Category: Daily Financial Times

The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE), in collaboration with Port City Colombo and the Consul General of Sri Lanka for Victoria, South Australia and Tasmania, successfully hosted the ‘Invest Sri Lanka’ Investor Forums in Melbourne on 18 and 19 August 2026 at Hyatt Place Melbourne, Essendon Fields and Novotel Melbourne Glen Waverley, respectively.

Each forum attracted over 200 participants, comprising members of the Sri Lankan diaspora and potential investors interested in exploring investment opportunities in Sri Lanka. HNB Group served as the Platinum Partner, while the Australia Sri Lanka Business Council, Nalanda College Old Boys’ Association Australia, eLanka Ltd., and the CA Sri Lanka Australia Chapter supported the forum as Supporting Partners.

The first investor forum of the series in Australia was successfully held on 17 August 2026, at the Sheraton Grand Sydney Hyde Park.

With a significant and growing Sri Lankan diaspora, Australia remains an important market for strengthening economic and investment ties with Sri Lanka. With a large proportion of the Sri Lankan community in Victoria based in Melbourne, the city provided an important platform for engaging with the diaspora and encouraging greater participation in Sri Lanka’s economic growth through investment in the capital market.

Against this backdrop, the Melbourne forums sought to strengthen the Sri Lankan diaspora’s confidence in Sri Lanka as an investment destination, showcase opportunities within the country’s capital market and encourage greater participation by the Sri Lankan community in Australia. The forums provided a platform for direct engagement with members of the diaspora and the wider Australian investment community, while highlighting Sri Lanka’s evolving investment landscape, economic recovery and the opportunities emerging from ongoing reforms and capital market development.

In her welcome address, Sri Lanka’s Consul General for Victoria, South Australia and Tasmania Pradeepa Saram highlighted the important role of the Sri Lankan diaspora in strengthening economic ties between Sri Lanka and Australia, while encouraging greater engagement with Sri Lanka’s economic growth through the capital market. ‘Sri Lanka has gone through multiple turmoil, internal and external, but it has also demonstrated resilience and is now moving into a new phase of economic recovery and growth. The return to growth is creating new possibilities, and the capital market is one avenue through which those potentials can be explored. I encourage members of our diaspora to look beyond traditional forms of engagement and consider the opportunities available through the capital market.’

Highlighting the performance and continued evolution of Sri Lanka’s capital market, CSE Director Ray Abeywardena drew attention to the market’s strong growth, improving liquidity and expanding range of investment products. He noted, ‘Last year we had $ 4.1 billion in turnover for the year, and although this year we’ve been slightly lower than the comparative figures, we are hopeful that with the markets improving, and with the ground situation and the global situation improving, markets and liquidity will also get to where we were. Market capitalisation rose from $ 19.6 billion in 2024 to a high of $ 26.3 billion, before slightly receding to $ 23 billion over the last six months. We raised over $ 900 million last year and have raised $ 420 million so far this year, of which $ 320 million has been through debentures and bonds. Of this, $170 million has been for ESG-related sustainability, blue bonds, green bonds and other new products that we are offering. This shows that our market is evolving from a single liquidity stock market to one where we now offer a range of products that investors can avail themselves of.’

Outlining the SEC’s role in supporting both investor protection and the continued development of the capital market, SEC Chairman Senior Prof. D.B.P.H. Dissabandara emphasised the importance of a strong regulatory framework and investor confidence. ‘As the regulator of the capital market, we have three mandates: to create the market, maintain the market and regulate the market. We are no more just a regulator; we facilitate market development. We have to have a balance between regulation and market development, and maintain professional standards which are on par with global standards, while protecting the interests of investors. We have rules, regulations and procedures, and we follow all global best practices in the Sri Lankan market at the moment. So, considering this strong regulatory environment in Sri Lanka, together with the facilitation of the SEC as the regulator of the capital market, I think we can develop this market further. So, as partners of the Sri Lankan economy, please come and invest. This is a good time and this is an opportunity you should not miss.’

