Category: Daily Financial Times

The Government is preparing to restore criminal sanctions for serious foreign exchange offences after investigations into approximately $ 715 million remitted overseas through fraudulent import transactions exposed a gap in Sri Lanka’s legal framework.

Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando told Parliament yesterday that the Government intends to present a Cabinet paper to amend the Foreign Exchange Act, No. 12 of 2017. The move seeks to reclassify non-compliance in remitting foreign exchange as a criminal offence rather than a civil one subject only to fines.

Earlier this week, officials from the Central Bank of Sri Lanka (CBSL) told Parliament’s Committee on Public Finance (CoPF) that discussions with the Finance Ministry were underway to amend the Foreign Exchange Act to once again make serious foreign exchange offences criminal, allowing law enforcement agencies to prosecute fraudulent advance payment transactions directly.

The proposal follows the Criminal Investigation Department’s (CID) investigation into approximately $ 715 million transferred overseas between January 2023 and March 2026 through 105 shell companies using import documentation that did not result in actual goods brought into Sri Lanka.

The CID has identified 55 individuals, 227 bank accounts, and approximately 24,300 telegraphic transfers (TTs) processed through 13 State and private banks as part of the alleged scheme.

Investigators have also uncovered alleged collusion involving banking officials and linked part of the network to international money laundering operations involving Dubai-based drug traffickers.

Investigators told the CoPF that one suspect allegedly controlled 43 companies responsible for transferring about $ 43 million overseas. Two suspects were extradited from Dubai with Interpol assistance and have been remanded as investigations continue.

CBSL officials said the case had highlighted a significant weakness created when the Exchange Control Act was repealed in 2017 and replaced by the Foreign Exchange Act. Customs officials told court that it was likely that trade-related money laundering took off since the Exchange Control Act was repealed.

They said the previous Exchange Control Act treated foreign exchange violations as criminal offences, enabling direct investigation and prosecution. The Foreign Exchange Act shifted Sri Lanka’s foreign exchange framework from restrictive exchange controls towards facilitating legitimate cross-border transactions, retaining administrative and civil penalties while removing criminal liability.

As a result, officials said investigators examining fraudulent advance payment transactions have been unable to prosecute the foreign exchange violations themselves. Instead, they have had to establish links to separate offences such as money laundering, organised crime, or narcotics trafficking before criminal proceedings could be initiated.

CID officials said the anti-money laundering framework lists offences under the Foreign Exchange Act, but foreign exchange violations no longer constitute predicate offences in the manner they did under the former Exchange Control Act.

CoPF Chairman MP Dr. Harsha de Silva said the legal position had complicated criminal investigations.

“So the CID has a problem. They cannot investigate and prosecute,” Dr. de Silva observed during the proceedings.

CBSL officials said the proposed amendments would restore criminal liability only for serious foreign exchange offences involving fraud, false documentation, and deliberate abuse of the system, including fraudulent advance payments for imports that never materialise.

They stressed that the changes would not reverse the liberalisation of Sri Lanka’s foreign exchange regime. Procedural and administrative breaches would continue to attract civil sanctions, while criminal penalties would be reserved for serious offences.

Officials said restoring criminal sanctions would enable law enforcement agencies to investigate and prosecute fraudulent foreign exchange transactions directly rather than relying on associated criminal offences to establish jurisdiction.

Nepal’s billionaire industrialist Dr. Binod Chaudhary on Wednesday said boards that focus solely on compliance and risk management risk holding companies back, while those that successfully combine sound governance with entrepreneurial ambition will be best positioned to build globally competitive businesses.

Delivering a keynote address on ‘Beyond Borders, Beyond Limits: How Directors Can Build Global Ambition from Small Markets’ at the Sri Lanka Corporate Director Summit 2026, organised by the Sri Lanka Institute of Directors (SLID), Dr. Chaudhary said the forum’s main theme, ‘Future-Ready Sri Lankan Directors,’ reflects the evolving role of corporate boards in emerging economies.

“The role of a director cannot be limited to compliance, control, and risk management alone. Those responsibilities remain essential, but the future belongs to boards that can successfully combine good governance with ambition,” he said.

Drawing on his own business journey, Dr. Chaudhary opined that boards must complement entrepreneurial vision rather than constrain it.

Recalling his decision to invest in the former Hotel Samudra in Sri Lanka in 2000 during the height of the civil conflict, he said many considered the move irrational.

