Category: Daily Financial Times

Fintrex Finance PLC has announced the appointment of Nirodha Kalansooriya as a Director of the Company, further strengthening the Board’s legal, governance and financial-sector expertise.

An Attorney-at-Law, Kalansooriya has extensive experience in banking, corporate and civil law. Over the course of her career, she has held senior legal positions at several leading institutions, including Sampath Bank PLC and Nations Trust Bank PLC. She has also served as Head of Legal at Associated Motorways Ltd., and AMW Capital Leasing and Finance PLC.

Kalansooriya holds prestigious academic and professional qualifications from Sri Lanka Law College , Bachelor of Laws (LL.B) degree from the Open University of Sri Lanka and Master of Laws (LL.M) degree from the University of Colombo, specializing in Information Technology, Intellectual Property, Company Law and Banking Law. She also holds a Master of Laws (LL.M) degree in Business Law from the University of Staffordshire, United Kingdom and a Post-Attorney Diploma in Banking, Finance and Insurance from Sri Lanka Law College. She is currently reading for her PhD at the University of Colombo.

Beyond her corporate and legal practice, Kalansooriya has contributed to law reform initiatives in Sri Lanka as a Convenor and Committee Member appointed by the Ministry of Justice. She has also served as Chairperson of the Notarial Practice Committee of the Bar Association of Sri Lanka. An experienced civil law practitioner, she has served as a panel lawyer for several major banking institutions.

Her contribution extends to legal education and academia. Kalansooriya is a former Council Member of the University of Peradeniya and has served as a Visiting Lecturer at General Sir John Kotelawala Defence University and Sri Lanka Law College, supporting the development of future legal professionals.

Welcoming Kalansooriya the Fintrex Finance PLC Board of Directors said her broad legal and financial-sector experience is expected to add further depth to Board deliberations and support the Company’s continued focus on sound governance, regulatory compliance and sustainable growth.

The Bar Association of Sri Lanka (BASL) has called for an independent, transparent, and expeditious investigation into the recent violence at Negombo Prison, while urging the Government to use the tragedy as a catalyst for long-overdue reforms to the country’s prison and criminal justice systems.

In a statement issued yesterday, the BASL expressed profound concern over the incidents at Negombo Prison between 5 and 7 July, which reportedly claimed 27 lives, including seven prison officers, and left more than 100 people injured.

The BASL unequivocally condemned all acts of violence, irrespective of their source, stating that violence within places of detention undermines the Rule of Law, erodes public confidence in the administration of justice, and endangers the lives of prisoners, prison officers, and others responsible for managing correctional institutions.

It also noted reports that tensions had arisen in several other prisons and urged the relevant authorities to take all necessary measures to ensure the safety and security of both inmates and prison officers.

While welcoming the Government’s decision to appoint an independent committee headed by a retired Supreme Court Judge, the BASL said the inquiry must be conducted independently, impartially, transparently, and without delay. It said the investigation should establish the full sequence of events, determine whether any unlawful acts or omissions contributed to the tragedy, identify failures in prison administration, security, or oversight, and recommend reforms aimed at preventing similar incidents.

The Association also called for the findings of the inquiry to be made public, subject only to limitations required in the interests of justice or national security.

The BASL stressed that anyone found to have engaged in criminal conduct or official misconduct, whether prisoners, prison officers, or any other person, should be held accountable in accordance with the law and afforded due process.

It further called for prompt medical treatment for those injured and appropriate support for the families of those who lost their lives.

The Association said the incident should not be viewed as an isolated event but as a reflection of longstanding structural deficiencies within Sri Lanka’s prison system and the wider administration of criminal justice.

It reiterated that persons deprived of their liberty do not forfeit their fundamental rights, noting that many remand prisoners have not been convicted of any offence and continue to enjoy the presumption of innocence until proven guilty in a court of law.

At the same time, the BASL said prison officers perform an essential public function under difficult conditions and are entitled to safe working conditions, adequate resources, facilities, and institutional support.

The BASL also urged authorities to address chronic prison overcrowding through a broader review of criminal justice policies, including the timely disposal of cases, appropriate use of bail, greater reliance on non-custodial sentencing where appropriate, strengthened rehabilitation programs, improved prison infrastructure, adequate staffing, and modern prison management.

Extending its condolences to the families of those who died, the BASL said meaningful accountability requires not only identifying responsibility for the incident but also addressing the underlying conditions that gave rise to the tragedy to prevent a recurrence.

Recognising that successful digital transformation requires strong institutional leadership, the Registrar General’s Department (RGD), together with the United Nations Development Programme (UNDP) and the World Health Organisation (WHO), through the OneRegistry initiative funded by the UN Sri Lanka SDG Fund, recently concluded the ‘RGD to Digital Excellence (RGD2DX)’ leadership development program for 61 senior management officials of the Registrar General’s Department.