Turning to Sri Lanka’s improving macroeconomic and credit fundamentals, Central Bank Governor Dr. Nandalal Weerasinghe highlighted the country’s progress towards a stronger sovereign credit position. ‘All three rating agencies have re-upgraded Sri Lanka, and we are now about to move into the next category, which is B-, similar to where we were before the crisis. My observation and expectation are that we already deserve to be upgraded, and the indicators are sufficient for us. The opportunity is now, before the full benefit of the improving fundamentals is reflected in the market.’

Emphasising the importance of trust and stability in supporting the next phase of Sri Lanka’s economic growth, Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe noted, ‘We are here to build trust. We are here to share the right information with you. And we are here to invite you to be part of the success story. I think the data shows that we have moved from crisis to stability and now moving into the growth phase. This is very important to understand. Without stability, it’s very impossible to grow. We are in a good trajectory that will ensure that we have the ability to withstand certain shocks. With these reforms taking place, the institutional reforms taking place all over the place and digital-first strategies, we see great potential and we have great confidence in the citizens of the country and also the diaspora who has always supported our country when we were down. This is the right time to be part of this change.’

Broadening the investment case beyond Sri Lanka’s domestic market, Lynear Wealth Management Co-Founder and Managing Director Dr. Naveen Gunawardane highlighted the country’s potential as a gateway to the wider South Asian growth story. ‘A play on Sri Lanka is not really a single country play. It’s very much a play on South Asia, and it’s a way for you to get India exposure at a low valuation level. It’s a way for you to get Pakistan and Bangladesh exposure without the political dynamics of those countries, within a very stable macro environment. So we think Sri Lanka, over the next couple of years, the macro is going to be very stable. We expect the government to continue to maintain this discipline.’

Outlining some of the sectors presenting opportunities for investors, HNB PLC Managing Director/CEO Damith Pallewatte said: ‘We believe any additional equity infusion investments that are coming in as capital for the businesses can, you know, double the growth momentum that we have set for the economy in terms of maybe small to medium industries and emerging corporates, especially if you look at some of the identified sectors, these sectors even identified in the World Bank report as the growth sectors for Sri Lankan economy. Look at the renewable energy sector and the logistics. Not only the ports, but there is significant space for the local logistics industry to improve and grow. And then the export-oriented agriculture. We have seen maybe over the last five years, the agriculture sector has moved upwards with novel technology like the drip irrigation, greenhouses, drone-initiated fertiliser plant. So much of things happening in agriculture now, we can scale it up significantly. But with the right capital, we can significantly scale up high-value tourism. Likewise, there are enough opportunities to invest in or support existing tourism ventures, especially in adventure-related and wellness-related tourism, as well as education. So, these are the things that we see as potential opportunities for you to safely and confidently support via investments in Sri Lanka.’

The forum concluded with an engaging panel discussion featuring the speakers, BOI Director General Dr. Sulakshana Jayawardena and CHEC Port City Colombo Deputy Managing Director Thulci Aluwihare, and moderated by CSE CEO Rajeeva Bandaranaike.

The discussion provided an opportunity for participants to engage directly with the speakers on Sri Lanka’s economic outlook, capital market developments, investment opportunities and the country’s positioning within the wider South Asian growth story.

Sri Lanka is not a large country by soybean standards. It grows none of its own. Yet in 2025 it imported roughly 255,000 tons of US soybean meal in shipping containers, a figure on track to cross 300,000 tons this year, with volumes climbing steadily every year. It is, by USSEC’s own numbers, the largest containerised market for US soybean meal in the world. For a country of 22 million people still working its way out of a currency crisis, that is not a small fact. It is the backdrop against which Kevin Roepke, Executive Director at the US Soybean Export Council (USSEC), spoke about what keeps Sri Lankan feed millers and poultry producers loyal to American soy, even when cheaper origins are one phone call away.

