Category: Daily Financial Times

The mother of former State Intelligence Service (SIS) Director Major General (Retd.) Suresh Sallay yesterday made an emotional appeal for compassion towards her son, as she addressed an ongoing Satyagraha opposite the Fort Railway Station.

Speaking to supporters and the media, she condemned what she described as the treatment being meted out to Sallay and his family, while expressing confidence that the truth regarding the allegations against him would eventually emerge.

‘I am not merely praising my own child. Go to Nugegoda and ask the people how much they love him. If the public loves him that much, imagine the pain of the mother who gave birth to him. I may remain silent, but there is a fire burning inside my heart,’ she said.

She said the public’s affection towards her son reflected the service he had rendered to the country and the sacrifices made during his career.

Referring to the allegations levelled against Sallay, she said she had placed her trust in God.

‘I have been a believer all my life. I pray every day and leave my son in God’s hands. God knows everything about him,’ she said.

She also defended the role played by intelligence officers in safeguarding national security, stating that many of their contributions were carried out away from public attention.

‘People can walk freely today because intelligence officers provided the information needed to protect this country. My son never sought publicity. He worked silently from the shadows and carried out his duties,’ she said.

Speaking about the impact of her son’s detention on the family, she said she continued to struggle emotionally with the situation.

Condemning what she described as the manner in which her son was being treated, she added: ‘This is a sin that even God and the Buddha will not tolerate.’

The Satyagraha opposite the Fort Railway Station has drawn supporters calling for action in relation to Sallay’s case. Authorities have not publicly responded to the remarks made at yesterday’s protest.

The Women Parliamentarians’ Caucus has called for faster investigations and stronger institutional coordination in the high-profile child abuse case involving a girl from Anuradhapura, while urging authorities to take steps to minimise further trauma to the victim as multiple court proceedings continue.

The Caucus, chaired by Women and Child Affairs Minister Saroja Savithri Paulraj, met in Parliament on 5 June with representatives from the Attorney General’s Department, National Child Protection Authority (NCPA), Department of Probation and Child Care Services and Sri Lanka Police to review the progress of investigations and discuss next steps.

During the meeting, the Caucus instructed relevant authorities to ensure that all investigations are conducted strictly in accordance with court orders and requested that forensic and medical reports related to the case be obtained without delay.

Given that legal proceedings linked to the victim are currently being heard in courts in Anuradhapura, Attanagalla and Dambulla, the Caucus requested the NCPA to closely monitor all three proceedings and take measures to reduce the psychological burden placed on the child through repeated involvement in separate cases.

The Attorney General’s Department also agreed to a request from the Caucus to appear before the Anuradhapura Magistrate’s Court to facilitate legal proceedings and strengthen coordination among State institutions involved in the case.

The Department of Probation and Child Care Services was instructed to continue monitoring matters relating to the child’s education, health and safety.

The Caucus further stressed the need for stronger coordination among law enforcement and child protection agencies handling child abuse cases and agreed to pursue future interventions aimed at improving institutional cooperation.

Members also decided to develop guidelines governing media reporting and judicial proceedings relating to child abuse cases to ensure the privacy, security and dignity of affected children are protected. A subcommittee operating under the Caucus will oversee the process and also examine legal and practical challenges arising in child abuse litigation.

Among those attending the meeting were Deputy Chairperson of Committees Hemali Weerasekara, MPs Hasara Liyanage, Lakmali Hemachandra and Sagarika Athauda, while Deputy Minister Dr. Kaushalya Ariyaratne and MPs Thushari Jayasinghe and Anushka Thilakarathne participated online.

Sri Lanka Emerging and West Indies Academy will commence a two-match 4-day series at the Mahinda Rajapaksa International Cricket Stadium from today.

Both teams are giving opportunities to emerging players to experience competitive international environments and further develop their technical, tactical and mental skills required to take the next step which is to the highest level of the game.

Sri Lanka Emerging is led by its former Under19 captain Dinura Kalupahana while West Indies Academy is captained by Rivaldo Clarke who scored consistently (42 and 36, 57*, 51 and 74) against Sri Lanka Emerging when they toured the West Indies in June 2025.

Allianz Insurance Lanka Ltd., has entered the next phase of its strategic partnership with Dedigama Group Ltd., reaffirming its commitment to customer convenience, accessibility, and choice.

Following the signing of a Memorandum of Understanding (MoU) recently, dedicated personnel at Dedigama branches countrywide will be available to support interested customers to collect information and premium and facilitate printing of temporary insurance certificates .

