Hayleys’ Sri Lanka Shipping Co. gets over $ 17 m deal to supply tug vessels for SLPA

Hayleys PLC subsidiary, Sri Lanka Shipping Company Ltd., has been awarded over $ 17 million contract to lease two tug vessels for five years, to maintain a sufficient tug vessel system under Sri Lanka Ports Authority (SLPA).

After a comprehensive assessment of the requirements of the SLPA, approval has been granted at the Cabinet meeting held on 6 January 2025 to acquire two tug port vessels with 70-ton Bollard Pull (BP) Twin Azimuth Stern Drive for a specific period of time with the objective of increasing the tug fleet of the authority.

As per the aforementioned Cabinet decision, bids were called from registered suppliers to obtain two tug vessels with a capacity of over 70 tons for five years on a rental basis adhering to the competitive bidding process.

‘International competitive bids were invited to obtain tug vessels, and only three bids were received,’ Cabinet Co-Spokesman and Minister Dr. Nalinda Jayatissa said at the post-Cabinet meeting media briefing yesterday.

He said Sri Lanka Shipping Company, the minimum satisfactory lowest bidder, for an amount of $ 17.16 million (excluding relevant taxes and duties) for a period of five years, responded substantially following the recommendation of the higher-level procurement committee.

The proposal to this effect was submitted by Port and Civil Aviation Minister Anura Karunathilake.

Mercantile Investments strengthens foundation for growth with oversubscribed Rs. 1.1 b Rights Issue

Mercantile Investments and Finance PLC (MI Finance) has successfully concluded its Rights Issue, raising Rs. 1.1 billion in new capital. The Issue was oversubscribed, demonstrating a resounding confidence in the company’s strategy, performance, and long-term growth prospects.

As applications outpaced the initial share offering, the strong shareholder participation provided a firm endorsement of MI Finance’s direction and strengthened the foundation on which the company will build its next phase of growth.

The new fund infusion reinforces MI Finance’s capital base, enhances financial flexibility, and supports the company’s regulatory capital position. It also expands MI Finance’s capacity to serve customers and drives growth and expansion plans within Sri Lanka’s financial services sector.

With steadfast focus on long-term value creation, MI Finance is strongly positioned to seize new opportunities, continuing to deliver meaningful returns for customers, shareholders, and the economy.

MI Finance Managing Director Gerard Ondaatjie expressed his appreciation for the continued trust and support placed in the organisation. He said ‘The strong response to our Rights Issue highlights confidence our shareholders place in MI Finance’s strategy and long-term vision. With a stronger financial foundation, we are well positioned to pursue new opportunities and deliver sustainable growth and lasting value for all stakeholders.’

The successful completion of the Rights Issue showcases MI Finance’s financial strength, the trust it commands and the commitment to sustainable, long-term growth as a stable and progressive financial institution.

First Capital Advisory Services Ltd., acted as Adviser and Manager to the Issue, while SSP Corporate Services Ltd., served as Registrar to the Issue.

Govt. dismisses EPF, ETF merger claims, says review aims to improve administration

Labour Minister and Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando yesterday dismissed as ‘completely false and misleading’ reports circulating on social media that the Government has taken decisions regarding the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF).

Issuing a statement, the Minister assured workers that the EPF and ETF funds accumulated through employees’ contributions remain secure and are not being misused or diverted.

He acknowledged that the two funds had been the subject of various allegations involving investment irregularities and financial fraud in the past, but said the current Government is committed to safeguarding contributors’ savings while improving the returns and benefits available to members.

Dr. Fernando clarified that the recently submitted Cabinet paper on the administration of the EPF and ETF was intended solely to enhance administrative efficiency and does not propose any changes to the ownership or management of the funds.

He noted that the EPF is currently administered by the Department of Labour, while the fund itself is managed by the Central Bank of Sri Lanka. The ETF, meanwhile, operates under a separate institutional framework.

Given the duplication of administrative functions across multiple institutions, the Government has proposed appointing a committee of officials to examine options for improving administrative efficiency, he said.

