Category: Daily Financial Times

Seylan Developments PLC, a property development, administration and maintenance firm part of the Seylan Bank group, has appointed Ranil Dissanayake to its Board as a Non-Executive Director.

Dissanayake is the Chief Operating Officer of Seylan Bank PLC, and Associate Member of the Institute of Bankers.

Dissanayake joined Seylan Bank PLC in 1989 and rose to Assistant Manager Grade where he took over duties as Branch Manager Borella Branch (1995-1999). Thereafter, he was promoted to Manager Grade in 1999 and assigned as Branch Manager to several Metropolitan branches including Kollupitiya, and flagship Millennium Branch by 2004 after being promoted to the grade of Senior Manager.

Thereafter, he served as a Senior Relationship Manager in Corporate Credit and assigned duties as Regional Manager to Suburbs II Region and subsequently Metropolitan Region, having been promoted to Chief Manager Grade in 2012.

In 2018, he became Assistant General Manager, initially performing duties as Zonal Head and thereafter Head of SME, where he partnered Boston Consulting Group (BCG) to reform SME lending and enhance credit review processes. He was promoted to Deputy General Manager – Branch Credit (2022-2025), directing SME lending strategy and overseeing key business units including Islamic Banking, Credit Monitoring, Margin Trading, Factoring, and Regional Credit Hubs.

In October 2025, he was appointed Chief Operating Officer, taking responsibility for branch network performance, branch operations, branch credit, corporate credit branches, legal, and Islamic banking functions, reporting directly to the Chief Executive Officer.

His career reflects strong leadership, strategic execution, and a proven ability to drive operational excellence and sustainable growth.

As Chief Operating Officer, he contributes to the strategic and operational management of Seylan Bank’s branch network, aligning operations with corporate objectives. His career reflects a strong dedication to financial inclusion, SME growth, operational excellence, and sustainable banking practices, uniquely qualifying him to drive innovation and long-term growth.He has over 35 years of experience in Branch Banking, Corporate Banking, and SME Finance.

The National Disaster Management Council yesterday met at the Defence Ministry under the leadership of President Anura Kumara Dissanayake to review the nationwide emergency caused by severe weather.

The President instructed security forces and officials to ensure uninterrupted rescue and relief services and to keep the public continuously informed through updated weather and disaster alerts.

The meeting examined challenges in implementing earlier decisions taken in Parliament and reviewed immediate measures needed to safeguard communities. Special attention was given to the rising pressure on reservoirs and tank bunds, with the President directing irrigation authorities to strengthen monitoring and act swiftly to prevent structural failures.

Officials briefed the President that district-level relief funds remain adequate. He instructed the Disaster Management and Irrigation Departments to expedite compensation for damaged houses and farmlands and to use engineering units of the Tri Forces to avoid delays in assessments. The Agriculture Ministry was asked to establish a structured mechanism for fertiliser subsidies and seed paddy distribution to restore affected farmland.

The President also called for clear and frequent communication to counter misinformation circulating on social media and instructed tourism authorities to ensure essential services for foreign visitors affected by the disruptions.

Opposition Leader Sajith Premadasa raised concerns over tourist safety and proposed appointing a committee to coordinate with foreign missions.

Senior defence officials, Tri Forces commanders, and heads of key technical agencies, including the Meteorology Department, Irrigation Department, and Mahaweli Authority, were present.

Recently I watched a lawmaker in Parliament suggesting that Dhammika Perera should be appointed CEO of SriLankan Airlines, which prompted me to write this opinion.

There is a difficult but unavoidable truth that Sri Lanka must confront: the Government of Sri Lanka should not be running commercial businesses, especially in a complex, competitive, capital-intensive industry like aviation.

This is not a matter of ideology, it is a matter of reality shaped by our political culture, economic vulnerabilities, administrative constraints, and decades of hard lessons we stubbornly refuse to learn.