This milestone reflects Allianz Lanka’s continued focus on meeting customers where they are, making insurance simpler, more accessible, and centered on customer needs.

Dedigama Group, a diversified conglomerate established in 1950, operates across financial services, jewellery, gem trading and exports, hospitality, plantations, and real estate. The Group maintains a strong islandwide footprint through over 350 pawning outlets, enabling broader access to essential financial services for communities across Sri Lanka.

The partnership launch was attended by Dedigama Group Directors Rashmi Dedigama and Isha Dedigama, and Allianz Insurance Lanka Head of Corporate Sales Malik Peiris, Senior Cluster Manager – Corporate Sales Amila Liyanaarachchi, and Assistant Business Promotion Manager Mihiran Kaushalya Fernando.

This collaboration reinforces Allianz Lanka’s customerfirst philosophy by offering more access points, greater flexibility, and meaningful choice.

The Insurance Regulatory Commission of Sri Lanka (IRCSL) undertook an official visit to Hong Kong recently, with the objective of further strengthening its regulatory capabilities and relations through exposure to internationally recognised best practices and evolving supervisory frameworks.

During the visit, the IRCSL delegation engaged in a series of high-level discussions with the Hong Kong Insurance Authority (HKIA), the regulator overseeing one of Asia’s most advanced insurance markets. The meetings focused on contemporary regulatory approaches and emerging trends shaping the global insurance industry. During the visit, the delegation also engaged with senior representatives from Hong Kong’s Health Bureau, the Hong Kong Actuarial Society, the Hong Kong Federation of Insurers, and the Hong Kong Confederation of Insurance Brokers, to gain broader insights into regulatory, actuarial, health care, and distribution-related developments within the Hong Kong insurance ecosystem.

The IRCSL delegation was led by IRCSL Chairman Dr. Ajith Ravindra De Mel, and included IRCSL Director General Damayanthi Fernando, and IRCSL Assistant Director – Information Technology Dirrel Fernando. During the visit, the IRCSL delegation met with AIA Group President and Group Chief Executive Lee Yuan Siong. They also took time to engage with many senior leadership members of AIA Group to better understand various global best practices and operational standards within AIA, Asia’s leading life insurer.

The insights gained from Hong Kong are expected to support the continued enhancement of supervisory practices, ensuring alignment with global standards while addressing local market dynamics.

The Insurance Regulatory Commission of Sri Lanka (IRCSL) in collaboration with the Financial Intelligence Unit (FIU) conducted an awareness session to the compliance staff of insurance companies regarding Update on National Risk Assessment 2024/25, Private Public Partnership and Feedback on STRs on 12 May 2026 at the Auditorium of Insurance Regulatory Commission of Sri Lanka (IRCSL). The session was attended by 66 participants representing the Compliance Officers and other representatives of the compliance staff of insurance companies. FIU Deputy Director Theja Pathberiya, Head of Supervision Hashini Rangika, Senior Assistant Director Chathurangi Weerakkody, Senior Assistant Director Kasuni Herath and IRCSL Director (Legal and Enforcement) G. Rajan Nirubasingham contributed as resource personnel to the expert panel. The participants of Insurance Companies interactively engaged with the discussions throughout the session.

The one-of-a-kind Prime Marina at Port City has already attracted reservations for over 300 units, crossing the halfway mark even before its ground breaking, its promoters revealed on Friday.

At the opening of the Prime Marina Sales Suite at Port City Colombo, the media was told that the 550-unit luxury residential development has already drawn reservations for 337 units.

The Prime Marina is a $ 57.6 million ultra-luxury waterfront residential project by a joint venture between Prime Melwa Port City Ltd., by Prime Group and Melwa Group. Construction is expected to be completed within four years, with projected revenue estimated at over $ 250 million. The landmark towers feature one-, two-, three-, and four-bedroom apartments and exclusive penthouses.

At the opening of the Sales Suite, Prime Lands Group Chairman Premalal Brahmanage and Melwa Conglomerate Director P.P. Anandaraja described the project as a ‘game changer’ in real estate development in Sri Lanka by two respected giant Sri Lankan brands with strength, expertise, long-term commitment, trust, and innovation.

‘This type of expertise, innovation, and strength is needed to deliver an exceptional masterpiece. The project reflects our confidence in the country’s future and our willingness to continue to transform a development that creates lasting economic and social values,’ Brahmanage emphasised.

‘This not a mere real estate project, it is an economic catalyst that will take Sri Lanka to the world. We call it the global address in Sri Lanka,’ added the Chief of Prime Lands Group, which also has investments and projects in Melbourne, Australia, and Dubai, United Arab Emirates (UAE).

