Category: Daily Financial Times

George Keyt Foundation Chairman Malaka Talwatte (right) hands over the donation to Prime Minister Dr. Harini Amarasuriya. Others (from left): George Keyt Foundation Trustee Professor Jagath Weerasinghe, Treasurer Suresh Dominic, and Trustee Abbas Esufally

The George Keyt Foundation has extended meaningful support to the Government of Sri Lanka’s disaster relief efforts following the severe devastation caused by Cyclone Ditwah.

In 2023, the Foundation undertook its first major fundraiser in recent years by issuing 30 numbered limited edition prints of Kangodi Rangi, a painting by George Keyt entrusted to the Foundation. Twenty-eight prints were acquired by donors to support charitable causes, while another was gifted to the President’s collection. Print number 1 of 30 was retained to support the Foundation’s long-term priorities.

In light of the unprecedented impact of Cyclone Ditwah and the urgent national need for disaster assistance, the trustees unanimously resolved to seek a donor for Print number 1of 30, with clear disclosure that the proceeds would be channelled directly to the Government’s disaster relief program. This appeal received an immediate response, resulting in a private donation of Rs. 3 million.

The contribution was formally handed over to Prime Minister Dr. Harini Amarasuriya for utilisation in the Government’s ongoing relief and recovery efforts.

The George Keyt Foundation is honoured to support the people of Sri Lanka at this critical moment and reaffirms its commitment to serving national needs while preserving and promoting the artistic legacy of George Keyt.

The Sri Lanka Tourism Promotion Bureau (SLTPB) took a leading role in an initiative to showcase

Sri Lanka as a premier tourist destination in France and Europe by hosting a dedicated media tour from France.

The tour coincided with the visit of celebrated French National Rugby player Serge Betsen, who was in Sri Lanka from 17-20 November, as part of a special promotional initiative organised by the Sri Lanka-France Business Council, the Ceylon Chamber of Commerce, and Asia Rugby.

During the tour, the French media team received comprehensive exposure to Serge Betsen’s engagements, including rugby training sessions, CSR initiatives, speaking engagements, and social events, providing rich content to highlight Sri Lanka’s vibrant tourism and sports culture. Their coverage played a crucial role in enhancing awareness of Sri Lanka among French audiences and positioned the country not only as a top travel destination but also as a hub for sports tourism and youth development.

In addition to event coverage, SLTPB organised a familiarisation tour for the media group, allowing them to experience Sri Lanka’s cultural, natural, and heritage attractions first-hand. The itinerary included iconic destinations such as Kandy, Galle, Sigiriya, Polonnaruwa, Habarana, and Bentota, showcasing the country’s rich diversity and hospitality. The journalists’ experiences during the tour will be widely shared, reaching millions of potential travellers in France and across Europe.

This initiative highlights the central role of SLTPB in hosting international media, leveraging high-profile personalities like Serge Betsen, and strategically promoting Sri Lanka as a vibrant and desirable tourism destination.

The recent decision of the High Court to exonerate former Central Bank Governor Ajith Nivard Cabraal in the Greek Government Bond case has again highlighted the difficulty in holding those responsible for economic crimes to account and the thin lines between corruption and ‘executive decisions.’

Last week’s ruling rested on a narrow legal interpretation. The Court was of the view that the investment in Greek Bonds, made when Greece itself was on the brink of economic collapse, constituted an Executive decision that could not be conclusively proven as corruption. Legally, that may be so. Morally and economically, however, the decision represents a profound failure to address the deeper rot that has plagued Sri Lanka’s public financial management for years.

When in 2011 Cabraal and three other senior Central Bank officials committed to these investments, warning signs were already flashing red. Greece’s debt crisis was no secret. Any prudent monetary authority would have exercised extreme caution. Yet Sri Lanka’s Central Bank proceeded otherwise, exposing public funds to unnecessary and foreseeable risk. These decisions, taken by individuals entrusted with safeguarding national economic stability, contributed to a chain of policy failures that eventually dragged the country into the economic abyss witnessed in 2022.