“Even people close to me questioned whether I had lost my mind,” he said, adding that he viewed the investment as a key opportunity to partner with the Taj Group.

Acknowledging that boards have a duty to oversee governance and manage risk, he warned against allowing excessive caution to undermine growth opportunities. “Entrepreneurs bring ambition. Boards provide discipline. The two should complement each other, not work against each other,” he said.

Using the global expansion of the Wai Wai instant noodle brand as an example, Dr. Chaudhary said businesses from smaller economies should never allow limited domestic markets to define their ambitions.

Despite advice from industry leaders in Thailand that Nepal was too small to support an international brand, he said the company built Wai Wai with global markets in mind. He said today, the brand is sold in over 100 countries, with annual sales of around 3 billion packets, representing around 3% of the global instant noodle market.

“When you come from a small country, people tell you your market is too small, your capital is limited, and your institutions are still developing. Much of that may be true, but none of those reasons should become excuses,” he stressed.

“The first transformation must happen inside the boardroom. If the board thinks small, the company will remain small,” he pointed out.

Dr. Chaudhary also highlighted his group’s recent partnership with John Keells to distribute BYD electric vehicles in Sri Lanka, describing it as an example of calculated risk-taking.

“Although the Chaudhary Group had limited experience in the automobile industry apart from introducing Suzuki to Nepal more than four decades ago, the venture exceeded expectations within its first year. The success prompted BYD to invite the group to represent the brand across multiple international markets,” he said.

Under the dynamic leadership of his son, Nirvana Chaudhary, he noted that the company expanded its BYD operations into 25 countries within a year, including the UK, the Balkans, Kosovo, and Albania, with plans to enter Sweden, Norway, and Denmark.

“Our answer was simple. Perhaps we did not yet possess everything required. But we had the determination to build those capabilities. We had the courage to take the next step,” he said.

However, Dr. Chaudhary stressed that ambition should always be balanced with prudent governance.

“You cannot destroy a business that has taken three generations and over 140 years to build,” he cautioned.

Dr. Chaudhary also outlined five qualities he believes every future-ready director should possess.

He urged boards to adopt a global mindset, strengthen institutions while embracing artificial intelligence (AI) and innovation, demonstrate the courage to take calculated risks, focus on building trusted brands rather than simply manufacturing products, and remain rooted in their national identity.

“The strongest global companies remain proud of where they come from,” he said, referring to his latest book, ‘Made in Nepal.’

Dr. Chaudhary also commended Sri Lanka’s institutional and educational foundations, asserting that the country possesses significant advantages over many emerging economies.

“I have always believed that Sri Lankan businesses are, in many ways, more fortunate than Nepali businesses,” he said, citing the country’s strategic location, education system, and institutional framework as key strengths.

Clarifying his remarks, Dr. Chaudhary said he was not celebrating colonialism but recognising the value of institutions and governance systems that continue to support Sri Lanka’s economic development.

He commended the SLID for promoting stronger corporate governance and noted that he has encouraged business leaders in Nepal to explore establishing a similar Institute of Directors in partnership with Sri Lanka.

“I believe there is much we can learn from one another,” he said.

ITC Ratnadipa introduces Ruhaniyat, an Indian heritage dining experience that invites diners to discover the soulfulness woven into generations of culinary traditions. Open from 10 July to 16 August at Level 2, ITC Ratnadipa, Colombo, this pop-up restaurant brings together some of India’s most cherished regional recipes and iconic classics through a thoughtfully curated à la carte menu, served for lunch and dinner.

Ruhaniyat celebrates the rich diversity and enduring traditions of Indian cuisine through a menu that spans kebabs, chaats, biryanis, slow-cooked curries, handcrafted Indian breads, vegetarian specialities and Meethai (desserts). Guests can savour signature favourites including Murgh Tandoori, Murgh Malai Kebab, Seekh Kebab, Dilli Chole Samosa Chaat, Dal Bukhara, Paneer Makhani, Dum Murgh Biryani, Dum Gosht Biryani and Jhinga Biryani, alongside an array of authentic accompaniments and traditional desserts inspired by India’s celebrated culinary regions.

Derived from the word ‘ruh’, meaning ‘soul,’ Ruhaniyat embodies the philosophy of soulfulness in Indian cuisine, where food is far more than nourishment. It is an expression of gratitude, generosity and belonging, where recipes are passed through generations, every flavour tells a story, and every shared meal creates memories that linger long after the final bite.