Prime Marina is architecturally authored by P and T Singapore, a firm whose work defines the standard across the most rigorous real estate markets in the world.

Furthermore, the iconic development involves one of Singapore’s top-tier interior design companies, Index Design Pte Ltd., a globally acclaimed architectural firm, to curate an exceptional interior environment that reflects the highest benchmarks of international design, craftsmanship, and luxury living.

In addition, the landscape architecture is being entrusted to Grant Associates of the UK, an internationally acclaimed landscape architecture practice renowned for creating some of the world’s most iconic and sustainable environments. Their involvement further reinforces the commitment to delivering a development that meets the highest global standards in design and aesthetics.

Prime Group Director Sanmith Tharunya said one of the most impressive aspects of Port City is its master plan design, while 24% of Port City has been designated for residential development.

‘What is truly remarkable is that only 1% of the entire Port City has been allocated towards marina development, and just 3% towards waterfront development-this means that true marina front and waterfront residencies will become the rarest real estate assets, not only in Port City, but in Sri Lanka. While many developments may be built within Port City, only a select few will have direct access to the marina and waterfront lifestyle,’ he said.

‘This is Island Living, a coastal lifestyle precinct, which offers beaches, parks, and recreational spaces in a medium-density residential setting. This is the marina, which is not just another precinct within Port City. It is the crown jewel of the entire master plan,’ he said, suggesting it is the rarest real estate investment opportunity ever created in Sri Lanka.

‘You can build another apartment tower, you can build another office building, but you cannot create another marina waterfront location once the land has been allocated. If Port City is Sri Lanka’s future city, then the marina is the most prestigious address today,’ he added.

‘Prime Marina is not just a building, it is a long-term commitment to elevating Sri Lanka’s global real estate profile location, one of the most critical factors in real estate investment. This location offers exceptional prestige and long-term value appreciation potential. Our residents can also enjoy breathtaking views of the Indian Ocean and the Colombo skyline. It reflects our ambition to create not just a residential tower but a globally benchmarked marina front destination unlike anything Sri Lanka has seen before,’ Tharunya said.

‘This project is expected to create over 1,000 direct jobs and over 5,000 indirect employment opportunities, while generating foreign currency flows exceeding $ 75 million, but most importantly, it will contribute to elevating Sri Lanka’s global real estate profile,’ he added.

Union Bank Mind Marathon, a much-anticipated event amongst corporates, was recently held for the second

consecutive year, bringing together the bank’s corporate customers for a highly engaging and interactive quiz experience. Team Hayleys emerged the winner, having finished as runners-up last year, while Team CL Synergy secured second place and Team Aitken Spence claimed third place. Here, the winning Team Hayleys receives the award from Union Bank Vice President – Corporate Banking Rushira De Silva (right) in the presence of the Union Bank Corporate Banking Team.

The United National Party (UNP) has questioned the accuracy of a recent report produced by a local think tank comparing the number of pieces of legislation passed between the Maithripala Sirisena Government and the Anura Kumara Dissanayake Government in the first 18 months.

In what appears to be an effort to present an image of the current Government working to a legislative agenda, the UNP said the report by Verité Research (https://www.ft.lk/front-page/AKD-overtakes-Sirisena-in-legislative-output-after-slower-start-Verit%C3%A9-finds/44-792850) has focused solely on the quantity rather than the quality of the legislative efforts by the two Governments.

During the Maithripala Sirisena (or Yahapalanaya) Government’s first 18 months, several essential pieces of legislation were enacted. These laws included the ’19th Amendment to the Constitution’ which reduced the powers of the Executive President, which was a key promise during the Presidential Election. The ‘National Medicines Regulatory Authority Act’ was introduced which ensured the safety, quality, efficacy, and affordability of medicines and medical devices consumed by the public.

The ‘Right to Information Act’ was passed by the then Government, which empowered citizens to ensure accountability and transparency over the public sector through providing access to official information.

As part of efforts to protect workers, the ‘National Minimum Wage of Workers Act’ was enacted during this period that introduced a statutory minimum wage for workers across sectors in the country. The ‘Asian Infrastructure Investment Bank Agreement (Ratification) Act’ was passed, which allowed the country to officially join the Asian Infrastructure Investment Bank.

To prevent impunity and ensure greater accountability in the country, the ‘Assistance to and Protection of Victims of Crime and Witnesses Act’ was introduced, which provided a framework to ensure the protection of victims and witnesses of criminal offences. Going further, the ‘Code of Criminal Procedure (Amendment) Act’ was also enacted, which codified the right of suspects arrested by Police to have access to legal counsel.