People before product

Roepke’s answer to why Sri Lankan buyers choose US soy starts, deliberately, before the product itself. He frames it as a people business first: farmer to buyer relationships, built over site visits, conferences and years of repeat trade. It is a framing USSEC has used elsewhere too, including at the recent inauguration of the Sri Lanka Association of Animal Nutrition in Kandy, where Roepke was quoted describing Sri Lanka as South Asia’s largest market for US soybean meal and pointing to the strength of the supply relationship as a reason the industry has stayed resilient through disruption.

Most US soybean farms are still family operations, and Roepke leans on that fact often. It is true in the aggregate: the vast majority of US farms, including soybean farms, remain family owned and operated across generations, which is part of why USSEC repeatedly brings overseas buyers to visit farms directly rather than simply quoting them a price sheet. The same thread runs through the buying side in Sri Lanka. Several of the country’s feed millers and poultry producers are themselves multigenerational family businesses, and the ones that have since gone public are already preparing for tighter ESG disclosure requirements, giving both sides of the relationship more in common than a straightforward supply contract would suggest.

Price versus value

Ask Roepke about price and he redirects, gently but firmly, to value. His pitch is that Sri Lankan feed formulators buying US soybean meal are not buying a commodity so much as a tightly specified bundle of digestible amino acids, metabolisable energy and low variability, which lets nutritionists shrink their safety margins and get more predictable output from the same tonnage. USSEC calls this its ‘4Ds’ pitch (naturally sun dried, lower damage, higher digestibility, and deforestation free production), language it has used consistently in its own Sri Lanka messaging this year.

It is a real trade off, not just marketing. Sri Lanka’s animal feed industry produces around 1.3 million metric tons of feed a year, almost entirely built on imported protein meal, so consistency in that one ingredient has an outsized effect on the industry’s overall cost and quality control.

The protein gap, and a guideline shift that landed at just the right time

On the question of weak nutrition regulation in Sri Lanka, Roepke points to Right to Protein, USSEC’s consumer awareness campaign built to argue that South Asia, broadly, under consumes protein relative to recommended levels. The campaign actually launched in 2019, a year before COVID, though its growth and relevance accelerated through the pandemic years as health and immunity became dinner table conversation across the region. It now runs across India, Pakistan, Bangladesh, Nepal and Sri Lanka, with its own World Protein Day campaign every February.

The guideline shift Roepke references is real and recent. The US Dietary Guidelines for Americans 2025 to 2030, released in January 2026, raised the recommended protein intake from 0.8 grams per kilogram of body weight, a figure that had stood for decades, to a range of 1.2 to 1.6 grams per kilogram. For an average adult, that is roughly a 50 to 100% increase, and it has already become a reference point USSEC uses across its South Asia messaging as evidence that the old ‘just enough protein’ thinking undersold what people actually need.

Sri Lanka’s container habit

The container question is where the interview gets genuinely specific to Sri Lanka. Roepke describes the US as a supplier that can meet almost any buyer’s format preference, GMO or non GMO, bulk or container, standard or high oleic, and Sri Lanka has settled firmly into the container camp. Part of that comes down to regulation rather than taste: Sri Lanka permits genetically modified soybean meal for animal feed, but only in already processed form, not as whole beans, which is why the country imports meal rather than crushing its own soy domestically. Add a strong domestic preference for coconut oil over soybean oil (Sri Lanka is among the world’s larger coconut producers) and there is little local incentive to crush whole soybeans even if the rules allowed it. Containers also suit smaller, more frequent purchasing that fits mid-sized Sri Lankan feed millers better than committing to a full bulk vessel.

The sustainability label, and a Sri Lankan first

Sri Lanka was not just an early adopter of USSEC’s Sustainable US Soy label, it was the first mover in the entire South Asia and Sub Saharan Africa region. New Anthoney’s Farms signed the licensing agreement in July 2023, becoming the first company in either region to put the label on packaging, and its CEO Neil Suraweera has since become something of an unofficial spokesman for the label at USSEC events, saying that the label was helping the company grow market share faster than the category itself was growing. As of this year, USSEC counts 16 Sri Lankan poultry producers and feed millers that have signed licences for the Sustainable US Soy or Fed with Sustainable US Soy marks, though, as Roepke was careful to clarify, not all of them have finished rolling the logo onto production packaging yet. Elsewhere in the USSEC network, South Korea’s Sajo Daerim reported a 23% sales increase within a year of adding the label to its soy paste products, a data point Roepke’s team likes to cite as proof the label moves more than sentiment.