Inspired by this philosophy, this pop-up restaurant has brought together an experience that pays homage to the depth and diversity of India’s culinary traditions. Featuring an extensive selection of cherished regional recipes and iconic classics, Ruhaniyat invites diners to let their hearts guide the journey, pairing beloved classics with new discoveries while sharing generously around the table.

Available from 10 July to 16 August, Ruhaniyat will be served à la carte for lunch (12.00 p.m. – 3.00 p.m.) and dinner (6.30 p.m. – 11.00 p.m.) at ITC Ratnadipa. Guests are invited to explore the menu at their own pace, pairing beloved classics with new discoveries and enjoying Indian dining as it has been shared for generations.

Reservations are recommended due to limited seating. For reservations, please call +94 117 856 500.

University of Leicester President and Vice-Chancellor Prof. Nishan Canagarajah on Wednesday said boards must evolve beyond their traditional oversight role and become faster, more agile, and globally minded if organisations are to remain competitive in an increasingly uncertain world.

Delivering a keynote address on ‘Future-Ready Sri Lanka Boards: Leading Through Innovation, Talent, Technology and Global Competitiveness’ at the Sri Lanka Corporate Director Summit 2026, organised by the Sri Lanka Institute of Directors (SLID), Prof. Canagarajah said the pace of global change has fundamentally altered the way boards need to operate.

Reflecting on his appointment as President and Vice-Chancellor of the University of Leicester in November 2019, just months before the COVID-19 pandemic, he said the experience highlighted the importance of understanding an organisation and responding rapidly to unforeseen disruptions.

Having spent his first four months visiting every academic department and professional services division to listen to staff, Prof. Canagarajah said the exercise provided invaluable insight that helped him lead the University when it was forced to close in March 2020.

“Boards can no longer assume they have the luxury of time to analyse every implication before acting. Change is happening far too quickly,” he said.

Stressing that organisations should not operate permanently in crisis mode, he opined that governance structures must be sufficiently agile to respond quickly while maintaining sound oversight and accountability.

Prof. Canagarajah said globalisation has transformed the operating environment for organisations across all sectors, making it essential for boards to look beyond domestic markets.

“Whether you’re in manufacturing, services, education, or any other sector, your organisation now operates within a global context,” he said.

He noted that while globalisation creates opportunities to attract international talent, it also increases competition for skilled professionals, requiring organisations to create environments that encourage talent to remain.

Drawing on recent visits to China, India, and Vietnam, he observed that many Asian economies are increasingly strengthening regional partnerships and building self-sustaining economic ecosystems rather than relying solely on traditional Western markets.

“Sri Lanka, too, should be thinking carefully about its place within this changing global landscape,” he said.

Prof. Canagarajah said the traditional emphasis on compliance, assurance, and risk management remains essential, but warned that excessive caution can limit an organisation’s ability to innovate and compete.

“Today’s environment requires boards to become more entrepreneurial, to encourage innovation, and give management sufficient space to take calculated risks,” he said.

He identified three defining characteristics of future-ready boards; the ability to respond quickly to change, a global outlook, and a willingness to embrace calculated risk.

In terms of board effectiveness, Prof. Canagarajah said organisations must ensure they have the right mix of skills, experience, and perspectives around the board table.

He insisted that diversity today extends beyond gender and should encompass diversity of thinking, professional backgrounds, and experiences.

Drawing on his experience working with venture capital firms, he said investors increasingly scrutinise the quality of leadership teams and governance structures before committing capital. “The right mix of skills, governance, and values often determines whether they choose to invest,” he noted.

Prof. Canagarajah also stressed the importance of flexible strategic planning in an unpredictable global environment.

Rather than relying on a single long-term strategy, he said organisations should prepare multiple scenarios to enable rapid responses to changing conditions.

He cited challenges faced by some UK universities that became heavily dependent on international student income, leaving them vulnerable when Government policies and global mobility patterns shifted after the COVID-19 pandemic.

“Universities are now responding by establishing overseas campuses and expanding transnational education rather than relying solely on students travelling to the UK,” he added.

Prof. Canagarajah said strategy alone is insufficient without an organisational culture that encourages open debate and constructive challenge.

He questioned whether boards genuinely welcome dissenting views or whether hierarchical cultures discourage employees from raising concerns.

Citing Boeing as an example, he noted that concerns had been raised internationally about whether commercial priorities had, at times, outweighed safety considerations.