That said, incompetence, however disastrous, is not a criminal offence. Many of the officials appointed during that era, including Cabraal, lacked the depth of experience expected of a central banker. His background was primarily as a Chartered Accountant, not as a monetary policymaker. Poor judgment, technical inadequacy, and even breath-taking stupidity do not automatically amount to corruption in the eyes of the law. This distinction matters, and it must be acknowledged.

But stopping the conversation there, would be a grave injustice to the public.

Sri Lanka’s economic collapse was not caused by incompetence alone. Corruption, conflicts of interest, and abuse of authority played a significant role. This is where the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) must step in decisively. The mandate of such institutions is not to relegate bad policy choices, but to investigate whether crimes were committed alongside them.

Several actions during Cabraal’s tenure demand serious scrutiny. Even as Sri Lanka stood on the brink of bankruptcy in early 2022, the decision to pay $ 500 million on an International Sovereign Bond raised troubling questions about priorities, beneficiaries, and motivations, especially at a time when the country’s foreign currency reserves were barely enough to import essential items. Similarly, reports of payments made through the Central Bank to a lobbying firm in the United Kingdom cannot simply be brushed aside as routine administrative decisions. These are not matters of incompetence, they were potential indicators of misconduct that warrant transparent investigation.

Ordinary Sri Lankans bore the cost of economic collapse through inflation, shortages, job losses, and the erosion of savings, while those who presided over the disaster continue to walk free, often protected by technicalities and institutional inertia.

If figures like Cabraal emerge unscathed, without even thorough investigation into questionable dealings, it sends a clear and damaging message that there is no real accountability for those who mismanage or misuse public power at the highest levels. However, the Court decision to discharge Cabraal was subject to him transferring Rs. 1.8 billion to the CBSL’s account within three months.

Sri Lanka does not need vengeance, but it does need justice. Courts may absolve individuals of specific charges, but the responsibility of investigative bodies does not end there. To rebuild confidence in governance and prevent future collapses, the country must demonstrate that economic crimes, real crimes, not just bad decisions, will be pursued relentlessly, regardless of rank or past influence.

Dialog Finance PLC has partnered with Softlogic Life Insurance PLC to integrate a best-in-class Internet Payment Gateway (IPG) enabling clients to seamlessly settle insurance premiums through Softlogic Life’s website using Visa, Mastercard, or Amex cards.

The solution is offered through Genie Business, the business payment solutions arm of Dialog Finance, designed to deliver exceptional convenience, reliability, and scalability to Sri Lankan enterprises.

Genie Business offers the most advanced, full-featured IPG in the market, benefiting businesses of all sizes. The solution includes a Payment Link facility, enabling Softlogic Life to send secure web links to clients for quick premium collection. It also supports webhooks for real-time customer notifications, and comes with a comprehensive stack of APIs that make customisation effortless to meet any business requirement.

Additionally, the ability to offer an exclusive branded checkout page enhances marketing opportunities and strengthens client brand identity. Genie Business’s IPG is also PCI DSS certified, ensuring the highest level of global payment security. Furthermore, it comes with the capability of tokenisation, a feature that allows card credentials to be securely stored for faster repeat transactions, offering additional convenience for businesses that choose to activate it.

Softlogic Life has consistently been recognised as a top tier, tech driven Disruptive Life Insurance Company for several years, underscoring its commitment to excellence and customer trust.

Softlogic Life Insurance PLC Managing Director Iftikar Ahamed said, ‘At Softlogic Life, our focus has always been on delivering the best possible experience to our customers through smarter, seamless, faster, and simplified touchpoints. This partnership with Genie Business strengthens that commitment, enabling us to enhance customer satisfaction and deepen trust.’

Dialog Finance PLC CEO and Director Nazeem Mohamed said, ‘We are delighted to partner with Softlogic Life to deliver an industry-leading, secure and cost-effective payment solution. Genie Business continues to empower businesses with scalable fintech solutions.’

Genie Business leads the way in digital payment solutions for MSMEs and Corporates in Sri Lanka, offering Tap to Pay, Internet Payment Gateway (IPG), Dynamic Currency Conversion (DCC), Payment Links, E-Store, and QR payments. Genie Business also provides digital lending to support business growth, empowering Sri Lanka’s digital economy.

