Sponsors of the AGM, while Lanka Exhibition and Conference Services (LECS) supported the event as the Bronze Sponsor.

The proceedings concluded with a vote of thanks delivered by the Secretary Hemantha Balasuriya, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Representatives from a reputed Japanese IT corporate recently visited South Asia’s only Japanese IT University based in Sri Lanka, Lanka Nippon BizTech Institute (LNBTI) with the objective of exploring recruitment opportunities for talented graduates.

The visit underscores LNBTI’s growing reputation as a hub for producing globally employable IT professionals equipped with both technical expertise and Japanese language proficiency right in Sri Lanka.

During their visit, the delegation held comprehensive discussions with the institute’s leadership, including Vice Chancellor Prof. Ananda Kumara, Directors Saman Kumara and Ravindra Perera, Head of IT Department Bashini Wijewickrama, and Japanese Language Senior Lecturer and Coordinator of Career Development Hub Dr. Manjula Wanninayaka.

A key highlight of the occasion was the opportunity for LNBTI students to interact directly with the visiting executives. These conversations provided invaluable insights into the skills, work culture, and expectations of Japanese employers-helping students better prepare for potential future tech related careers in Japan.

The executives further announced their readiness to provide fully-funded internships in Japan for selected students. These internships will serve as both training and evaluation platforms, with the possibility of full-time employment upon successful completion.

This initiative builds upon LNBTI’s proven track record of facilitating international internships. In two previous programs, eight students were awarded fully-funded internships in Japan with four already receiving employment offers from the same companies and are now set to join them as full-time employees after graduation.

LNBTI Vice Chancellor Prof. Ananda Kumara said: ‘This collaboration further strengthens our mission of producing IT graduates who are not only technically skilled but also culturally prepared for international careers. Japan’s trust in our students is a testament to the quality of education and training we provide at LNBTI.’

DSI Samson Group Ltd., has appointed eight new Board members (now a total of 14) across its subsidiaries as part of its group-wide succession plan.

The new appointees will join the ranks of current DSI Samson Group Subsidiary leadership – Sarath Weliwita, Dayananda Abeythilake, Rohan Somawansa, Bhathiya Amarakoon, Priyantha Abeygunawardhane and Arunodhani Wikramasinghe, reaffirming DSI’s commitment to a sharper business focus across its diverse portfolio.

The latest appointments are part of the group’s long-term succession planning.

Each new leader has served the group for over a decade and has been groomed to take on senior responsibilities. By cultivating its next generation of leaders from within, the group ensures authentic brand stewardship, and strengthens the competitiveness of every business unit for sustained growth, it said in a statement.

The appointments include: Nuwan Kulasooriya who joins the board of Samtessi Brush Manufacturers Ltd., with over 15 years of experience in supply chain management; Asha Dissanayake who joins the board of Samson Group Corporate Services Ltd., bringing 30+ years of HR expertise and advanced qualifications in human resources and psychology.

Lakmal Dharmarathna takes a board role at Samson Rajarata Tiles Ltd., leveraging two decades of operational and manufacturing leadership; Jagath Vithanachchi is appointed to Primo Ltd., with nearly 30 years in polymer technology, innovation, and product development.

Chaminda Sumanaratne joins the board of Samson Solar Power Ltd., offering three decades of insurance, administration, and compliance experience; Pradeep Samaratunga is named to the board of Samson Trading Company Ltd., with wide-ranging finance and business expertise.

Renuka Bandara takes on a board position at Primo Ltd., backed by deep financial and strategic planning credentials; and Waruni De Silva joins the board of Samson Group Corporate Services Ltd., recognised for her achievements in financial governance, monitoring and risk management.

The weekly Treasury Bill auction conducted yesterday saw the entire Rs. 43.00 billion total offered amount fully subscribed. This marked the first instance in six weeks that a T-Bill auction raised the entire targeted offered amount. The bids received to offered amount ratio stood at 1.88 times.

The weighted average rates held broadly steady, with the exception of the 91-day maturity which registered a 4-basis point decline to 7.53%. The 182-day and 364-day tenors remained unchanged at 7.89% and 8.02% respectively. This marks the 11th week where T-Bill rates have stayed virtually tethered around prevailing levels.

The Phase II of subscription on for 91- and 364-day tenors is now open until 3 p.m. of business day prior to settlement date (i.e., 02.10.2025) at the WAYRs determined for the said ISINs at the auction. See details of the auction (Phase 1).

The secondary Bond market yesterday experienced a further uptick in yields, influenced by external developments such as news of the US Government shutdown.

In addition, news that the Asian Development Bank had revised Sri Lanka’s GDP growth forecast for 2026 down slightly to 3.3%, amid the imposition of US tariffs also weighed down on market sentiments.

However, robust renewed buying interest emerged at the higher levels curtailing further upwards movement.

Despite this secondary market two-way quotes closed the day higher. Market activity and transaction volumes were seen at healthy levels earlier in the day but tapered off during the latter trading hours as market participants switched back into a wait-and-see stance.