We are not Qatar, Singapore, or China, countries with deep sovereign wealth, stable technocratic systems, long-term policy continuity, and the ability to ring fence commercial enterprises from political interference. Sri Lanka simply does not possess those structural advantages.

Why Government businesses fail in Sri Lanka

Even a strong business struggles when forced to survive within constant election cycles, politicised decision-making, paralysing trade unions tied to political interests, policy instability, low salary structures that cannot attract top talent, and chronic underinvestment due to fiscal constraints.

In such an environment, long-term commercial success is impossible. SriLankan Airlines is the clearest example of this institutional reality.

The Emirates era: Evidence of what works

Under Emirates’ management, SriLankan Airlines enjoyed board autonomy, strategic direction, commercial freedom, and insulation from political interference.

Performance improved visibly. The collapse began only after Emirates exited due to political meddling in commercial decisions.

Warren Buffett’s lessons: When structure makes success impossible

Warren Buffett, with a personal net worth exceeding US$150 billion and a holding company, Berkshire Hathaway, valued at over US$1 trillion with hundreds of billions in investments and cash reserves, is admired not because he always got things right, but because he openly admits his mistakes.

In a recent speech outlining sectors he will avoid in 2026, Buffett highlighted the permanent decline of U.S. office-space real estate due to post-COVID work patterns, and the importance of recognising structural shifts rather than fighting them.

His most powerful example comes from his past, the U.S. textile industry.

Despite emotional attachment and repeated efforts, he ultimately realised that structural disadvantages, high costs, global competition, and productivity gaps made revival impossible.

His famous admission remains telling: ‘No management can overcome a fundamentally bad business.’

This is exactly the problem Sri Lanka faces with SriLankan Airlines today.

Dhammika Perera: A giant of the private sector, not a magician

Dhammika Perera is one of Sri Lanka’s greatest entrepreneurs. Across industries, he has created tens of thousands of jobs, generated foreign exchange, driven innovation, contributed massively to government revenue, and built globally respected businesses.

He is the kind of visionary Sri Lanka must celebrate and empower.

But expecting even Dhammika Perera to turn around SriLankan Airlines within the existing state-controlled environment is unfair and unrealistic.

The airline’s entrenched work culture, politicised internal structures, massive debt burden, union entanglements, weak capital base, and outdated governance framework make it beyond redemption under government ownership.

Even Harry Jayawardena, despite his business strength, could not overcome the structural rot. The issue is not leadership, the issue is the structure.

Private enterprise drives national transformation

Across the world, economic transformation has been driven by the private sector: Japan with Toyota, Hitachi, and Marubeni, South Korea with Samsung, Hyundai, and LG, China with Alibaba, BYD, and Huawei.

These companies propelled national growth not because governments ran them, but because governments empowered them.

Sri Lanka must follow the same path, liberate the private sector, embrace innovation, attract investment, expand markets, and abandon protectionist thinking.

SriLankan Airlines: A buffet-style structural failure

SriLankan Airlines is now a textbook case of Buffett’s principle: accumulated losses exceeding Rs. 600 billion, unsustainable global competition, lack of capital infusion, inefficient cost structures, and structural barriers to reform.

No CEO, not even Dhammika Perera, can transform an airline designed to fail under state control.

Buffett’s logic applies perfectly: ‘When a business requires a genius to succeed, it is already a bad business.’

The only viable path: Restructure and strategic investment

Sri Lanka must take the only practical route: Government absorbs historical debt, balance sheet restructuring to make the airline investable, public-private partnership or strategic equity sale, full management control to the investor, and complete insulation from political interference and trade-union pressures.

Yes, identifying an investor is challenging. But the alternative is devastating, continuing to drain public funds that should be used for schools, hospitals, infrastructure, and social welfare.

With rising tourism and a cleaner balance sheet, Sri Lanka can attract a serious partner, and work already done in the past can be revived.

The courage to accept the truth

SriLankan Airlines is an emotional symbol for many, but sentiment cannot override structural economic reality.