Turkish Airlines has opened its first-ever European lounge at Edinburgh Airport, aside from the world-famous one at its Istanbul hub, bringing another dimension of its renowned hospitality to travellers in Scotland.

The new lounge further elevates Edinburgh’s premium travel offering while reinforcing airport’s growing role as an international gateway.

Spanning 673 sqm and accommodating 149 guests, the lounge offers a premium experience with facilities including an open buffet featuring a Turkish pide service at lunch and dinner; a luxury relaxation area with TVs and Wi-Fi; and two prayer rooms.

The lounge also includes an accessible restroom for the guests with reduced mobility, a baby care room and flight information screens.

Trkiye’s flag carrier hosted a celebratory event at Edinburgh International Airport to mark the opening of its eighth lounge outside of Trkiye.

‘The opening of our new Turkish Airlines Lounge at Edinburgh Airport marks an important milestone for our airline. As our first abroad lounge in Europe and our eighth outside of Trkiye, this investment demonstrates our deep commitment to our European operations where we already possess a strong presence as the best airline of the continent,’ remarked its Chief Operations Officer M. Akif Konar. ‘Looking ahead, we will continue to build on our presence in the region and bringing our award-winning hospitality closer to travellers here,’ he stated.

Turkish Airlines continues to bring scaled down slices of its five-star Lounge in Istanbul to its international gateways to maintain a seamless and luxurious experience, he added.

Edinburgh International Airport Chief Commercial Officer Stephanie Wear said: ‘The opening of the new Turkish Airlines Lounge marks an exciting chapter for both us and the airline as they launch their first lounge in the Europe abroad at Edinburgh Airport.’

Located on Level 2 near gate 16, the lounge will be available to Turkish Airlines Business Class passengers, Miles and Smiles members (Elite, Elite Plus and Elite Corporate Club) travelling in any class; and holders of the carrier’s Miles and Smiles Premier Visa Signature Card issued in the US. Guests with a Paid Lounge membership card can also enter the lounge ahead of their flight.

‘It demonstrates Turkish Airlines’ commitment to the airport and to enhancing the travel experience for passengers. Open to all travellers, the lounge offers a relaxing space with fantastic runway views and some great food and beverage options whilst you wait for your flight,’ he stated.

Turkish Airlines operates 10 weekly flights between Edinburgh and Istanbul which allows travellers from Scotland to connect via Turkish Airlines’ unparalleled global network to 356 destinations in 132 countries.

Pioneering digital solutions to transform the property ownership experience, Prime Group, Sri Lanka’s leading real estate developer, has unveiled a revolutionary suite of digital tools following a comprehensive five-year digitalisation journey in procurement, construction, project management, and customer workflows to transforms how Sri Lankans embrace their property dreams.

Though standalone digital solutions are available in the market, Prime Group said its distinction lies in creating an integrated ecosystem where all innovations work seamlessly together. Such a holistic approach offers customers unprecedented convenience, transparency, and efficiency throughout their path to homeownership, from dream to reality.

Powering visionary initiatives, Prime Group is redefining accessibility, convenience, and excellence in real estate, assuring every customer can enjoy a seamless journey. Building homes using technology, Prime Group is championing a customer-first mindset in every action.

For the first time in Sri Lanka, Prime Group has launched 1322, a dedicated four-digit hotline exclusively for real estate inquiries. The customer-centric innovation provides property information, expert guidance, and support a phone call away, expanding homeownership opportunities in Sri Lanka.

In a strategic alliance that propels innovation, Prime Group became the first corporate client in Sri Lanka to embrace DFCC Bank’s API Banking platform (iConnect). The industry-first

partnership with DFCC Bank facilitates paperless vendor

payments, positioning Prime Group as a fintech pace-setter.

Eliminating manual processes and branch visits, Prime Group offers customers virtual accounts with instant reconciliation. In another industry-first, customer payments are recognised instantly, and automated receipts are sent via WhatsApp and email. The solution creates the first fully automated digital deposit and payment tracking system in Sri Lanka’s real estate sector.

The Prime Group believes property ownership deserves to be crafted to the measure the highest ideals. The Prime Edge mobile application delivers a complete real estate experience directly to the smartphone. Customers enjoy the luxury of managing their property journey digitally. They can also browse properties, track purchases, monitor payments, and even earn through referrals.