Building the next generation

USSEC’s Soy Excellence Centre program, which Roepke describes as targeting early to mid-career professionals rather than executives, is a genuinely global initiative, not something built around Sri Lanka specifically. It runs training hubs across the Americas, Asia, the Middle East and North Africa, and Sub Saharan Africa, with a dedicated India center launched in February 2024 that had already trained over 500 professionals within its first year. Since 2019, the broader program has reached more than 31,000 participants across over 40 countries. The pitch Roepke makes, that graduates take something learned on a Monday and apply it at work by Tuesday, is consistent with how USSEC positions the program elsewhere: less an academic credential, more an applied skills pipeline for people already inside feed mills, hatcheries and processing plants.

A bilateral relationship that cuts both ways

Roepke’s closing point, that the US buys more from Sri Lanka than it sells, checks out against official trade data. US goods imports from Sri Lanka reached an estimated 3.1 billion dollars in 2025, while US exports to Sri Lanka were just under 370 million dollars, making the US Sri Lanka’s single largest export market overall, ahead of the UK and India. Soybean meal flows the other way, a small but symbolically useful counterweight in a trade relationship still dominated by Sri Lankan apparel and tea.

Taken together, the numbers back up most of what Roepke argues in the interview: Sri Lanka’s scale as a container buyer is real and recently made it the region’s top market of its kind, the protein guideline shift he cites happened almost exactly as described, and the sustainability label’s Sri Lankan roots go back further and run deeper than almost anywhere else in the region.

A particularly important factor in reviewing recent Customs revenue performance is the contribution made by motor vehicle imports.

Historically, vehicle imports have generated a substantial proportion of Customs revenue. The reopening of vehicle imports resulted in an exceptional increase in the volume and value of vehicle imports and consequently generated a significant increase in Customs Duty and tax collections.

However, this situation cannot necessarily be projected indefinitely.

Once the initial pent-up demand for vehicles has been substantially satisfied and the market moves towards a more normal replacement cycle, the volume and value of vehicle imports are likely to stabilise or decline. Consequently, the revenue contribution from vehicle imports will also change.

Similarly, the volume and value of imports by enterprises operating under the Board of Investment may fluctuate depending on investment cycles, project implementation, production requirements and international market conditions.

Therefore, comparing actual Customs revenue against a fixed annual target without adjusting for these structural changes can produce a misleading assessment of Customs performance.

External variables can increase or reduce Customs revenue

There are several circumstances in which Customs revenue can increase even without any corresponding improvement in Customs administration.

For example, if the international procurement price of fuel increases, the customs value of fuel imports may increase and, depending on the applicable tax structure, the amount of revenue collected may correspondingly increase.

Similarly, if the exchange rate moves from, for example, Rs. 300 to Rs. 330 to Rs 350 against the US Dollar, the LKR value of a US Dollar-denominated import will increase or vice versa. Where duties and taxes are calculated on that value, the Customs revenue generated from the same physical quantity of imports can increase without any increase in Customs enforcement activity.

Conversely, if the Government reduces Customs Duty or other taxes, grants additional exemptions, expands preferential trade arrangements, or reduces the tax burden on particular commodities, Customs revenue can decline even though Customs administration and enforcement remain equally effective.

The same principle applies to Customs penalties and compromises. Where penalties or other amounts legally recoverable by Customs are increased or reduced, the resulting revenue movement may reflect changes in enforcement outcomes or policy decisions rather than changes in the underlying volume of trade, since a larger amount of such recovery is attributed to the Customs Officers than the State.

Revenue target versus Customs performance

For this reason, the difference between the Customs revenue target and the actual revenue collected should not, by itself, be treated as a direct indicator of Customs efficiency.