Like Buffett and his textile mills, Sri Lanka must recognise reality, stop throwing good money after bad, and make the courageous, necessary decision.

The responsible course is clear, stop the bleeding, restructure the airline, and hand management to a capable investor with full autonomy.

I sincerely hope Sri Lanka will prove this analysis wrong. But the evidence, locally and globally, shows that no level of talent, not even Dhammika Perera’s, can fix a structurally broken airline under government ownership. It is time for the country to accept this truth and act.

New Energy Vehicle (NEV) brand, BYD, together with its authorised distributor in Sri Lanka, John Keells CG Auto, announced the opening of its seventh showroom in Ratnapura, with plans to introduce a fully-fledged 3S (Sales, Service, and Spare Parts) facility in the near future.

The brands latest expansion further strengthens BYD and JKCG Auto’s commitment to delivering the highest quality, sustainable mobility options for a fast-growing customer base across Sri Lanka.

The BYD Rathnapura facility, located at Main Road, Batugedara, was launched in partnership with N M I EV Solutions Ltd., and is now open to customers across the Sabaragamuwa Province.

The integrated facility allows customers to purchase their vehicle, schedule routine maintenance, and source genuine vehicle parts all at one location.

The showroom will display BYD’s lineup of new energy and plug-in hybrid vehicles, including the SHARK 6, SEALION 6, DOLPHIN, SEALION 5 and other models in the BYD range, while the service bay employs technicians trained specifically in New Energy Vehicle technology.

‘Opening our seventh showroom in Ratnapura strengthens our island-wide network and brings us closer to customers in the Sabaragamuwa Province,’ said John Keells CG Auto CEO Charith Panditharatne. ‘As we continue developing the NEV ecosystem across Sri Lanka, our goal is to ensure that sustainable mobility becomes a practical choice for Sri Lankans in every region. The service and spare parts facilities we plan to introduce here will further support that vision.’

N M I EV Solutions Ltd., Chairman Indika Rajapaksha, expressed confidence in the region’s readiness for NEV adoption. ‘Ratnapura sits at a crossroads that connects multiple provinces, making this location valuable not just for residents but for anyone travelling through the area. We’re here to make NEV ownership straightforward and reliable, with the technical expertise and parts availability that ensures customers and their vehicles receive the highest quality of service and after-sales care.’

BYD’s presence now extends across the Western, Southern, Central, North Western, Eastern, and Sabaragamuwa provinces. The infrastructure supporting this network includes 21 charging points installed at strategic locations including Colombo, Negombo, Gampaha, Kalutara, Karapitiya, Matara, Tangalle, Puttalam, Kurunegala, and Kandy.

With seven operational showrooms and ongoing plans to expand into additional regions, BYD and JKCG Auto are continuing to build out the foundations for a rapid and widespread NEV adoption across Sri Lanka.

Sectoral credit data from April to September 2025 has shown that the strongest month-to-month turnaround in private sector lending comes from agriculture and personal loans. Both segments recorded negative or weak flows in May and June, but shifted into firm double digit shares of monthly credit by the third quarter.

While industry and services continue to absorb the largest lending volumes, the data indicates that the broadening of credit flows is being led by the sectors that were contracting earlier in the year.

The sectoral figures come from the Central Bank of Sri Lanka’s (CBSL) Monthly Survey on Loans and Advances by Licenced Commercial Banks to the private sector. Introduced from April 2025, the survey tracks the monthly change in outstanding credit to four categories: agriculture and fishing, industry, services, and personal loans and advances.

Because the data captures net changes in credit rather than the total loan book, negative values represent months when repayments exceeded new borrowing, which can result in negative sector shares in the monthly totals.

Agriculture and fisheries posted the sharpest reversal. The sector recorded net repayments of Rs. 3 billion in May and Rs. 14 billion in June, equivalent to shares of -2.1% and -6.3% of total monthly credit.

From July onwards, lending turned positive, with Rs. 31 billion in July and Rs. 35 billion in August, representing 17.2% and 17.1% of total credit.