“Strong governance requires a culture where challenge is welcomed, not discouraged,” he said, adding that no single individual possesses all the answers.

He also called for regulators to strike an appropriate balance between compliance and innovation, pointing out that while regulation is essential, it should not prevent organisations from adapting to rapidly changing economic conditions.

Prof. Canagarajah said that future-ready organisations will be those capable of continuously adapting their governance, business models, and strategic direction as global conditions evolve.

Women Empowered Global (WEG), a network of award-winning female leaders, corporate CXOs and entrepreneurs, experts and thought leaders dedicated to empowering women from six continents, unveiled the ‘WEG Leadership Lab’, a 24-week virtual intensive program, commencing 26 September. The program is designed exclusively for women leaders who are ready to accelerate their careers, amplify leadership visibility, and drive transformational growth.

The women-only leadership experience breaks the mould of conventional training, offering a powerful blend of masterclasses, mentorship, and practical leadership tools tailored for rising leaders, managers, and senior professionals. Participants will gain international exposure, sharpen essential skills, and the opportunity to join a vibrant knowledge-sharing community which fosters confidence, resilience, and impact.

“The WEG Leadership Lab is not for casual growth. It is for women who are serious about transforming their leadership journey,” said Women Empowered Global Founder/CEO Senela Jayasuriya. “By combining global expertise with local delivery, we are creating pathways for women across manufacturing, trading, finance, marketing, technology, and management, as entrepreneurs, business owners, fractional executives, or corporate leaders, to thrive and build a more inclusive leadership landscape.”

WEG’s platform facilitates international exposure and career development for professionals and connects more than 4,000 members worldwide. The Leadership Lab builds on WEG’s flagship initiatives, including the 1 Million Women in Power campaign, the African Women Leadership Forum, the Business Hub, and the Global Online Academy. The program aims to deliver a transformative journey equipping women to step boldly into leadership roles locally and internationally.

Led by Senela Jayasuriya (MBA, UK), an internationally recognised and awarded leadership and empowerment coach and innovation partner, keynote speaker, and certified expert, WEG collaborates with DEI specialists, corporate boards, Business and HR leaders, to design programs which advance women’s careers, leadership visibility, equity, and inclusion. To date, she has successfully delivered leadership development programs to more than 20,000 professionals.

Jayasuriya is the recipient of several prestigious awards, including the ‘Global CEO Top Businesswomen Award 2025’, the ‘Exceptional Women of Excellence’ award by the Women Economic Forum, the ‘Women Icons Asia’ award, and the ‘Global Women in Leadership Award 2022.’ She was also featured in The Top 150 Global Women Leaders by GCPIT and is the founder of the global campaign ‘One Million Women in Power.’ Her work has been featured in magazines, podcasts, television shows, and thought-leadership panels across the USA, UK, Norway, Germany, Australia, Africa, Singapore, Bangladesh, India, Sri Lanka, and more. She is one of 13 trailblazing women featured in the book ‘Women Going Global,’ released during Global Entrepreneurship Week USA, a movement dedicated to increasing gender equality in international trade.

DAMBULLA: Galle Gallants seemed to have got the measure of defending champions Jaffna Kings when they beat them for the second time in the ongoing Lanka Premier League winning by a convincing margin of 60 runs at the Rangiri Dambulla Cricket Stadium yesterday.

When these two teams who were the 2024 finalists met in the LPL sixth edition curtain-raiser at the SSC a week ago, Galle Gallants won by 36 runs. But yesterday’s commanding win provided a massive boost to the Galle Giants net run rate as they sit perched nicely on top of the standings with six points and a net run rate of 0.864.

Colombo Kaps, Dambulla Sixers and Jaffna Kings are tied on four points each with only net run rate separating them.

Despite some poor fielding by Galle Gallants, Jaffna Kings never looked comfortable in their chase for 194 and were bowled out for 133 in 17.5 overs. Ambidextrous spinner Tharindu Ratnayake playing his first match for Galle Gallants landed a double blow in the third over removing Kamil Mishara and Shakib Al Hasan off consecutive deliveries. With four wickets down inside the power play, Jaffna Kings’ poor batting only continued as they lost Ibrahim Zadran after the fielding restrictions.