The 01.02.26, 01.06.26 and 01.08.26 maturities traded at the rates of 8.05%, 8.25% and 8.30%. The 15.01.28, 15.02.28, 15.03.28 and 01.05.28 maturities trading at the rates of 9.00%, 9.05%-9.04%, 9.10%-9.09% and 9.10%.

The 15.10.28 and 15.12.28 traded at the rates of 9.18% and 9.20% respectively. The 15.09.29 and 15.10.29 maturities both traded at the rate of 9.60%.

The 15.05.30 maturities traded within traded within the ranges of 9.78%-9.74%. The 01.10.32 and 15.12.32 maturities traded at the rates of 10.50% and 10.55% respectively.

In the secondary Bills market, trades were observed on January 2026 maturities at the rates of 7.67%-7.66%.

The total secondary market Treasury Bond/Bill transacted volume for 30 September was Rs. 5.93 billion.

In money markets, the weighted average rates on overnight call money and Repo stood at 7.87% and 7.88% respectively.

The net liquidity surplus was recorded at Rs. 169.03 billion yesterday. An amount of Rs. 22.50 billion was withdrawn from the Central Bank’s SLFR (Standing Lending Facility Rate) of 8.25%, while an amount of Rs. 191.53 billion was deposited at Central Bank’s SDFR (Standard Deposit Facility Rate) of 7.25%.

International Distillers Ltd., (IDL) yesterday announced the appointment of Janek Jayasekara as its Chief Executive Officer, effective 1 October 2025. The appointment marks a significant milestone in the company’s ongoing transformation as it strengthens its position both domestically and internationally.

Jayasekara succeeds Dr. Kemal de Soysa, who completed a distinguished tenure leading the organisation and will continue to contribute his expertise as a member of IDL’s Board of Directors.

A Chartered Accountant and seasoned management professional, Jayasekara brings over 25 years of extensive experience across diverse sectors including banking, financial services, manufacturing, logistics, retail, food and beverage, exports, and construction. His career trajectory reflects a consistent record of leadership excellence, beginning at Ernst and Young before progressing through senior positions at some of Sri Lanka’s most respected organisations, including John Keells Holdings, Richard Pieris Group, and Standard Chartered Bank (Sri Lanka).

His international experience includes serving as Assistant General Manager at Al Rajhi Bank in Saudi Arabia, followed by his appointment as Chief Financial Officer of Al Rajhi Bank in Malaysia. He also held the Group Chief Operating Officer role at the Akbar Brothers Group before joining He joined IDL in May 2023 as CEO, IDL International, later became Group COO, and now assumes the role of Chief Executive Officer.

Under Jayasekara’s leadership, IDL is pursuing an ambitious and comprehensive transformation agenda designed to position the company as a world-class beverage manufacturer. The strategy encompasses strengthening corporate governance frameworks to meet international best practices, driving innovation in both premium spirits and non-alcoholic beverage categories, building IDL’s reputation as a global-standard Sri Lankan brand, and expanding international market presence while honouring the company’s heritage.

Jayasekara holds a Bachelor of Science degree from the University of Colombo and a Master of Science in Finance and Accounting from Birmingham City University, United Kingdom. His professional qualifications include Fellow of the Chartered Institute of Management Accountants (CIMA), UK, Fellow of CPA Australia, Associate Member of the Institute of Chartered Accountants of Sri Lanka, and Associate Member of the Chartered Institute of Marketing, UK.

Beyond his corporate responsibilities, Jayasekara maintains an active role in community service and professional organisations. He currently serves on the Board of the International Chamber of Commerce, Sri Lanka and Child Action Lanka, demonstrating his commitment to both business development and social welfare. He holds the position of Honorary Treasurer for the Ceylonese Rugby and Football Club and the Alumni Association of the University of Colombo, and contributes his expertise to the Corporate Governance Council of the Institute of Chartered Accountants of Sri Lanka.

With Jayasekara’s appointment, International Distillers Ltd., has reaffirmed its commitment to innovation, excellence, and sustainable growth. Industry observers note that his unique combination of local market knowledge, international experience, and proven track record in financial management and strategic transformation positions him ideally to lead IDL through its next phase of growth.

The Royal Melbourne Institute of Technology (RMIT) is in high-level talks to establish an innovation hub in Sri Lanka that will connect universities, industry, and Government institutions with international research expertise, the President’s Media Division (PMD) said.

At a meeting held at the Presidential Secretariat on Tuesday, RMIT officials and senior representatives of the Secretariat discussed the initiative, which is being coordinated through the National Initiative for Research and Development Commercialisation (NIRDC).

According to the PMD, the proposed RMIT Sri Lanka Innovation Hub will strengthen joint doctoral programs, align research with national priorities, and expand opportunities for commercialising innovation.

The hub is also expected to provide training and global access for local researchers, students, and professionals, while creating avenues for new funding and investment into Sri Lanka’s R and D sector.

Participants at the discussion included Senior Additional Secretary to the President Russell Aponso, RMIT Deputy Vice-Chancellor (Research and Innovation) Prof. Calum Drummond, STEM College Deputy Vice-Chancellor (Research and Innovation) Prof. Sujeewa Sethunga, NIRDC Director General Dr. Muditha D. Senarath Yapa, and other officials.