In September, agriculture contributed Rs. 27 billion or 11.7%. This pattern reflects a shift from two months of net repayments to sustained positive flows in the third quarter.

Personal loans also showed a clear recovery. Net repayments of Rs. 13 billion in April amounted to -13.1% of that month’s total credit. From May onwards, the flows were positive, with Rs. 37 billion and Rs. 60 billion in May and June, corresponding to 25.7% and 27.1% of total credit.

After easing to 11.1% in July, personal lending increased to 19.5% in August and 26.0% in September. The data points to improving household liquidity and small business borrowing after mid-year.

Industry remained the largest recipient of new credit across most months. The sector accounted for 29.3% of total credit in April, 35.4% in May and 24.0% in June. Its share rose to 45.6% in July and 44.4% in August before moderating to 31.6% in September.

These flows reflect steady demand from production-linked sectors despite the shifts occurring elsewhere.

Services lending remained volatile. The sector accounted for 61.6% of total credit in April, declined to 41.0% in May and rose to 55.2% in June.

It fell to 26.1% in July and 19.0% in August before recovering to 30.7% in September. June was the strongest month for services, supported by a temporary surge in trade and transport-related borrowing.

Total private sector credit flows increased from about Rs. 99 billion in April to Rs. 144 billion in May and Rs. 221 billion in June. Lending eased to about Rs. 180 billion in July and Rs. 205 billion in August before rising to about Rs. 231 billion in September.

The data from the new survey highlights not only the rise in total credit but also changes in its distribution, with agriculture and households returning to positive borrowing alongside continued strong flows to industry and services.

According to the CBSL’s regular credit report, based on a separate survey, total private sector borrowings in September spiked to a record Rs. 236.3 billion, resulting in the total outstanding amount reaching Rs. 9.52 trillion, up 22.1% from a year ago.

This is the highest monthly private sector borrowing after Rs. 227 billion in August, followed by Rs. 221 billion in June.

The CBSL noted the data varied between the two surveys due to methodology differences.

CBSL Governor Dr. Nandalal Weerasinghe earlier this week said the recent credit growth did not amount to overheating.

The US Ambassador to Sri Lanka Julie Chung yesterday called on President Anura Kumara Dissanayake.

Taking to ‘X’ she noted that the US reaffirms its commitment to deepening ties with Sri Lanka and look ahead to continued progress in the new year.

‘We discussed ways to deepen cooperation and expand opportunities that advance US interests while benefiting both our nations,’ Chung added.

Royal College Alumnus Padmasena Dissanayake has sent the following Open Letter to Prime Minister and Education Minister Dr. Harini Amarasuriya questioning whether the Royal College is above the law and raising alarms over collection of money for ‘SAGA 2025’ organised by the School Development Society of the College. In the letter Dissanayake has attached evidence to prove his allegations.

‘I write to you not only as an alumnus of Royal College but as a concerned citizen who believes in the rule of law. I am compelled to pen this letter on behalf of hundreds of parents who are currently held hostage by a system that demands their silence. These parents have no choice but to comply with exploitative demands or risk their children being rejected from opportunities they deserve.

Upon assuming office, you made a definitive statement that unauthorised monetary collections in schools must cease. You explicitly instructed that if payments are collected for valid reasons, they must strictly adhere to Ministry guidelines and be routed transparently through the School Development Society (SDS).

However, the events currently unfolding at Royal College prove that your instructions are being treated as mere words. It appears the school administration and the organisers believe they are above the law or that your Ministry lacks the power to enforce compliance at this specific institution.

‘SAGA’ is a major fundraiser organised by the SDS of Royal College, While it is a valuable platform for students to showcase their talents, it has become a vehicle for financial malpractice that bypasses all procurement guidelines.

Dissanayake has drawn the Prime Minister’s attention to alleged irregularities based on evidence.

Among issues raised are unauthorised collection and lack of transparency and why is money for an SDS-organised event not being collected through official SDS bank accounts? There are no receipts issued for these collections. This results in zero accountability and a complete lack of transparency regarding where these funds actually go, emphasises Dissanayake.