David Wiese and Dunith Wellalage offered a glimmer of hope with a 39-run stand, but once Wiese was caught in the deep off Ratnayake in the 11th over, Wellalage was left to play a lone hand, bringing up a maiden LPL 50 off 37 balls before becoming the last wicket to fall for a valiant 56 off 39 balls (4 fours, 4 sixes). Ratnayake and Eshan Malinga did most of the damage, sharing six wickets between them to seal a dominant win.

Galle Gallants found themselves in early trouble when they lost Sam Harper and Charith Asalanka inside the powerplay, but Chris Lynn helped boost their score to 45-2 by the end of the first six overs with a fiery knock of 46 off 22 balls (3 fours, 4 sixes). Lizaad Williams struck twice in one over to send back Lynn and Chamika Karunaratne and when Dilshan Madushanka removed Dinura Kalupahana things did not look good for Galle Gallants at 110-6 in the 15th over.

It was then that Sahan Arachchige took control to produce a gem of an innings racing to a 30-ball half-century. He had the fortune of being dropped three times within the space of four balls and he made Jaffna Kings pay dearly for it as he went after spinner Traveen Mathew in the 18th over. Arachchige and Mohammad Nawaz hammered 34 runs off that single over and their blistering stand of 68 off 30 balls was just the tonic that the Galle Gallants batting needed in the death overs to post a commanding total. Nawaz departed for 27 off 16 balls and Arachchige was finally run out off the last ball of the innings for a brilliant 63 scored off 36 balls (4 fours, 3 sixes) to take the Player of the Match award.

The tournament takes a break today and will continue on Saturday with two further matches.

Scores:

Galle Gallants 193-8 (20) (Chris Lynn 46, Sahan Arachchige 63, Mohammad Nawaz 27, Dilshan Madushanka 2/35, Lizaad Williams 2/37) vs. Jaffna Kings 133 (17.5) (David Wiese 22, Dunith Wellalage 56, Tharindu Ratnayake 3/19, Eshan Malinga 3/13)

The outgoing boss of Macquarie Group is heading to retirement with at least $ 860 million in company shares after nearly 40 years at the organisation.

Shortly before its annual general meeting on Thursday, the finance giant announced CEO Shemara Wikramanayake would be retiring in November, after nearly four decades.

Wikramanayake’s total salary was just shy of $ 30 million last year, putting her fifth on the list of Australia’s highest paid chief executives.

But she also directly owns 1,474,481 company shares, which recently traded at price of $ 254.93, this direct holding is valued at more than $ 375 million.

In addition to her direct shares, she retains 378,091 restricted share units and 62,106 performance share units.

One shareholder questioned pay packets for executives and suggested one of the meeting agenda items was redundant given Wikramanayake’s retirement.

“I would have thought that given that Shemara is retiring, that we wouldn’t need to put resolution four … normally when CEOs go, you might pull the bonus item (on the agenda),” the shareholder told the AGM.

“I mean Shemara’s got 370 million of shares, never sold one, doesn’t need the cash obviously,”

Macquarie Chairman Glenn Stevens said Wikramanayake had “well and truly earned” her pay packet.

Answering further, Macquarie CFO Frank Kwok said staff being large shareholders in the company was a good thing.

Staff were subject to trading windows, which most recently opened after full-year results were delivered in May.

Macquarie announced the CEO retirement hours before a tense annual general meeting was scheduled to kick off.

Macquarie informed the Australian Stock Exchange on Thursday morning that after eight years in charge Wikramanayake, 64, would retire and be succeeded by the group’s head of banking and financial services, Greg Ward.

“Over her last eight years as CEO, and for almost four decades with the company, Shemara has steered Macquarie through expansion into new markets, the dislocation of the Covid pandemic, and significantly enhanced recognition of our brand and the value we bring to global clients and communities,” Stevens said in the statement to the ASX.

The company used a 2018 shareholder meeting to announce Wikramanayake’s appointment.

Macquarie dodged a second strike on its remuneration report which would have sparked a board spill.

Proxy votes saw the pay packet and director reappointment agenda items carried.

Shareholders also asked dozens of questions about KPMG’s expectant appointment as auditor.

A climate disclosure motion was voted down. A collective of more than 160 shareholders, including large US pension funds, grilled company leadership over fossil fuel investment.

“Investors are highly concerned to see Macquarie pouring hundreds of millions of dollars into one of the biggest proposed gas fracking operations in the world, the Beetaloo Basin, supercharging climate impacts including more severe bushfires, cyclones and floods,” Market Forces policy analyst Morgan Pickett said ahead of the meeting.