According to the Minister, the committee’s mandate is limited to making recommendations on streamlining administration, integrating data systems through technology, strengthening the safe and efficient investment of the funds and enhancing benefits for employees.

He said the current fragmented database systems have resulted in delays in processing claims, with even minor discrepancies in employees’ names causing payment delays. In addition, billions of rupees remain in unidentified accounts because data across institutions is not fully integrated.

Dr. Jayantha said a unified data system would help minimise these issues and improve the overall efficiency of fund administration.

He stressed that the Government has not taken any decision to merge the EPF and ETF or transfer their administration to the private sector, adding that the committee has not been given any mandate to recommend such measures.

Once the committee completes its work, its report will be made public and presented to employees and the National Labour Consultative Council for transparent discussions before any further action is considered, he said.

The Minister reiterated that the Government’s objective is to strengthen the administration, security and benefits of the two funds and urged the public not to be misled by false information circulating on social media.

WPRFU Vantage Development Rugby Sevens kicks off 26 July

The Western Province Rugby Football Union (WPRFU)-organised Vantage Development Rugby Sevens will take place at the CR ground on 26 July.

WPRFU President Roshan Deen highlighted the Union’s commitment to strengthening grassroots rugby by creating opportunities for young players and acknowledged Vantage’s role as title sponsor. Representatives of Vantage reaffirmed their commitment to developing rugby in Sri Lanka.

Group A: Sri Lions, Petersons, Antonians, Puffins

Group B: Police SC, OWSC, Old Kannangara, Old Bens

Group C: Army, Cambrians, G and B, Science Maroons

Group D: Navy, Gampaha, ZOBRA, Old Mudalians.

LB CIM launches next-generation Virtual Debit Card, redefining digital payments

LB CIM, the flagship digital lifestyle and personal finance platform powered by LB Finance PLC, has announced the launch of its latest innovation-the LB CIM Virtual Debit Card, developed in partnership with UnionPay International.

As part of LB CIM’s ongoing digital transformation journey, the newly introduced Virtual Debit Card empowers customers to make fast, secure and convenient payments without the need for a physical card. Designed to support today’s digitally connected lifestyle, the solution positions LB CIM as a comprehensive financial ecosystem that seamlessly blends personal financing, payments and everyday lifestyle services into one powerful platform.

The card allows customers to make payments through the LB CIM app. Its main feature is Tap to Pay, which uses near-field communication (NFC) technology to let customers walk up to any NFC-enabled terminal and pay directly from the app, with no separate digital wallet needed – a first for a local mobile application in Sri Lanka. Developed directly with UnionPay International rather than routed through a third-party wallet, the feature allows transactions to be processed entirely within the LB CIM app. The virtual card forms part of a wider plan by LB Finance PLC to bring more of LB CIM’s payment features fully in-app.

The card also supports global e-commerce transactions, ride-hailing payments and online merchant payments across platforms that accept UnionPay, as well as cross-border interoperable QR payments for use in overseas markets, making it the first local mobile payment platform to offer cross-border transactions. A consumer-presented QR feature lets users generate a QR code or barcode within the app for merchant scanning.

The launch caps a year of rapid growth for the platform. LB CIM’s total transaction volume exceeded Rs. 300 billion during the financial year, on more than 6 million transactions, a 55% increase in transaction count and a 173% increase in transaction volume year-on-year. The app has now surpassed 800,000 downloads. The platform’s performance was recognised with four Gold Awards at the LankaPay Technovation Awards 2026, for Most Popular Digital Payment Solution, Best Institution for Excellence in Customer Convenience, Best Institution for Financial Inclusivity, and Overall Excellence in Digital Payments.

‘Financial inclusion in Sri Lanka is no longer just about access to credit, it is about giving customers modern payment tools that let them participate fully in the digital economy. The Virtual Debit Card extends that reach beyond our branch network, particularly for customers who are transacting digitally for the first time,’ said LB Finance Head of Digital Business Janaka Ekanayake.

