Category: Daily Financial Times

The Annual Aadi Vel Festival, popularly known as the Addivel Chariot Festival, was held recently. The chariot travelled along Galle Road to reach the New Kathiresan Temple at Bambalapitiya, stopping briefly at the Seylan Bank Head Office. The Vel Chariots were warmly welcomed by Seylan Management and Staff. Upon delivering blessings during a special religious pooja, Seylan staff members distributed refreshments and sweet meats to all attending devotees, demonstrating their commitment to inclusivity and heartfelt moments

Defending champions Wesley were shocked when they were beaten by a gutsy Ananda outfit in the All Island Elite Under-18 Rugby Sevens, which was worked off at the Royal Sports Complex yesterday.

In another group encounter, Maliyadeva shocked Joes 12/7 to book their Cup/Plate quarter-final berth. All other leading teams qualified for the Cup/Plate quarter-finals, which will be worked off from 7.30 a.m. at Reid Avenue.

Day 1 results:

Wesley beat Richmond 38/5, St. Peter’s beat Lumbini 24/5, Zahira beat Lalith Athulathmudali College 33/10, Trinity beat Sri Sumangala College (Panadura) 52/0, Ananda beat Richmond College 29/0, Dharmaraja beat Lumbini 22/5, St. Anthony’s College beat Lalith Athulathmudali 17/5, Vidyartha beat Sri Sumangala (Panadura) 63/0, Ananda beat Wesley College 31/7, Isipathana beat Mahanama College 35/5, Maliyadeva beat St. Joseph’s College 12/7, St. Peter’s College beat Dharmaraja 24/17, Kingswood beat Thurstan 24/0, Zahira beat St. Anthony’s College 24/0, Trinity beat Vidyartha 24/5, DS beat Kandy Sumangala 34/5.

Cup/Plate quarter-finals

Ananda vs. Isipathana

Maliyadeva vs. St. Peter’s

Kingswood vs. Zahira

Trinity vs. DS Senanayake

Bowl quarter-finals

Wesley vs. Mahanama

St. Joseph’s vs. Dharmaraja

Thurstan vs. St. Anthony’s

Vidyartha vs. Kandy Sumangala

Shield semi-Finals

Richmond vs. Lumbini

Lalith Athulathmudali vs. Sri Sumangala College (Panadura)

For the second successive season, the Under-23 Inter-Club 2-day tournament produced joint champions when BRC and Bloomfield played out a draw in the final, concluded at the CCC Ground yesterday.

For Bloomfield, it is the second time in as many years they have to share the title with another club. Last year, they were joint champions with CCC, and on this occasion with BRC.

After BRC had piled up a massive 402-8 declared, Bloomfield had a fight on their hands to survive for the rest of the second day. They slithered to 132-5, and it was only a 91-run stand for the sixth wicket between Dineth Pahasara, who batted doggedly for 57* off 169 balls (8 fours), and Nisala Abeyrathne (54 off 76 balls, 9 fours, 1 six) that saved the day for them as they finished on 250-7.

Earlier, spinners Sithuka Gunawardana (3/105 off 37 overs) and Tharushka Ashel (2/19) vended through the Bloomfield top order batting, causing some anxious moments in the camp.

BRC carried their overnight score of 340-5 to 402-8 before declaring. Sixth-wicket pair Yasiru Rodrigo (93 off 193 balls, 10 fours, 2 sixes) and Lithma Perera (62 off 69 balls, 9 fours) stretched their partnership to worth 110 before being separated. – [ST]

Scores:

BRC 402-8 decl. (o/n 340-5) (Isuru Fernando 39, Tharushka Ashel 144, Kusal Wijetunga 25, Yasiru Rodrigo 93, Lithma Perera 62, Dulaj Samuditha 3/53, Tharinda Nirmal 2/117, Kaveesha Piyumal 2/61)

Bloomfield 250-7 (Hasitha Amarasinghe 32, Mineth Premaratne 34, Asitha Wanninayake 29, Dineth Pahasara 57*, Nisala Abeyrathne 54, Sithuka Gunawardana 3/105, Tharushka Ashel 2/19, Vigneshwaran Akash 2/80)

InsureMe Insurance Brokers PLC recently celebrated its 10th anniversary with ‘The Decade Celebration’ at Cinnamon Grand Colombo, bringing together its Board of Directors, management team, employees, clients, partners and well-wishers to mark a journey shaped by innovation, trust and growth.