“Despite last year’s 35% vote in favour of clearer climate action, Macquarie has failed investors by radically increasing its support for fossil fuel expansion.”

The banking and asset management giant needed to explain its “contradictory position” of funding “massive new fossil fuel projects”, “while claiming to back the Paris Agreement and a safe climate”, he said.

The cohort hot on Macquarie’s fossil investments include the Australian Security Leaders Climate Group.

Group executive member Ian Dunlop was in a past life a senior executive at Shell and chair of the Australian Coal Association.

“I’m sounding the alarm: Macquarie is making a grave error, treating a 3°C world as a business opportunity to justify more fossil fuel finance rather than a catastrophe that must be avoided,” Dunlop said ahead of the meeting.

“Macquarie Group must recognise that financing new fossil fuel projects will have unacceptable impacts for the company, global economy and security of peoples across the world for generations.”

Climate scientist John Church said Macquarie’s actions were inconsistent with climate science and amounted to green-washing.

“Macquarie is ignoring the science with its actions that are in direct contrast to what is required by the Paris Agreement,” he said.

Macquarie was hit with a first strike at last year’s AGM as 25% of shareholders voted against the remuneration report.

The Australian Shareholders’ Association voted against the remuneration report on Thursday, but not enough shareholders joined them to record a second strike and a board spill.

Wikramanayake said “the great privilege” of being the CEO was “empowering Macquarie’s talented team to perpetuate our unique culture of identifying opportunities and taking accountability for delivering on them to drive sustainable, positive outcomes for our stakeholders”.

“Looking forward, I take confidence in the strength of the team, and particularly in Greg’s ability to build on the legacy of our six decades of history,” she said.

“We have worked together for 30 years, and his track record, leadership and integrity make him an excellent candidate to be Macquarie’s next CEO.”

In May, Macquarie posted a full-year $ 4.85 billion profit, up 30%.

The Securities and Exchange Commission of Sri Lanka (SEC), Colombo Stock Exchange (CSE), and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) have signed a Memorandum of Understanding (MoU) to collaborate on the implementation of eXtensible Business Reporting Language (XBRL) based reporting for companies listed on the CSE.

The agreement marks a significant milestone in Sri Lanka’s efforts to modernise corporate reporting and strengthen the digital infrastructure of the capital market. The initiative aims to streamline the submission of both financial and non-financial information by listed entities, enhancing transparency, accessibility and investor confidence.

The MoU formalises the partnership, following the establishment of a joint SEC-CSE committee tasked with driving the initiative. With the in-principle approval of the SEC, the committee has been working closely with CA Sri Lanka to develop the framework required for the successful rollout.

XBRL is the internationally recognised standard for digital business reporting, developed and maintained by XBRL International, a global non-profit consortium. The standard enables financial and business information to be reported in a structured, machine-readable format, facilitating more efficient analysis, comparison and interpretation of corporate disclosures by regulators, investors, analysts and other stakeholders.

The introduction of XBRL reporting is expected to deliver several key benefits for both listed companies and users of financial information. These include reducing reliance on manual data processing, improving the accuracy and consistency of reported information, supporting more advanced data analysis, and lowering long-term reporting costs. The flexibility of the XBRL framework also allows organisations to tailor taxonomies to meet specific reporting requirements. In addition, XBRL adoption will enhance market transparency and efficiency by enabling quicker access to comparable corporate information. It will also align Sri Lanka’s reporting framework with global standards, making the country’s capital market more accessible and attractive to international investors familiar with XBRL-based financial reporting.

The primary objective of the initiative is to establish a standardised framework for the submission of Interim Financial Statements and Annual Reports by listed companies using the XBRL taxonomy. The move is expected to improve the quality, consistency and timeliness of corporate disclosures, thereby supporting more informed investment decisions and strengthening market integrity.

The CSE has already procured and customised the required XBRL platform and is currently completing the final stages of User Acceptance Testing (UAT). Subject to completion of the implementation process, XBRL reporting is expected to be rolled out to all listed entities during the latter part of 2026. The SEC, CSE and CA Sri Lanka reaffirmed their commitment to working together to successfully implement the initiative and further enhance the technological capabilities of Sri Lanka’s capital market. The adoption of XBRL represents an important step towards improving transparency, efficiency and global competitiveness, while fostering greater confidence among investors and other market participants.