A revenue target is essentially a fiscal projection based on assumptions relating to:

1. Import volumes;

2. Import values;

3. Commodity composition;

4. Exchange rates;

5. International prices;

6. Applicable duty and tax rates;

7. Exemptions and concessions;

8. Trade agreements;

9. Import restrictions;

10. Vehicle imports; and

11. Other prevailing economic and policy conditions.

If one or more of these assumptions changes materially during the year, actual revenue can deviate substantially from the target even when Customs performs its administrative and enforcement functions efficiently.

A more meaningful performance assessment

Accordingly, an objective review of Sri Lanka Customs should distinguish between: Revenue generated by external economic and fiscal factors.

Conclusion

This interim review therefore proceeds on the fundamental premise that the amount of Customs revenue collected is not, in itself, a reliable measure of the efficiency or inefficiency of Sri Lanka Customs.

The first question that must be understood before evaluating Customs against its revenue target is what proportion of the actual revenue outcome was determined by factors outside the control of Customs and what proportion was attributable to the effectiveness of Customs administration and enforcement.

Only after making this distinction can the Government, Parliament, the Treasury and the Customs administration make a meaningful assessment of whether Customs has performed efficiently, exceeded expectations, or fallen short of its operational potential.

Accordingly, Customs revenue targets should ideally be accompanied by a Revenue Performance Attribution Analysis, separating revenue movements arising from changes in import volumes, commodity prices, exchange rates, duty and tax policy, exemptions and trade agreements from additional revenue attributable to Customs enforcement and administrative efficiency.

Such an approach would provide a substantially more accurate and fair assessment of the actual performance of Sri Lanka Customs.

The Cabinet of Ministers has approved the establishment of an Inter-Ministerial Standing Committee on Human Rights to provide a stable national framework for the effective domestic follow-up and reporting of human rights activities in Sri Lanka.

Sri Lanka, as a member State of the United Nations, is a State party to nine core international human rights treaties and five optional protocols. The country is also engaged in the Universal Periodic Review (UPR), a United Nations mechanism through which member states report on measures taken at the national level to advance and protect human rights.

Sri Lanka underwent its fourth-cycle UPR in 2023. Following the review, the country has the opportunity to submit a voluntary mid-term report before its next review, detailing progress made in implementing recommendations received from other UN member states.

Against this backdrop, the Government has identified the need for a permanent and effective national mechanism to coordinate the preparation of such reports and monitor progress on human rights commitments.

The proposed Inter-Ministerial Standing Committee will bring together relevant Government ministries, departments and institutions, creating a multi-stakeholder framework for coordinating human rights-related activities and reporting.

Addressing the weekly post-Cabinet meeting media briefing last week, Cabinet Spokesperson and Minister Dr. Nalinda Jayatissa said the mechanism is expected to strengthen coordination among State institutions, facilitate systematic follow-up on recommendations and commitments, and support Sri Lanka in meeting its international human rights reporting obligations.

The establishment of the committee is also intended to ensure greater continuity and institutional coordination in the country’s engagement with international human rights mechanisms.

The joint resolution was submitted by Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath and the Justice and National Integration Minister Harshana Nanayakkara.

Sri Lanka last week joined a historic global milestone in space education with Sri Lankan Ambassador for Mission ShakthiSAT Dr. Sulochana Segera, and young student Seneesa Goonewardena representing the country in a program that brought together young women from 108 nations.

The achievement was confirmed on 28 August 2026, at Gautam Buddha University in India, where Mission ShakthiSAT, organised by Space Kidz India, achieved a world-record milestone for the most nationalities represented in a women’s space education program.

Sri Lanka’s participation was facilitated as part of the Women in Management Global (WIM Global) initiative to empower girls through STEM education, science, technology and innovation. WIM Global Founder and Chairperson Dr. Sulochana Segera participated as the Sri Lankan Ambassador for ShakthiSAT, supporting the mission’s vision of creating opportunities for girls to explore space science and technology.

Representing the next generation, Goonewardena proudly carried the Sri Lankan identity alongside young women from countries across the world.