The milestone reflected not only ten years of business progress but also InsureMe’s continued commitment to making insurance more accessible, transparent and convenient for people and businesses across Sri Lanka.

Established in 2016 as a technology-driven insurance start-up, InsureMe has grown into one of Sri Lanka’s leading insurance brokers, serving both individual customers and corporate clients through a wide range of personal and business insurance solutions. Through its strong network of leading insurer partners, the company has continued to provide customers with trusted advisory support, competitive insurance options and greater convenience through its digital platform, InsureMe.lk, where customers can compare insurance solutions, purchase policies and manage their insurance needs online.

At the heart of InsureMe’s journey is its customer promise: ‘Insurance Made Easy.’ From the outset, the company sought to simplify a process that many customers found complex and time-consuming. By enabling customers to compare quotations from multiple insurers on a single platform, with expert guidance, InsureMe provides a more transparent experience and helps customers make informed decisions with confidence.

The year 2025 marked two major milestones in InsureMe’s growth journey. The company became a publicly listed entity on the Colombo Stock Exchange, further strengthening its commitment to corporate governance, transparency and sustainable growth. It also secured a Reinsurance Broking Licence from the Insurance Regulatory Commission of Sri Lanka, expanding its ability to deliver more comprehensive risk solutions for insurers, corporate clients and business partners.

Reflecting on the company’s journey, CEO and Executive Director Vipula Dharmapala said: ‘When my co-founders and I started InsureMe, we saw an opportunity to bridge a gap in the market by making insurance simpler and more accessible for everyone. That vision remains unchanged today. We will continue to innovate, strengthen our partnerships and expand our solutions to create greater value for our customers, partners and the insurance industry.’

As InsureMe expanded its corporate business, the company identified key challenges faced by organisations and employees in areas such as medical bill submissions, reimbursements and claims management. To address these needs, InsureMe strengthened its digital capabilities through its technology arm, DIGIS, introducing InsurTech platforms such as DIGIEYE for motor claims automation, DIGIMED for corporate medical claims management and DIGIEX for expense management. Together, these solutions reflect InsureMe’s commitment to combining insurance expertise with technology to create simpler, faster and more efficient experiences for customers, corporate clients and industry partners.

As InsureMe celebrates a decade of progress, the company looks ahead with renewed confidence and ambition. Built on innovation, strengthened by trusted partnerships and guided by a customer-first approach, InsureMe remains committed to shaping the future of Sri Lanka’s insurance industry while expanding its digital solutions to support international insurers, brokers, loss adjusters and related businesses. With a growing focus on both local and overseas markets, InsureMe continues to deliver on its promise of ‘Insurance Made Easy.’

Pathum Nissanka and Chamari Athapaththu won the top awards of ‘Player of the Year’ in the men’s and women’s categories, respectively, at the Sri Lanka Cricket Awards 2025 held at Cinnamon Life yesterday.

Kamil Mishara and Imesha Dulani won the ‘Emerging Player of the Year’ awards.

The Government has invited more local and foreign investment into the country’s pharmaceutical manufacturing industry, stressing that strengthening domestic production is not only an economic priority, but also a matter of national health security.

Addressing the 60th Annual General Meeting of the Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA) recently, Deputy Minister of Health Dr. Hansaka Wijemuni said local pharmaceutical manufacturers have become an integral part of the country’s healthcare system through their contribution to medicine availability, employment creation, technology adoption and reducing reliance on imports.

‘The pharmaceutical manufacturing industry has remained an important pillar of Sri Lanka’s healthcare system. Local manufacturers have made a significant contribution by ensuring the continuous availability of essential medicines, creating employment, introducing new technologies and reducing our dependence on imports,’ he said.