The initiative was designed to strengthen the leadership, strategic thinking, and adaptive capacities of senior officials responsible for guiding the Registrar General’s Department through the ongoing modernisation of Sri Lanka’s Civil Registration and Vital Statistics (CRVS) system. The program forms part of broader efforts to build a digitally enabled, integrated, and citizen-centric civil registration system that delivers more efficient and accessible services to the public.

The RGD2DX program was conducted through two residential cohorts held in Kandy bringing together 61 members of the senior management of the Registrar General’s Department, including senior administrators and decision-makers who will play a pivotal role in driving institutional transformation in the years ahead.

Facilitated by international experts from Malaysia, the program introduced participants to adaptive leadership, systems thinking, institutional change management, and approaches to leading organisations through periods of digital transition. Through interactive discussions, experiential learning exercises, and collaborative problem-solving activities, participants explored practical strategies to strengthen organisational resilience while maintaining public trust and service quality.

Recognising that sustainable institutional transformation extends beyond residential learning, the program also included a series of virtual follow-up clinics conducted over a three-month period, enabling participants to reflect on the practical application of their learnings, share experiences and challenges, and receive continued guidance from facilitators.

Participants highlighted the practical value of the program in supporting the Department’s ongoing transition towards digital systems.

Additional District Registrar – Matale Dasun Hettiarachchi said: ‘When moving from the traditional system to the new system, we discussed the gaps and obstacles, as well as how to resolve them, and received useful advice.’

Similarly, Additional District Registrar (Legal Division) Kumudu Dissanayake noted: ‘The higher management and the RGD staff who participated in this training have been able to adopt new methods, and we are highly motivated. This has been very beneficial to our department.’

The RGD2DX program underscores the importance of investing not only in digital systems and technology, but also in the people responsible for leading change. By strengthening leadership capacities within the senior management of the Registrar General’s Department, the initiative contributes towards building a more agile, responsive, and future-ready institution capable of delivering improved public services to citizens across Sri Lanka.

As Sri Lanka continues its digital transformation journey, initiatives such as RGD2DX demonstrate the importance of cultivating adaptive public sector leadership that can effectively navigate complexity, champion innovation, and drive sustainable institutional change for the benefit of all Sri Lankans.

The Egyptian Football Association (EFA) has formally requested FIFA to remove the officiating team involved in Egypt’s dramatic 3-2 defeat to Argentina in the FIFA World Cup round of 16, citing what it described as serious refereeing errors and inconsistent decision-making.

In a statement, the EFA confirmed that its president, Hany Abou Rida, had submitted an official complaint to FIFA, calling for an investigation into French referee, François Letexier, and the entire match officials’ team, including the Video Assistant Referees (VAR).

The controversy centred on a second-half incident in Atlanta where Mostafa Zico had a goal ruled out after VAR judged that midfielder Marwan Attia had fouled Argentina defender Lisandro Martínez earlier in the build-up. Egypt also believed Mohamed Salah should have been awarded a penalty moments before Argentina launched the attack that produced the stoppage-time winner.

The EFA accused the officials of making ‘blatant errors’ and failing to review key incidents, alleging ‘double standards’ throughout the match.

The federation also called for the refereeing team to be excluded from the remainder of the tournament following an investigation.

Following the defeat, Egypt manager, Hossam Hassan, claimed his side had been treated unfairly, suggesting the decisions favoured the defending champions.

Forward, Mostafa Zico, also criticised the officiating, insisting the match officials had been unjust and claiming the tournament had been unfairly handled.

The result ended Egypt’s hopes of reaching the World Cup quarter-finals for the first time in the nation’s history. Meanwhile, Argentina progressed to face Switzerland in the quarter-finals.

FIFA had not commented on the EFA’s complaint at the time of publication.

The New Patriotic Party (NPP) has scheduled Saturday, September 19, 2026, for its National Delegates Conference, where delegates will elect new national officers to steer the party into the next election cycle.

In a statement issued on Wednesday, July 8, the party said the date was approved by the National Council following a proposal from the National Executive Committee during its meeting on Thursday, June 25, 2026.

‘The New Patriotic Party (NPP) has fixed Saturday, September 19, 2026, as the date for its National Delegates Conference, at which delegates will, among other matters, elect National Officers of the Party pursuant to Article 10(1) of the Party Constitution,’ the statement said.

Background

The NPP, Ghana’s current opposition party, holds a National Delegates Conference every four years to elect national executives.

The exercise is mandated by Article 10(1) of the party’s constitution and is expected to shape the leadership that will lead the party’s reorganisation ahead of the 2028 general election.

The upcoming conference comes at a time when the NPP is undertaking internal reforms to strengthen its structures and broaden participation following its defeat in the 2024 polls.

Party leaders have repeatedly stressed the need for unity, accountability and a more inclusive decision-making process.

As part of preparations, the NPP has also opened the window for constitutional amendments. In line with Article 19(2) of its Constitution, members and stakeholders have been invited to submit proposals for changes to the party’s governing document.

Proposals must reach the Office of the General Secretary at the party’s national headquarters, or be sent electronically to nppconstitutionalamendment@gmail.com, by Friday, July 17, 2026.