The Colombo Tea Traders’ Association (CTTA), the apex private sector body representing Sri Lanka’s tea trade, reaffirmed its commitment to strengthening the global competitiveness of Ceylon Tea as it concluded its 132nd Annual General Meeting (AGM), unveiling a renewed vision centred on sustainable industry growth.

Held on 17 July at the Lumina Ballroom of Cinnamon Life Hotel, Colombo, the AGM brought together leading representatives of Sri Lanka’s tea industry, government institutions, diplomatic missions, development partners, exporters, plantation companies, brokers, buyers, and the international business community to review the industry’s progress and discuss strategies for safeguarding the future of one of the country’s most valuable export sectors.

The event was graced by International Monetary Fund (IMF) Resident Representative in Sri Lanka Dr. Martha Tesfaye Woldemichael as Chief Guest, Sri Lanka Tea Board Chairman Raaj (R.K.) Obeysekere as Guest of Honour, while Ceylon Chamber of Commerce Secretary General and Chief Executive Officer Shiran Fernando delivered the Guest Address. Former CTTA Chairmen and Honorary Members, senior officials from the Plantation Industries Ministry, the Sri Lanka Tea Board, the Tea Research Institute, the Tea Small Holdings Development Authority, members of the diplomatic community, and representatives of affiliated industry associations were also in attendance.

Proceedings commenced with the traditional lighting of the oil lamp, followed by the National Anthem and the formal commencement of the AGM. Members unanimously approved the minutes of the 131st Annual General Meeting together with the Annual Report and Audited Accounts for the 2025/26 financial year, reaffirming the Association’s continued commitment to good governance, transparency, and accountability.

Delivering the Chairman’s address, CTTA Chairman Lushantha de Silva reflected on the Association’s distinguished 132-year legacy in promoting governance, transparency, and integrity within Sri Lanka’s tea trade. He noted that the CTTA has played a pivotal role in administering the internationally renowned Colombo Tea Auction while representing the interests of buyers, sellers, brokers, exporters, producers, and other stakeholders across the tea value chain.

Highlighting the industry’s future priorities, he stressed that Sri Lanka must increasingly focus on value addition, premium branding, innovation, and product diversification to maximise the value of every kilogram of tea produced. Strengthening branded Ceylon Tea, he said, would generate higher export earnings, improve the livelihoods of producers and smallholders, and further enhance Sri Lanka’s reputation as the global benchmark for premium-quality tea.

Delivering the keynote address, Dr. Martha Tesfaye Woldemichael described Sri Lanka’s tea industry as one of the country’s strongest ambassadors on the global stage and acknowledged its significant contribution to national economic recovery. Reflecting on the country’s progress since the economic crisis of 2022, she noted that inflation has declined substantially, tax revenue has more than doubled, foreign reserves have strengthened, public debt has fallen, and debt restructuring is nearing completion through sustained reforms, fiscal discipline, and accountability.

While acknowledging these achievements, she cautioned that external challenges, including geopolitical tensions in the Middle East and disruptions to international shipping routes, continue to create uncertainty for export-oriented industries. She reaffirmed the IMF’s commitment to supporting Sri Lanka in achieving resilient, durable, and inclusive economic growth while safeguarding the hard-earned gains of recent reforms.

Guest Speaker Shiran Fernando observed that Sri Lanka is steadily regaining international confidence as both an investment destination and a trusted trading partner. He noted that growing interest from international delegations demonstrates renewed confidence in the country’s stability and presents fresh opportunities to attract investment and expand exports. He emphasised that maintaining this momentum will require policy consistency, expansion into new export markets, stronger penetration of existing markets, labour market reforms, formalisation of the informal economy, and improved access to industrial land.

A key highlight of the AGM was the announcement of the CTTA leadership team and Board for the 2026/27 term. Lushantha de Silva was unanimously re-elected as Chairman for a second consecutive term, reaffirming the confidence placed in his leadership by the membership. Mansoor Akbarally was appointed Vice Chairman representing buyers, while Senaka Alawattegama was appointed Vice Chairman representing sellers.

The newly elected Committee comprises Buyers’ Representatives from Akbar Brothers Ltd., Empire Teas Ltd., Euro Scan Exports Ltd., Eswaran Brothers Exports Ltd., and Imperial Teas Ltd., Representing the sellers are Ceciliyan Associates Ltd., Kelani Valley Plantations PLC, Malwatte Valley Plantations PLC, Nilwala Tea Factory, and Pothotuwa Tea Company Ltd., together with the Chairman of the Colombo Brokers’ Association. The Immediate Past Chairman of the Colombo Brokers’ Association will continue to serve as an Ex-Officio member, ensuring continuity and broad industry representation.