The 108-nation milestone represents more than a world record. It highlights the growing importance of providing girls with access to STEM education and creating pathways for young women to participate in the future of space technology.

For Sri Lanka, the participation marks an important step in placing its young generation within a global movement that encourages girls to dream beyond traditional boundaries.

‘This is not only about reaching space. It is about giving our girls the opportunity to believe that they belong in the future of science, technology and space exploration. Sri Lanka has joined the world. Our girls are reaching for the stars,’ said Segera.

SLT-MOBITEL, has appointed Sri Lanka’s record-breaking javelin thrower and Commonwealth Games Gold medallist Rumesh Tharanga Pathirage as its Brand Ambassador.

His engagement is the perfect fit for SLT-MOBITEL as Rumesh Tharanga embodies the spirit of national glory, talent, and global competitiveness that distinguishes the most determined and disciplined athletes, mirroring SLT-MOBITEL’s own commitment to its values of advancement, reliability, leadership, and excellence.

For SLT-MOBITEL, the partnership is more than an endorsement, it is a connection to inspire Sri Lanka’s youth and help turn their dreams into reality, echoing the same journey of ambition and self-belief which has carried Rumesh Tharanga onto the global stage. Importantly, the collaboration also highlights SLT-MOBITEL’s role as a national brand dedicated to driving national value and pride.

Rumesh Tharanga Pathirage has rapidly emerged as one of Sri Lanka’s most celebrated sportsmen and a rising force in international athletics. His journey from a promising cricket fast bowler to a world-class javelin thrower embodies the resilience, discipline, and ambition, values that resonate with SLT-MOBITEL’s mission to connect and empower Sri Lankans through technology and connectivity.

SLT-MOBITEL believes he represents the future of Sri Lankan sport, and that his achievements are a source of inspiration to push boundaries, aligning with the company’s ongoing advancement in connectivity and the role in linking Sri Lankans to the broader global stage. Together, the partnership aims to spur Sri Lanka’s next generation, strengthening SLT-MOBITEL’s brand identity and demonstrating the company’s commitment to celebrating sporting excellence.

Asia Capital PLC has taken a major step in strengthening its financial position after successfully securing a Rs. 1.5 billion rebate on a Rs. 1.8 billion debt owed to Fast Gain International Ltd. marking a significant milestone in the Group’s restructuring and its renewed focus on sustainable long-term growth.

Asia Capital PLC Managing Director Raju Radha said: ‘This was not simply a matter of reducing a number on the balance sheet. It was about protecting the future direction of Asia Capital and ensuring that the Group has the financial resilience to move forward. We have worked through a challenging period with our creditors in a constructive and disciplined manner, and the outcome reflects sustained engagement, careful negotiation and a shared understanding of the importance of a sustainable solution.’

The achievement follows a prolonged period of financial restructuring during which Asia Capital undertook difficult but necessary measures to preserve the business and address its financial obligations.

Asia Capital was once a well-established and sought-after name in Sri Lanka’s corporate and investment landscape. Over time, however, the company incurred losses for a variety of reasons and was compelled to borrow to meet its high operational costs. As the financial pressures continued, the Group downsized its operations and sold selected business portfolios to settle borrowings and streamline the business.

Thereafter, the company relied on funding from its shareholder company, Fast Gain Ltd., to meet operational and capital expenditure requirements. Such expenditure was subject to scrutiny and approval by a designated control team, reflecting the increasingly disciplined approach adopted towards the Group’s financial management.

As this support continued, shareholder borrowings grew, and the company undertook the settlement of bank loans associated with the construction of hotels under negotiated settlement arrangements.

Since 2024, discussions have been ongoing between the company and its shareholder creditors regarding the restructuring of this shareholder debt. Those discussions ultimately culminated in the signing of the rebate agreement on 30 June 2026.

The agreement, subsequently disclosed to the Colombo Stock Exchange on 25 August, represents a substantial reduction of an obligation arising from several composite preference facility agreements entered into by Asia Capital.