The Deputy Minister said the COVID-19 pandemic underscored the strategic importance of domestic pharmaceutical manufacturing, demonstrating that countries with strong local production capabilities were better equipped to respond to unexpected disruptions in global supply chains.

‘The pandemic reminded the entire world of the importance of maintaining the capacity to produce essential medicines locally. Countries with strong domestic pharmaceutical industries were better prepared to face unforeseen challenges. Therefore, developing our local pharmaceutical manufacturing industry is not merely an economic objective. It is also a matter of national health security,’ he noted.

The Deputy Minister acknowledged the commitment shown by pharmaceutical manufacturers who have continued investing in Sri Lanka despite the sector’s high capital requirements and stringent regulatory standards.

He noted that pharmaceutical manufacturing requires significant financial investment, advanced technology, highly qualified professionals and strict compliance with international quality standards.

‘These are not easy investments to make. We recognise the confidence and commitment shown by entrepreneurs who have remained invested in this industry over many years,’ he said.

Reaffirming Government support for the industry, Dr. Wijemuni stressed that public health and prudent use of taxpayer funds would remain the Government’s foremost responsibility.

‘Every rupee spent on public healthcare comes from the people of Sri Lanka. It is taxpayers’ money. Therefore, our responsibility is to ensure that every procurement decision delivers the highest value, while maintaining the highest standards of quality, safety and equity,’ he said.

He asserted that supporting domestic manufacturers and safeguarding public finances were complementary objectives rather than competing priorities.

‘Our objective is clear. We must protect public investment while also creating a predictable environment for genuine investors. These two objectives are not contradictory; they reinforce each other,’ he said.

The Deputy Minister urged local manufacturers to strengthen competitiveness by continuously improving efficiency, embracing innovation and adopting international best practices.

‘A strong local pharmaceutical industry must be built on competitiveness rather than protection alone. Our manufacturers should continuously improve efficiency, embrace innovation, adopt international best practices and produce medicines that meet globally accepted quality standards at competitive prices,’ he stressed.

He added that patients deserve access to high-quality medicines, the Government must receive value for public expenditure, and manufacturers require a transparent, consistent and stable policy environment that rewards quality and innovation.

‘When these three objectives come together, everyone benefits,’ he said.

Dr. Wijemuni also encouraged both domestic and international investors to consider Sri Lanka as a destination for pharmaceutical manufacturing, highlighting opportunities beyond serving the local market.

‘There are opportunities not only to meet domestic demand, but also to expand into regional and international markets,’ he said.

He assured the industry that the Health Ministry would continue working closely with all stakeholders to improve the regulatory environment while maintaining patient safety as its highest priority.

The Deputy Minister reminded stakeholders that pharmaceutical manufacturing ultimately exists to serve patients.

‘Behind every tablet, every capsule, every vial and every bottle of medicine is a patient waiting for treatment and a family hoping for recovery. That responsibility must guide all of us,’ he said.

He called on all stakeholders to work together to build a pharmaceutical industry that is trusted for its quality, respected for its integrity, competitive in global markets and capable of supporting the health and wellbeing of every Sri Lankan.

Samagi Jana Balawegaya (SJB) MP S.M. Marikkar yesterday alleged in Parliament that five coconut oil importing companies had evaded Rs. 9.7 billion in taxes over the past two and a half years, raising questions over why only a handful of companies continued to avoid paying taxes.

Marikkar said he had raised the question with the Prime Minister, twice with Trade and Commerce Minister Wasantha Samarasinghe, twice with Finance Deputy Minister Dr. Anil Jayantha Fernando, and again yesterday, making it the sixth time he had raised the issue while claiming that it had remained unresolved since 1 January 2024.

He said the Prime Minister had assured Parliament last year that the taxes would be recovered, but claimed that by the end of July this year, the five companies had continued importing coconut oil without paying taxes amounting to Rs. 9.7 billion.

Marikkar said the companies had earlier sought tax concessions from the previous Government, but the Inland Revenue Department (IRD) had refused to grant the request.