The launch is accompanied by exclusive promotional offers and customer rewards for those taking up the new card, creating additional value while encouraging wider adoption of digital-first payment behaviour. Built on the pillars of security, innovation, convenience and financial inclusivity, the LB CIM Virtual Debit Card marks another milestone in LB CIM’s vision to accelerate digital adoption and contribute meaningfully to building a more connected, cash-lite and inclusive digital economy in Sri Lanka.

Sri Lanka Expo 2027 promoted among Kenya’s renewable energy sector

Kenya Renewable Energy Association (KEREA) Chief Executive Officer Cynthia Muhati recently paid a courtesy call on Sri Lankan Acting High Commissioner to Kenya Ruvini De Silva at the High Commission of Sri Lanka in Nairobi.

The discussions primarily focused on Sri Lanka Expo 2027, Sri Lanka’s flagship international trade exhibition, scheduled to be held from 14-17 January 2027 in Colombo. The Acting High Commissioner briefed the KEREA CEO on the Expo’s objective of showcasing Sri Lanka’s export capabilities, facilitating international business partnerships, and attracting trade and investment across key sectors, including renewable energy.

The Acting High Commissioner also highlighted the two Sri Lanka Expo 2027 Business Briefing Sessions to be hosted by the High Commission in Nairobi on 25 September and in Mombasa on 2 October. She invited the KEREA and its member companies to participate in the briefing sessions as well as the Expo, noting that both events would provide valuable platforms to engage with Sri Lankan exporters, investors, and industry leaders while exploring business-to-business (B2B) partnerships and investment opportunities.

The KEREA CEO welcomed the invitation and expressed the Association’s willingness to disseminate information on the Expo and the two briefing sessions among its membership. She noted that the events would offer an excellent opportunity for Kenyan renewable energy companies to establish business linkages with their Sri Lankan counterparts.

The meeting also explored avenues for strengthening collaboration between Sri Lanka and Kenya in the renewable energy sector through increased private sector engagement, knowledge exchange, and participation in international trade and investment platforms.

Acendae strengthens European market position through expansion of Sri Lankan AI-enabled engineering base

Acendae, a Netherlands-headquartered digital engineering company, has expanded its Sri Lankan engineering operations as part of a broader strategy to strengthen its position in European markets.

The company works with startups, scaleups, and digital agencies across Europe, delivering embedded engineering and design teams that function as integrated parts of client organisations.

Structural transformation in software development

The European software industry is experiencing a structural transformation driven by the rapid adoption of artificial intelligence in engineering workflows.

Development teams are increasingly expected to deliver faster outputs while maintaining higher levels of quality and adaptability.

Acendae CEO Pramuka Godakanda said this shift is redefining global engineering standards.

‘We are entering a phase where AI is embedded across every stage of the software development lifecycle. Teams that can adapt to this will define the next generation of digital products,’ he said.

Moving beyond traditional outsourcing models

Acendae’s delivery model focuses on long-term embedded teams rather than project-based outsourcing arrangements.

This approach allows clients to maintain closer integration with development teams while scaling more efficiently across product cycles.

The expansion of Sri Lankan operations supports this model, enabling Acendae to strengthen its distributed delivery capability across Europe and Asia.

SC ruling on Seagull Property Developers: A landmark judgment that reaffirms rule of law

There are occasions when a judicial decision transcends the immediate dispute before the Court and assumes a wider constitutional significance. Such judgments not only determine the rights of the parties but also reaffirm the enduring principles upon which democratic governance depends. In my respectful view, the recent Supreme Court judgment delivered on 30 March 2026 in the Seagull Property Developers case is one such landmark.

The two petitioners in this case pursued their legal battle for over 22 years. They challenged a private property developer over the prolonged failure to remove an unlawful construction that deprived the occupants of an apartment complex of facilities that had been promised to them. The dispute remained unresolved for over two decades largely because of the inaction and institutional failures of the relevant Public Authorities.