Following the rebate, approximately Rs. 300 million remains from the original Rs. 1.8 billion obligation – an approximately 83% reduction in the debt concerned.

‘For Asia Capital, this development represents more than a significant financial adjustment. It provides the Group with a stronger platform from which to pursue its future direction, strengthen its financial sustainability and continue building on its long-standing position within Sri Lanka’s investment and financial-services landscape,’ Raju Radha added.

The company said the debt rebate forms part of its broader group restructuring programme, aimed at strengthening long-term debt sustainability and providing greater financial flexibility for continued operations and future growth.

The outcome follows sustained engagement with creditors over an extended period and represents the culmination of negotiations undertaken during a particularly challenging period for Sri Lankan businesses.

Rather than allowing financial difficulties to determine the Group’s future, management has sought to address its obligations through a structured process, combining operational rationalisation, portfolio decisions and negotiations with its creditors.

At the centre of that effort has been Managing Director Raju Radha, working alongside Chairman Yudhishtran Kanagasabai and the wider management team.

The successful restructuring now gives Asia Capital an opportunity to turn the page on a difficult financial chapter and focus more firmly on the future.

With its longstanding roots in Sri Lanka’s investment-banking and capital-markets landscape, the Group is seeking to build on its institutional heritage while establishing a stronger and more sustainable financial foundation.

‘Asia Capital has been part of Sri Lanka’s investment and capital-markets story for decades, and we intend to remain focused on that future. We are proud of the fact that, even though challenging times, our team stayed focused on finding practical solutions rather than allowing difficulties to define the Group. The agreement reached with our major shareholders and creditors gives us a stronger platform from which to pursue the next phase of Asia Capital’s development,’ said Raju Radha.

The successful negotiation is significant not only because of the size of the rebate, but also because it provides greater clarity around a substantial shareholder-related obligation that had been the subject of restructuring discussions since 2024.

The leadership partnership of Yudhi Kanagasabai and Raju Radha brings together extensive professional experience and a clear understanding of Asia Capital’s historic position within Sri Lanka’s financial-services sector.

The significance of the restructuring will ultimately be measured by what the Group builds from this stronger financial foundation. For an institution with deep roots in Sri Lanka’s investment-banking history, the achievement provides an opportunity to renew its momentum and sharpen its focus on the future.

The Rs. 1.5 billion rebate is therefore both a material financial achievement and an important strategic milestone. It reflects sustained negotiation, constructive engagement with creditors and a management commitment to finding solutions during difficult circumstances.

With a substantially reduced debt obligation and a clearer platform for its next phase, Asia Capital now moves forward with renewed financial flexibility and a continued focus on sustainable long-term growth.

For Asia Capital, the focus now shifts from addressing the legacy financial burden to building a sustainable future. With a substantially reduced debt obligation, greater financial flexibility and a renewed focus on its future direction, Asia Capital now enters its next chapter.

The first meeting of the Sri Lanka-Japan Joint Working Group (JWG) on Export-Oriented Industrial Corridor Development was convened in Colombo last week.

Representatives from the Embassy of Japan, Ministry of Economy, Trade and Industry (METI), Ministry of Foreign Affairs (MOFA), Japan External Trade Organisation (JETRO), Japan International Cooperation Agency (JICA), and Japanese Chamber of Commerce and Industry (JCCI), as well as officials from the Trade, Commerce, Food Security and Co-operative Development Ministry and other pertinent Sri Lankan authorities, participated in the meeting.

The JWG was established pursuant to agreement at the Intergovernmental Economic Policy Dialogue held in February of this year, as a working-level framework to support the implementation of the ‘Conceptual Roadmap on Building an Export-Oriented Industrial Corridor.’

At the inaugural meeting, discussions were held on issues in the business environment relevant to operationalising the Roadmap, priority areas, and timeline for implementation, among other matters.

Separately, the fifth meeting of the Japan-Sri Lanka Committee on Business Environment was also convened at the Board of Investment (BOI) of Sri Lanka.

Representatives from the Embassy of Japan, JETRO, JICA, JCCI, relevant Japanese companies operating in Sri Lanka, as well as officials from the BOI and other pertinent Sri Lankan authorities, participated in the meeting.