He questioned why one company continued to pay taxes while the other companies had been allowed to avoid payment by repeatedly filing appeals.

‘The Gazette clearly states that coconut oil production is liable to pay an 18% Value Added Tax (VAT) and a 2.5% Social Security Contribution Levy (SSCL). That is why the other companies pay these taxes. We see people being arrested even for minor tax evasion, but there is reasonable suspicion as to why only these five companies are getting away with it,’ he said.

He said there was suspicion that companies claiming exemptions may have imported crude coconut oil without refining it, resulting in coconut oil containing poisonous aflatoxin entering the market.

Marikkar urged the Government to expedite the legal process and recover the outstanding taxes without further delay.

Responding to the allegations, Deputy Finance, Planning and Economic Development Minister Nishantha Jayaweera said the IRD had already determined that the companies were liable to pay VAT and SSCL, but the tax recovery process had been delayed due to legal appeals filed by the companies.

‘Only one company has paid the taxes in full, while the remaining companies have argued that they are not engaged in production activities and are therefore not liable for VAT and SSCL. The IRD rejected those claims and issued tax assessments after determining that the production and sale of coconut oil constitute a production process liable for both taxes,’ he said.

Jayaweera said the IRD had clearly stated that the production and sale of coconut oil were subjected to VAT and SSCL.

Explaining that taxpayers had the legal right to challenge tax assessments, he said one of the companies had already lodged an appeal and, under the law, the IRD could not recover the taxes until the appeal process had been concluded.

Jayaweera said taxpayers could subsequently appeal to the Tax Appeals Commission, the Court of Appeal, and ultimately the Supreme Court, resulting in delays in recovering the outstanding taxes.

Jayaweera emphasised that the Government would not interfere with the tax administration process and insisted that the IRD remained committed to recovering the taxes.

‘We do not need to grant tax concessions to any particular company. As MP Marikkar pointed out, it is clearly unfair when one company pays taxes while others evade them. The IRD has already taken the maximum measures possible within the existing legal framework,’ he said. (SS)

Lanka IOC PLC has announced the launch of its new Corporate Website, officially inaugurated by the Chairman Anuj Jain, Managing Director K. Raghu, Board Director Saumitra P. Srivastava, and Rajesh Singh in presence of all the employees and stake holders.

This is more than the launch of a new website, it marks the beginning of a new digital journey for Lanka IOC. Built to serve better, communicate faster, and deliver a seamless user experience, the new platform reflects the Company’s commitment to innovation, transparency and customer-centricity. It provides stakeholders with easier access to information, enhanced digital engagement and a modern online experience that embodies Lanka IOC’s vision as a progressive and future-ready energy company.

As digital transformation continues to reshape the way organisations engage with stakeholders, Lanka IOC has reimagined its online presence through a modern, feature-rich and user-friendly platform. The transformation goes far beyond a visual redesign. It represents a significant step towards providing a superior digital experience while reinforcing Lanka IOC’s position as a progressive and forward-looking energy company. The website features:

A modern and intuitive design with simplified navigation.

A fully responsive interface optimised for desktops, tablets and mobile devices.

Improved accessibility and enhanced user experience.

Seamless access to information on products and services, investor relations, corporate governance, sustainability initiatives, career opportunities and the latest corporate news and announcements.

Built on a scalable digital platform, the website is designed to evolve with the changing needs of customers, business partners, employees, investors, and all other stakeholders. It will continue to support Lanka IOC’s commitment to excellence, innovation, and transparent communication.

The Chairman of the Sri Lanka Cricket Transformation Committee Eran Wickramaratne, recently announced that the Committee had virtually completed its work and that the administration of Sri Lanka Cricket would shortly be handed over to a newly constituted body.

However, Sri Lanka Cricket’s official website presently carries annual reports only up to the year ended 31 December 2024. As more than seven months have elapsed since the end of 2025, could the public be informed when the audited financial statements and annual report for the year ended 31 December 2025 will be published?