The court observed that the Condominium Management Authority (CMA), Colombo Municipal Council (CMC), and the Urban Development Authority (UDA) failed, over many years, to exercise and enforce their statutory powers despite decisions and recommendations requiring them to do so. The Court held that the institutional failure ,executive inaction and negligent conduct amounted to a violation of the Petitioners constitutional right to equal protection of the law under Article 12(1) of the constitution.

Uncompromisingly, Justice A.H.M.D. Nawaz observed that ‘the developer had effectively been allowed to operate in a regulatory vacuum created by the prolonged failure of the statutory authorities.’

This measure of a great judgment lies not merely in the legal issues it resolves but in the confidence it inspires among citizens that the rule of law remains the ultimate safeguard against injustice. This judgment demonstrates that the Constitution is not an abstract declaration of ideals but a living instrument intended to protect the rights of the people and ensure accountability in the exercise of public power.

One of the most significant aspects of this decision is the Court’s willingness to examine not only the conduct of private parties but also the consequences of prolonged institutional inaction by public authorities. Public institutions are established to serve the people. Their statutory powers are accompanied by corresponding duties. Where those duties are neglected, delayed or exercised arbitrarily, the effects are often borne by ordinary citizens whose legitimate expectations and investments may suffer through no fault of their own.

The consequential effects of such administrative failures are not confined to the grievances of individual citizens. As many instances have demonstrated, they also impede investment , undermine public confidence and adversely affect the country’s economic and development activities.

The judgment serves as a timely reminder that administrative authority is never immune from judicial scrutiny. Accountability remains the cornerstone of constitutional governance, and every institution exercising public power must act fairly, responsibly and within the law. It is regrettable that disputes of this nature often culminate in prolonged litigation ,with the Attorney General’s Dept. being required to defend the actions or inactions of public institutions instead of such matters being resolved administratively at an earlier stage.

Equally commendable is the practical approach adopted by the Supreme Court in fashioning effective remedies. Courts exist not merely to pronounce legal principles but to ensure that justice is meaningful. A judgment that identifies a wrong without providing an effective remedy may satisfy legal theory but not the demands of justice. This decision reflects a careful appreciation of both legal principle and practical reality.

The judgment also recognises the extraordinary perseverance displayed by the petitioners, whose pursuit of justice extended over more than two decades. Their determination is a powerful reminder that faith in the judicial process can endure even through years of uncertainty and disappointment. Their perseverance deserves admiration, for it reflects an unwavering belief that justice, though delayed, should never be abandoned.

In a society governed by the rule of law, such perseverance must never be viewed as an individual triumph alone. It is a reaffirmation of the confidence that citizens continue to repose in the independence and integrity of the Courts.

The learned Judge who authored this judgment deserves the highest commendation because the judgment itself exemplifies judicial scholarship, constitutional fidelity, intellectual courage and a steadfast commitment to the rule of law.

During my own lifetime in public service and public affairs, I have witnessed both the strengths and the shortcomings of institutions. We have witnessed how matters remain unresolved due to intransigence of officials at certain levels not subject to any review by officials of a next higher level. Experience has taught me that public confidence is not sustained merely by laws enacted by Parliament or policies announced by governments. It is sustained when institutions discharge their responsibilities with integrity, fairness and accountability, and when the Courts stand ready to uphold those principles without fear or favour.

Many citizens across our country continue to encounter administrative delays, institutional indecision and the frustration of seeing legitimate expectations postponed for years. While each case must necessarily be decided on its own facts, this judgment offers renewed assurance that the law remains a powerful instrument for ensuring accountability where public duties have not been faithfully discharged.

It is therefore my sincere hope that this judgment will be studied not only by lawyers and judges but also by administrators, public officials, regulators and policymakers. It provides valuable guidance on the responsibilities that accompany the exercise of public power and on the consequences of failing to discharge those responsibilities in accordance with law.

Landmark judgments become landmarks because they illuminate the path that others should follow. They strengthen public confidence in the administration of justice and reinforce the constitutional values upon which our democracy rests.