The Prime Group invites customers to step into the future of property investment with Prime Bee. The AI-powered property assistant guides customers, with both text and voice interactions. Prime Bee helps to explore options, make informed decisions, and receive personalised support instantly.

In partnership with Apartner Ltd, Prime Group introduced smart property management for 43 by the Sea Apartments, allowing residents to manage bills, maintenance, visitor access, and bookings through a dedicated app.

Prime’s in-house IT division, led by Chief Information Technology Officer Rasika Udayanga, drives these innovations through dedicated SAP and infrastructure teams. Their expertise integrates banking, ERP, and customer platforms while ensuring security and seamless stakeholder experiences.

‘Prime’s technology ecosystem is designed to transform the real estate experience from the ground up. Integrating advanced digital tools into every stage of the journey, Prime Group is delivering unmatched transparency, efficiency, and value to our customers,’ Rasika Udayanga said.

These comprehensive digital solutions address longstanding challenges in accessibility, payment processing, and customer support, positioning Prime Group as the definitive digital leader in Sri Lanka’s real estate sector setting new industry standards for transparency and operational excellence.

As the Indian Army Field Hospital team concluded its humanitarian mission in Sri Lanka and returned to India on Sunday under Operation Sagar Bandhu, appreciation was conveyed for the team’s dedicated and professional service in supporting affected communities.

Coinciding with the team’s departure, humanitarian supplies requested by the Sri Lankan authorities were delivered to the country. A total of 10 tonnes of medicines and 15 tonnes of dry rations were transported aboard an Indian Air Force C-17 Globemaster aircraft, which also carried the returning medical team. The supplies are intended to support ongoing relief efforts for communities impacted by the recent crisis following Cyclone Ditwah.

Further assistance arrived yesterday with 50 tonnes of dry rations reaching Sri Lanka aboard the Indian Coast Guard Ship Shaurya. The consignment was formally handed over by India’s Deputy High Commissioner Dr. Satyanjal Pandey to Deputy Minister of Ports and Civil Aviation Janitha Ruwan Kodithuwakku.

The completion of the medical mission and the continued delivery of relief supplies under Operation Sagar Bandhu highlight the close cooperation and longstanding friendship between Sri Lanka and India in times of need.

Sri Lanka – Maldives Business Council Vice President Husnie Rauf addressing the gathering. Maldivian High Commissioner Masood Imad, Sri Lanka – Maldives Business Council President Sanjeewa Perera, Immediate Past President Sudesh Mendis and Foreign Affairs Ministry South Asia and SAARC Director Sasanga Nikapitiya are also in the picture

The Sri Lanka-Maldives Business Council (SLMLBC) has extended its deepest appreciation to the Government and the people of the Maldives for the extraordinary solidarity and generosity extended to Sri Lanka in the aftermath of the recent cyclone.

Sri Lanka received approximately $ 2 million in financial assistance and $ 1.2 million worth of tuna cans, contributed collectively by the Government of the Maldives, private sector institutions, Maldivian citizens, and the Sri Lankan expatriate community in the Maldives. This substantial support will directly aid families and communities severely impacted by the disaster.

‘This remarkable act of compassion reflects the enduring friendship and shared values that unite our two nations,’ said Sri Lanka-Maldives Business Council President Sanjeewa Perera. ‘At a time of need, the Maldives has demonstrated unwavering solidarity with Sri Lanka, and we are truly humbled by this heartfelt support.’

The council said the Maldives’ example stands as a powerful example of unity and shared goodwill and acknowledged the dedication and leadership of Sri Lanka’s High Commissioner to the Maldives M.R. Hassan, Maldivian High Commissioner to Sri Lanka Masood Imad.

‘As President of SLMLBC, together with our Executive Committee and the entire membership, I wish to convey our heartfelt gratitude to all who contributed to this noble effort,’ Perera added. ‘This gesture of solidarity is a testament to the strong, enduring bond and mutual support that define the relationship between Sri Lanka and the Maldives.’

LB Finance PLC has decided to establish a wholly owned subsidiary in the Republic of Philippines, under the name ‘LB Finance Philippines Inc.,’ with an initial investment of $ 650,000 to engage in the provision of financial services.