In comparison, the UNP said during the first 18 months of the Anura Kumara Dissanayake Presidency, the public has witnessed a significant decline in the quality of legislation enacted.

Having campaigned on a platform of system change, the Government has failed to uphold its electoral pledges. Aside from legislation to remove entitlements of former Presidents and MPs, this Government has failed to present any impactful legislation as compared to former President Sirisena’s first 18 months.

‘It warrants mentioning that during the 26 months of governance by former President Ranil Wickremesinghe, as many as 75 laws were passed. These pieces of legislation were essential to the country’s economic recovery and growth. They included the ’22nd Amendment to the Constitution,’ which once again strengthened the role of Parliament, the ‘Economic Transformation Act’ outlining measures to prevent future mismanagement of the economy, the ‘Central Bank of Sri Lanka Act,’ which ensured the independence of this key financial institution, as well and several other key pieces of financial legislation, including the ‘Public Finance Management Act,” the UNP said.

‘The public has awakened to the inefficiency of this Government, and reports such as the one mentioned above serve only to whitewash a Government which has stagnated since assuming office,’ the UNP alleged.

Sri Lanka was among the earliest developing countries to adopt open economic policies in 1977. Despite many achievements since then, Sri Lanka is yet to realise its economic growth potential. The current government, which came to power in 2024, introduced the Prajashakthi (Community Empowerment) Programme as a flagship project to promote a production economy and eradicate poverty within the framework of the Sustainable Development Goals (SDGs). As of May 2026, 13,977 Community Development Councils (CDCs) have been established at the village level. Sri Lanka has 14,008 villages. While existing government and community-led community development interventions often focus on infrastructure (physical capital) and subsidiary programmes, they tend to overlook the integrated role of multiple forms of capital at the village level.

According to mainstream economists, production depends on productivity and resource endowments, including physical, human, and natural capital, as well as technology. Drawing on traditional growth theories, policymakers have invested in capital formation to achieve sustainable economic growth. However, scholars argue that investing in traditional capital formation alone will not enhance community-level sustainability because the community is left behind. Institutional economists emphasise that institutions are vital to economic development. Additionally, sociologists examine various forms of capital to enhance social well-being. These include economic, cultural, and social capital.

Although it is essential to consider all forms of capital formation for comprehensive rural development, many projects and programs are carried out in isolation, thereby hampering the achievement of specific objectives. Because of this fragmentation of capital, we argue that, for sustainable community development, it is vital to adopt a holistic approach that integrates various forms of capital at the community level during project identification, design, and implementation.

Economic growth and poverty

It is clear that low economic growth and poverty are not merely the absence of money but the absence of various forms of capital. When it comes to selecting projects for community empowerment in Sri Lanka, the selection is often influenced by political patronage rather than efficiency, social justice, or equity. However, many argue that project evaluation should go beyond economic efficiency and incorporate justice as fairness, equity, and priority for the least advantaged; legitimacy through participation, consent, and collective agreement; and the expansion of people’s capabilities and real freedoms. However, most CDC projects are unlikely to use any of these criteria for project selection and evaluation.

The writer proposes an Integrated Capital Approach (ICA): a holistic, innovative analytical framework that integrates physical, human, natural, economic, social, cultural, technological and institutional capital to better understand community-level development dynamics. Community-level projects can be identified across these eight capital categories (see figure below).

Once the projects based on the eight capitals mentioned (see graphic) are identified at the community level, they can be evaluated using justice, social contract, and efficiency. These three criteria can be applied when prioritising projects. If the proposed approach is properly implemented, the sustainable community development outcome will lead to sustainable livelihoods, social inclusion and cohesion, environmental resilience, economic opportunities and growth, good governance and accountability, and an empowered community. The writer also believes that the proposed ICA will help overcome the structural challenges facing the Sri Lankan economy, bring it to the next level of development, and help it overcome the middle-income trap. Some might argue that community or village development cannot improve the national economy or reduce poverty. Therefore, our proposed framework does not deny the importance of national institutions. Rather, ICA complements national development by strengthening local productive capacity and resilience.

Finally, we believe that current fragmented development interventions do not generate policy-relevant insights to strengthen community development. If implemented properly, the proposed Integrated Capital Approach (ICA) will be an effective means of localising the Sustainable Development Goals (SDGs) and generating policy-relevant insights to strengthen integrated community development strategies. The ICA is expected to improve the effectiveness of national poverty-alleviation programmes, participatory democracy, and local-level institutions and governance, and to offer a scalable model for localising SDG implementation in Sri Lanka and similar developing-country contexts.