He also alleges organisers opting for one supplier for costumes citing due to short notice other suppliers refused the order. It was stated that the booking of the Sugathadasa Indoor Stadium was done well in advance but decision and procurement on costumes had been delayed. This, Dissanayake alleges, was apparently intentional to justify a shortcut that bypasses tender procedures.

With over 600 students participating and costume prices ranging from Rs. 4,000 to Rs. 6,500, the total expenditure amounts to millions of rupees. Dissanayake also alleges that parents are forced to sign a declaration of ‘willingness.’ It frames a mandatory fee as a voluntary contribution. Parents are stripped of their right to choose, opines Dissanayake.

‘If the SDS cannot fund the costumes, the proper and ethical approach would be to provide the design specifications and materials to the parents. This would allow parents to stitch the costume at home or source it from a tailor of their choice,’ Dissanayake added.

The Prime Minister was told that the parents are silent because they fear victimisation of their children.

‘I am speaking out because I refuse to see my alma mater tarnished by corruption and I refuse to see the directives of the country’s Prime Minister mocked by school officials,’ Dissanayake has said in the letter urging the Prime Minister to intervene immediately and rectify.

Pan Asia Banking Corporation PLC, a financial institution with a strong commitment to sustainability, has entered into a strategic partnership with Prime EV Automobiles, the authorised representative of the Deepal electric vehicle brand in Sri Lanka.

This collaboration was formalised through the signing of a Memorandum of Understanding (MoU) aimed at promoting eco-friendly leasing solutions, such as Pan Asia Bank’s EV Plus, and accelerating the adoption of electric vehicles across the country. This initiative underscores Pan Asia Bank’s dedication to driving Sri Lanka’s green transition by making sustainable mobility more accessible and affordable.

The partnership enables customers of Prime EV Automobiles to enjoy exclusive leasing facilities from Pan Asia Bank when purchasing electric vehicles, making EV ownership more accessible, affordable, and convenient. Through this collaboration, Pan Asia Bank aims to further strengthen its position as a pioneer in green leasing, supporting the country’s transition toward cleaner energy and sustainable transport solutions.

Pan Asia Bank Director/CEO Naleen Edirisinghe said: ‘As a bank deeply committed to sustainability, we are proud to join hands with Prime EV Automobiles to support Sri Lankans to make the shift towards electric mobility. Our specialised leasing solutions are designed to make EV ownership easier while helping customers contribute to a greener tomorrow.’

With this partnership, customers can look forward to customised leasing packages for Prime EV’s range of electric vehicles, supported by streamlined financing processes and value-added services. The collaboration also reinforces Pan Asia Bank’s broader vision of becoming the country’s most eco-conscious financial partner through innovative green lending and leasing programs.

The Association Of Consuls in Sri Lanka has secured the bid to host the FICAC South Asia Conference 2026, which will be held in Colombo from 1 to 4 February 2026.

The high-profile conference, organised under the umbrella of the Federation of International Consular Associations and Consuls (FICAC), will bring together Honorary Consuls from across the South Asian region. The four-day gathering is expected to strengthen regional diplomatic engagement and address key matters related to consular services and cooperation.

Officials noted that hosting the conference will also provide a significant opportunity to promote Sri Lanka as a prime destination for investment, trade, and tourism, leveraging the presence of influential stakeholders and decision-makers from the region.

Association Of Consuls in Sri Lanka President Mahen Kariyawasan said the country is ready to deliver a conference of high international standard. ‘Sri Lanka is honoured to host this landmark event, and we look forward to welcoming our colleagues from across South Asia. This is a timely platform to showcase the nation’s potential and deepen regional connections,’ he said.

Further details on the program and participating delegations will be announced in due course.

To mark World Fisheries Day 2025, Sri Lanka and countries bordering the Bay of Bengal came together to celebrate the contributions of small-scale fisheries to coastal livelihoods, food security, and sustainable development.