The company in a filing to the Colombo Stock Exchange also said the move has been approved by the Central Bank of Sri Lanka.

LB Finance said a further announcement will be made upon completion of the incorporation and obtaining the necessary licences for the commencement of operations of the said subsidiary.

A subsidiary of Vallibel One PLC, LB Finance assets were worth Rs. 307 billion as at 30 September 2025 and retained earnings worth Rs. 44 billion.

With a track record spanning 54 years in the Sri Lankan financial services sector, LB Finance PLC is rated among the top-tier Non-Banking Financial Institutions (NBFIs).

The Government has disbursed over Rs. 13 billion so far to support relief, recovery, and reconstruction efforts following the widespread devastation caused by Cyclone Ditwah, Treasury Secretary Dr. Harshana Suriyapperuma said, outlining the scale and coordination of the Government’s ongoing response.

Dr. Suriyapperuma stated that the disbursements were made through supplementary Budget approvals proposed by President Anura Kumara Dissanayake and subsequently approved by Parliament.

‘As of now, the actual amount of disbursements have exceeded Rs. 13 billion, based on the approvals and supplementary Budgets that were passed through Parliament,’ he said, adding that the focus has been on ensuring rapid flow of funds and resources to affected communities.

He noted that arrangements are in place to ensure information sharing and data collection are carried out swiftly, enabling donations, goods, and financial assistance to reach individuals and communities as early as possible.

According to the Treasury Secretary, the Government’s efforts to rebuild Sri Lanka are centred on supporting people and businesses affected by the cyclone, floods, and landslides, with the objective of helping them resume normal life in the shortest possible time.

As part of efforts to strengthen communication in disaster-affected areas, Dr. Suriyapperuma confirmed that Sri Lanka has received another consignment of Starlink satellite communication units from the US, following an appeal by the Government.

‘The donation has already arrived in Sri Lanka, and Customs is facilitating the clearance process so that these units can be handed over to the Disaster Management Centre as early as possible,’ he said.

He explained that the equipment would help improve connectivity with Divisional Secretariats and remote districts that continue to face communication challenges, enabling authorities to better identify needs and respond more effectively.

In addition to international assistance, the Treasury Secretary highlighted significant domestic financial contributions to the ‘Rebuilding Sri Lanka’ Fund. He announced that the Gangaramaya Temple had donated Rs. 100 million, with the guidance of the Chief Incumbent and the support of its patrons. He also revealed that, through similar facilitation, another temple in Singapore had contributed an amount equivalent to Rs. 23 million in Singapore dollars.

‘These funds will be used for the reconstruction and renovation of religious places and places of worship affected by floods, landslides, and the cyclone,’ Dr. Suriyapperuma said, noting that such institutions play a vital role in providing moral support, guidance, and assistance to communities during times of crisis.

Beyond financial aid, Sri Lanka has also received material support, including temporary bridges from several countries to restore connectivity to villages cut off by landslides and flooding.

Dr. Suriyapperuma said these interventions have been critical in re-establishing access and supporting the movement of people and goods in affected areas.

He further explained that the Finance Ministry has established a live data collection system, with real-time information being updated through inputs from divisional secretariats.

‘We can see through dashboards how the situation is evolving on an ongoing basis,’ he said, adding that this data-driven approach allows donations and resources, whether financial or in kind, to be channelled swiftly to where they are most needed.

Dr. Suriyapperuma stressed that all funds received are consolidated through the Treasury, with disbursements made via established institutional frameworks and in coordination with Divisional Secretariats. The overarching objective, he said, is not merely to restore what was lost but to improve living standards beyond pre-disaster levels.

‘The whole objective is to uplift living standards, businesses, and communities, and to ensure a better tomorrow once the rebuilding process is completed,’ he said.

Describing the rebuilding effort as an ongoing and continuous process, Dr. Suriyapperuma expressed appreciation for the dedication of Government officials working day and night, as well as the contributions of volunteers, communities, and organisations supporting the national recovery.

He emphasised that strengthening transparency, information sharing, and coordination will remain central as Sri Lanka continues its path towards recovery and resilience.