The Auditor General’s 2024 report contained significant observations, including non-compliance with tax provisions and weaknesses relating to budgetary control and corporate planning. Management indicated that an ongoing system of comparing actual results with the annual budget had been introduced and that a corporate plan had been finalized. It would be useful to know whether these measures have been fully implemented and will be continued by the new governing body.

This is particularly relevant because SLC, in its media release of 19 May 2026, categorically denied reports of a ‘financial crisis’ and stated that it continued to meet all its financial obligations. The 2025 financial statements and the newly appointed Auditor General’s report should provide independent assurance regarding SLC’s financial position and the progress made in addressing the previous audit observations.

Wickramaratne, whose honesty and integrity has never been in doubt, has also announced that a forensic audit would be undertaken into the affairs of SLC. Could the public be informed whether it has been commissioned, its present status and whether its findings will be published?

Shouldn’t these matters preferably be clarified before responsibility passes on to the succeeding administration?

Cricket Enthusiast- Moratuwa

Sri Lanka has climbed more than 65 places in Startup Genome’s ranking of emerging startup ecosystems, the largest improvement recorded by any country! It is an achievement worth celebrating.

But for me, the more important story is not the ranking itself. It is what happened before the ranking.

During Sri Lanka’s financial crisis, I shared a short message on LinkedIn: Delay is not denial. Keep believing.

At the time, those words were easier to write than to live.

Hatch had an investor willing to invest $ 2.5 million. We had spent months building the relationship, explaining the opportunity, and working through the process. We had a term sheet signed and believed the investment would help us scale what we had spent years building.

Then the crisis happened.

The investor pulled out.

Nothing about our mission had changed overnight. The team was still there. The entrepreneurs we supported still needed us. The potential we saw in Sri Lanka had not disappeared.

But the environment had changed, and something that had felt almost certain was suddenly gone. At the time, it did not feel like resilience. It felt like rejection.

We often celebrate resilience after the breakthrough, but while we are living through it, resilience often looks like failure. It looks like returning to work after losing an investment you believed was secured. It looks like supporting founders when your own future feels uncertain. It looks like continuing to build while almost every external signal tells you that the timing is wrong.

During the crisis many founders spoke to me personally and asked if they should quit. And while it’s different for each founder, most we advised that their time will come and delay is not denial.

From the outside, consistency can look like momentum.

From the inside, it often feels like doing the same work repeatedly without knowing whether it is making a difference. But ecosystems, like startups, are rarely built through one investment, one policy decision, or one extraordinary year.

They are built through founders who continue when capital is scarce. Investors who remain engaged when exits are limited. Mentors who give their time without recognition. Teams who return to work after disappointment. Institutions that keep creating opportunities when progress is difficult to see.

Hatch continued. Sri Lanka’s founders continued. Investors, mentors, policymakers, and ecosystem builders continued.

And now, years later, the world is beginning to recognise what had been compounding quietly beneath the surface.

The ranking did not create Sri Lanka’s progress. It revealed it. There is a lesson here for every entrepreneur.

We often imagine success as a decisive moment: the investor who says yes, the customer who transforms the business, or the product that suddenly takes off. But success is often less dramatic.

Sometimes it is the accumulated result of staying in the game, learning, adapting, and remaining faithful to the mission long enough for the opportunity to catch up with you. Of course, resilience does not mean refusing to change. There is a difference between staying committed to the mission and becoming trapped by the model.

Resilience without reflection can become denial. But reflection without resilience can make us abandon the mission too early. That is the tension every entrepreneur must learn to hold.

Sri Lanka’s rise does not mean the work is finished. We still need more risk capital, stronger exits, better policy, and more globally scalable companies.

But it reminds me of what I wrote during one of the most difficult periods in our journey.

Delay is not denial.

The $ 2.5 million investment did not happen. The crisis delayed many of the ambitions we had for Hatch and for Sri Lanka’s startup ecosystem. But it did not deny the possibility.

Sometimes resilience is simply refusing to mistake a difficult chapter for the end of the story.

Keep believing. Keep building.