This year’s celebrations are especially significant as they coincide with FAO’s 80th anniversary, eight decades dedicated to support sustainable fisheries, food security, and coastal livelihoods worldwide. The event was organised by the Food and Agriculture Organisation of the United Nations (FAO) and the Bay of Bengal Program Inter-Governmental Organisation (BOBP-IGO), in collaboration with the Government of Sri Lanka. The celebration brought together representatives from Bangladesh, India, Maldives, and Sri Lanka, along with fisher organisations, partners, and local institutions, to strengthen regional cooperation in the fisheries sector.

‘Sri Lanka is proud to host this event,’ said Prime Minister of Sri Lanka Dr. Harini Amarasuriya. ‘More than 4.3 million Sri Lankans depend directly or indirectly on fisheries for their livelihoods, and our ocean, rivers and lakes. By working together with our partners, we are advancing shared goals for sustainability, resilience and prosperity, ensuring that our coastal communities can thrive for generations to come.’

World Fisheries Day 2025

Observed globally on 21 November, World Fisheries Day recognises the importance of sustainable fisheries for food security, livelihoods and economic growth. It calls attention to the need for responsible management of aquatic resources, better working conditions for fishers, and greater recognition of their role in local and global aquatic food systems.

This year, FAO and BOBP-IGO marked the day by showcasing how regional cooperation and local commitment are shaping a stronger, more sustainable small-scale fisheries sector across the Bay of Bengal.

A key focus of the event was the advancement of National Plans of Action for Small-Scale Fisheries (NPOA-SSF) – national strategies that guide countries in implementing the Voluntary Guidelines for Securing Sustainable Small-Scale Fisheries (SSF Guidelines). Representatives from the four Bay of Bengal countries shared experiences and reaffirmed their commitment to equitable, inclusive and sustainable fisheries governance.

‘World Fisheries Day is an opportunity to celebrate the contribution of small-scale fishers and fish workers,’ said BOBP-IGO Director Pandian Krishnan. ‘Through the NPOA-SSF process, our countries are translating the Voluntary Guidelines for Securing Sustainable Small-Scale Fisheries, a global commitment, into concrete action, strengthening governance, empowering fishing communities and ensuring long-term sustainability in the Bay of Bengal.’

Building capacity for small-scale fisheries

In conjunction with World Fisheries Day, FAO and BOBP-IGO are also convening a Regional Inception Workshop on NPOA-SSF development from 20 to 22 November. The workshop will launch National Task Forces (NTFs) in each of the four member countries, providing capacity development, and outlining the next steps for strengthening small-scale fisheries management and cooperation across the region.

World Fisheries Day took place alongside ‘Aqua Planet’ a national event organised by the Government of Sri Lanka from 21 to 23 November to promote awareness of national fisheries and seafood industries, highlighting sustainable practices in aquatic food production.

Together, these events reinforce the Bay of Bengal region’s commitment to sustainable, inclusive and climate-resilient fisheries, ensuring that small-scale fishers and fish workers continue to play a leading role in achieving Blue Transformation and a more sustainable and resilient future for all.

‘World Fisheries Day reminds us that small-scale fisheries are vital to global food security, coastal livelihoods, and the health of our ocean,’ said FAO Representative in Sri Lanka Vimlendra Sharan. ‘FAO works with countries to ensure that these communities, who produce nearly half of the world’s fish for human consumption, have the tools, knowledge and voice they need to thrive.’

Enhancing regional fisheries

The Bay of Bengal Program Inter-Governmental Organisation is a regional fisheries body that supports its members in enhancing livelihoods and the quality of life for small-scale fisherfolk.

It carries out a range of activities to achieve this. Recent examples have included a meeting in the Maldives in February to provide policy guidance on mainstreaming the Ecosystem Approach to Fisheries (EAF) in small-scale fisheries in the region and a workshop in September in Chennai, India, to build capacity on the NPOA-SSF development process.