The meeting featured substantive and productive discussions on a range of business and investment-related issues currently affecting Japanese enterprises operating in Sri Lanka. Participants exchanged views on challenges faced by investors and explored pathways for enhancing the country’s business environment, with a view to promoting greater Japanese investment and economic cooperation.

Northampton Saints beat Asia Pacific Rugby Lions 59/42 at the Race Course rugby ground on 28 August in an exhibition rugby encounter.

At the short breather, Northampton Saints led 26/21.

Asia Pacific Rugby Lions’ tries were scored by Jamie Henry, Waisea Nayacalevu, Apisai Naqaliva (2), Apisalome Bogiodrau and Riley Harrison. Conversions were taken by Riley Harrison (4), Teti Tela and Will Genia.

Meanwhile, Northampton Saints scored their tries through Thomas Rowe (2), Toby Thame, Ollie Slieghtholme, Jack Lewis, Aiden Ainsworth Cave, Jonny Weimann, Ban Der Mescht and James Martin. Hige Shields (3) and Anthony Belleau (4) did the conversions.

There was a cricket match too, organised a day before the rugby encounter at the Thurstan ground between the majority of the World Cup-winning ’96 outfit and the rugby players. (SJ)

Well, it was not long in coming – the withdrawal of hosting rights by the ICC from Sri Lanka for the inaugural Women’s Champions Trophy in February next year.

By removing Sri Lanka as hosts the ICC has in no uncertain terms sent a strong message that it brooks no nonsense when it comes to government interference with its member countries.

Sri Lanka are not new to this stand the ICC usually takes when an elected body is replaced by a government appointed interim committee.

The latest move by the ICC only shows that Sri Lanka has still not learnt their lessons yet, but continues to dissolve or apply government pressure for the elected body to step down and replace it with an interim committee.

Amongst the ICC full member countries, Sri Lanka must rank as one of the countries with the largest number of government appointed interim committees. The current one which is in place is the 12th since the first was appointed in 1999.

Although Shammi Silva and his team will be having the last laugh it is certainly no laughing matter when you take the seriousness of being deprived of hosting a world cricket event. Just look at the repercussions that it has on Sri Lanka Cricket and the country financially and otherwise?

True, changes to the Sri Lanka Cricket constitution may have to be made, but at what cost?

This is the second time in three years Sri Lanka has lost the rights to host an ICC world event. In 2023, the then Sports Minister dissolved the elected administration and replaced it with an interim committee. The move didn’t go down well with the ICC who took away the hosting rights of the Under19 Men’s Cricket World Cup and moved it to South Africa.

It is not every country that gets the privilege from the ICC to host a world event, and Sri Lanka simply don’t seem to understand the gravity of it.

If the former Sports Minister was to blame for losing the rights of hosting the Under19 men’s cricket World Cup in 2023, the present government and its Sports Minister should take the blame for the latest debacle in Sri Lanka Cricket’s chequered administrative history. It is they who wanted the elected body of Shammi Silva to resign to make way for the appointment of a Transformation Committee headed by a former Cabinet Minister Eran Wickramaratne on the pretext of drawing up a new constitution for SLC and cleaning up its Augean stables.

What we learn is that the new constitution has been handed to the Minister of Sports and it is in the process of being translated into the three languages. It has to go through the legal process before it is presented to Parliament. All this takes time and the ICC is not going to wait until the new constitution is put in place and elections are held. The Transformation Committee will be into its fifth month in September since being appointed in April.

Now that another opportunity to host an ICC World event has been lost, the next best thing for the government to do is to fast track the SLC constitution and ensure that elections are held as early as possible.

Apart from losing the rights to host the Women’s Champions Trophy, Sri Lanka would not want the ICC to withhold the funds that are due to them annually if they continue to administer the country’s cricket through a government controlled committee. Currently, Sri Lanka Cricket has no sitting representation at any ICC board meetings and that alone is a clear indication of what lies ahead for the island nation.