The Association also confirmed the appointment of KPMG as Auditors and Corporate Services Ltd., as Company Secretary for the 2026/27 term.

Another highlight of the evening was the conferment of the Colombo Tea Traders’ Association’s Honorary Membership-the Association’s highest distinction, on three eminent personalities in recognition of their outstanding contributions to Sri Lanka’s tea industry. Paani Dias, Lalith Obeyesekere, and Sanjaya Herath were honoured for their decades of dedicated leadership, service, and commitment to advancing the Ceylon Tea trade and strengthening its international reputation.

As the CTTA embarks on its 133rd year, the Association reaffirmed its commitment to working closely with government, regulators, producers, exporters, brokers, buyers, and all industry stakeholders to safeguard the integrity of the Colombo Tea Auction, promote sustainable industry reforms, accelerate value-added exports, and strengthen the global standing of the iconic Ceylon Tea brand.

Digital Economy Deputy Minister Eng. Eranga Weeraratne yesterday stressed that the tone for data protection within organisations must be set from the top, calling on business leaders to elevate data privacy and cybersecurity from an IT function to a priority.

Addressing a packed 2nd Data Privacy and Protection Summit 2026 organised by the Daily FT and CICRA, he said privacy and data protection must be designed into digital systems from the outset rather than being treated as an afterthought.

“Privacy is about safeguarding personal and sensitive information, while protection is about ensuring the security of that data against misuse, unauthorised access, and cyber threats. Public trust, therefore, will ultimately determine the success of digital transformation,” he said.

Noting that governments and businesses have always collected data, he said the risks have fundamentally changed, as information has moved from paper-based records to interconnected digital systems.

“Today, Sri Lanka is rapidly embracing digitalisation across the public sector, private sector, and industry. This transformation brings enormous opportunities, but it also introduces significant responsibilities,” he said.

Eng. Weeraratne pointed to the growing volume of sensitive information held by organisations, ranging from healthcare records and financial data to online behavioural information, warning that unauthorised access could have serious consequences for both individuals and institutions.

The Deputy Minister stressed that safeguarding data is no longer solely the responsibility of IT departments.

“This is not simply an issue for IT departments. Boards of Directors, Chairpersons, and Chief Executive Officers must treat data protection and privacy as strategic priorities,” he said.

He noted that failure to adequately protect information could undermine public confidence in both organisations and digital services.

Acknowledging the importance of legislation and regulatory enforcement, Eng. Weeraratne opined that legal frameworks alone cannot guarantee effective data protection.

He called for investment in developing skilled professionals capable of managing digital systems securely, whilst promoting organisational cultures where privacy and security are embedded in everyday operations.

He also insisted on the role of educational institutions, professional bodies, and industry events in strengthening awareness and technical capabilities.

The Deputy Minister said responsibility for data protection extends beyond organisations to individual citizens.

He observed that many cybersecurity incidents occur because users unknowingly disclose personal information, respond to fraudulent communications, or overshare sensitive details through social media and other online platforms. “Building public awareness is therefore essential to creating a secure digital society,” he said.

Eng. Weeraratne said public confidence would be critical as the Government expands digital public services, particularly those involving sensitive personal information such as biometric data.

He acknowledged that citizens naturally have concerns whenever biometric information is collected and warned that misinformation could erode trust if robust safeguards are not clearly communicated.

“Our objective is to ensure that personal data remains secure and that, even in the highly unlikely event of unauthorised access, the information cannot be meaningfully exploited. There can be no room for complacency when dealing with sensitive personal data,” he stressed.

Eng. Weeraratne assured the Government is investing in secure digital infrastructure to support its wider digital economy agenda.

He urged organisations and individuals alike to strengthen awareness of data privacy and protection as Sri Lanka accelerates its digital transformation, stressing that a secure and trusted digital ecosystem is essential for the country’s long-term economic development.

Title Partner of 2nd Data Protection and Privacy Summit was Mastercard, Strategic Partner was Concentric, Exclusive Banking Partner People’s Bank, Silver Partners LankaPay and io, Hospitality Partner Cinnamon Grand Colombo, and Brand Communications Partner MullenLowe. (CdeS)