It reminds us that although justice may at times be delayed, constitutional governance ultimately demands that public power be exercised, according to law. In that enduring principle lies the greatest assurance that arbitrariness will yield to accountability, and that rights of citizens will not be defeated by institutional indifference.

India call the shots in second Under-19 youth test

India were totally in control of the second Under-19 Youth test at the R. Premadasa Cricket Stadium yesterday after reducing Sri Lanka to 122-8 in reply to their first innings of 411 on the second day.

It was poor batting on the part of the Lankan batsmen that led to their downfall with the Indian seamers Pranav Ragavendra (2/28) and Chigurupati Venkata (2/23) and leg-spinner Rohit Yadav (2/4) enjoying a field day.

Sri Lanka trail India by 289 runs with only two first innings wickets in hand and face the ignominy of being asked to follow-on.

India put into bat first recovered from losing their openers without scoring to post an impressive score courtesy centuries from Kushagra Ojha (111 off 193 balls, 12 fours, 2 sixes) and Manal Chauhan (150 off 244 balls, 20 fours, 1 six). Ojha figured in two century stands – 122 with his captain Yashbardhan Chauhan (78 off 89 balls, 11 fours, 2 sixes) and 155 with Manal Chauhan. The match continues on its third day today. – [ST]

Scores:

India (Under-19) 411 (o/n 253-3) (Kushagra Ohja 111, Yashbardhan Chauhan 78, Manal Chauhan 150, Chigurupati Venkata 25, Sethmika Seneviratne 2/90, Gimhan Mendis 3/102, Dulnith Sigera 2/69, Vigneshwaran Akash 2/50) vs. Sri Lanka (Under-19) 122-8 at close (Dimantha Mahavithana 24, Viran Chamuditha 21, Dulnith Sigera 31, Pranav Ragavendra 2/28, Chigurupati Venkata 2/23, Rohit Yadav 2/4)

Mixed investor sentiments at Colombo stock market

The Colombo stock market continued its slide yesterday, however the active S and P SL20 ended in green.

With 133 counters ending in red against 74 in green, the ASPI ended down 0.29% or 62.37 points at 21,145.73 while the active S and P SL20 inched up 0.03% or 1.79 points to 5,945.01.

Turnover was over Rs. 3.2 billion on nearly 38.5 million shares traded. Foreign investors were net buyers on a net inflow of Rs. 79.8 million.

The negative contributors to the ASPI were CINS, COMB, RICH, CARS and HARI.

First Capital Research said the Colombo Bourse recorded a broad-based decline as selling pressure persisted across most counters. Investor sentiment remained subdued amid uncertainties surrounding the US-Iran conflict. The turnover surpassed Rs. 3 billion for the first time in a month. The higher turnover was primarily driven by a Rs. 2.3 billion crossing in CARG, which accounted for 69.1% of the total turnover. The food and staples retailing sector led the daily turnover with a share of 71%, followed by the food, beverage and tobacco, and banking sectors collectively contributing 15%.

NDB Securities said crossings were witnessed in Cargills, Melstacorp and Nations Trust Bank accounting for 76.2% of the turnover. Mixed interest was observed in Softlogic Life Insurance, Ceylon Cold Stores and Commercial Bank, whilst retail interest was noted in Merchant Bank of Sri Lanka and Finance, UB Finance Company and HNB Finance.

The food and staples retailing sector was the top contributor to the market turnover due to Cargills, whilst the sector index gained 0.15%. The share price of Cargills edged up by 25 cents to close at Rs. 630. The food, beverage and tobacco sector was the second highest contributor to the market turnover due to Melstacorp, whilst the sector index increased by 0.43%. The share price of Melstacorp lost one rupee to close at Rs. 181.

Nations Trust Bank, Softlogic Life Insurance and Hatton National Bank were also included amongst the top turnover contributors. The share price of Nations Trust Bank moved down by 50 cents to close at Rs. 305. The share price of Softlogic Life Insurance recorded a loss of Rs. 2.40 to close at Rs. 81.10. The share price of Hatton National Bank declined by Rs. 2 to close at Rs. 384.