The party described the review process as an opportunity to enhance internal democracy, improve governance, and make the NPP more responsive to the aspirations of its members.

‘The NPP remains committed to constitutionalism, internal democracy, and the rule of law as it prepares for the upcoming National Delegates Conference,’ the statement added.

Investors from the United Arab Emirates (UAE) account for 19% of foreign investor interest in Port City Colombo, with Singapore, China, and the UK contributing 13% each, followed by the US (10%) and Australia (9%), according to the project’s latest investor profile.

While the figures point to growing confidence from some of the world’s most internationally connected markets, analysts say they also reveal a notable gap. South Asian countries, particularly India, are yet to emerge among Port City Colombo’s leading investor markets despite the project’s geographic proximity and regulatory advantages.

That presents what Port City officials believe could be one of the development’s biggest growth opportunities.

CHEC Port City Colombo Deputy Managing Director Thulci Aluwihare said the diversity of investor interest reflects growing international confidence in the project, but believes there is significant potential to attract businesses from South Asia.

‘When you look at where our investors are coming from, you see mature international markets that are already familiar with doing business across borders. The opportunity now is to build that same level of awareness within South Asia, particularly India, where businesses are expanding globally and looking for internationally competitive platforms closer to home,’ he said.

Unlike a conventional commercial development, Port City Colombo operates as an economically ring-fenced Special Economic Zone (SEZ) under the Colombo Port City Economic Commission Act. Businesses benefit from a dedicated regulatory framework, streamlined approvals through a single-window investment facilitator, unrestricted foreign ownership, transactions in 16 designated foreign currencies, and enhanced capital mobility.

For Indian companies in particular, Aluwihare believes the project offers a proposition that extends well beyond real estate.

‘We shouldn’t be asking Indian businesses to invest in Sri Lanka simply because we are neighbours. The real proposition is that Port City Colombo provides a platform from which businesses can manage regional and international operations within a globally competitive regulatory environment,’ he added.

The project also allows qualifying businesses to remunerate employees in foreign currency, offers long-term fiscal incentives for strategically important investments, and provides access to Sri Lanka’s network of double taxation agreements covering 44 jurisdictions.

Industry observers note that Port City Colombo is more and more positioned with established international business hubs such as Dubai, Singapore, and Abu Dhabi for investment, regional headquarters, and financial services, in addition to traditional property developments.

Aluwihare said the current investor profile demonstrates that international markets have already begun recognising Port City Colombo’s long-term potential.

‘The encouraging story isn’t just where today’s investors come from, it’s where these investors could go with their businesses. South Asia remains one of the world’s fastest-growing economic regions, and we believe businesses here stand to benefit enormously from what Port City Colombo has been designed to offer,’ he said.

SANASA Life Insurance said yesterday it has officially resumed full business operations following the lifting of the temporary regulatory suspension by the Insurance Regulatory Commission of Sri Lanka (IRCSL), marking the beginning of a new chapter focused on strengthening Stakeholder Confidence, delivering exceptional Customer Service, and driving Sustainable Business growth.

Following the completion of the regulatory requirements outlined by the IRCSL, the Company has resumed full operations and continues to remain committed to upholding the highest standards of Governance, Regulatory Compliance, and Customer protection while continuing to create long-term value for all stakeholders. Throughout the period of the temporary suspension, the Company continued to honor valid claims and provide uninterrupted service to its existing Policyholders, reaffirming its unwavering commitment to Customer protection and Service excellence.

With full insurance operations restored, the Company is committed to supporting its Policyholders, empowering its Sales force, strengthening relationships with Insurance brokers, Banks, Financial institutions, corporate partners, and continuing to serve communities across Sri Lanka through the trusted SANASA society network.

SANASA Life Insurance CEO Nuwanpriya Gunawardena said: ‘Today marks an important milestone for SANASA Life as we begin a new chapter with renewed focus and commitment. We extend our sincere appreciation to our Policyholders, Sales force, Business partners, the SANASA movement, and every Stakeholder who stood by us with patience, confidence, and unwavering support during this period. Our focus remains firmly on strengthening relationships, enhancing customer value, and delivering sustainable growth while remaining true to the values that have guided us for more than three decades.’

As part of its renewed growth strategy, SANASA Life will implement a series of nationwide initiatives aimed at reconnecting with customers and business partners, re-energising its distribution network, enhancing customer engagement, and expanding access to affordable and reliable life insurance solutions. The Company will also strengthen its communication and community engagement efforts to reinforce trust and deepen relationships across its stakeholder network. Backed by the strength of the SANASA movement and a proud legacy spanning more than three decades, SANASA Life remains committed to protecting Sri Lankan families through trusted, community-focused life insurance solutions. With renewed confidence and a clear vision for the future, the Company is well positioned to build stronger partnerships, create lasting value for its stakeholders, and continue contributing to the financial security and wellbeing of communities throughout Sri Lanka.

Citrus Leisure PLC reopened both Citrus Waskaduwa and Citrus Hikkaduwa on 1 July 2026, following extensive enhancement programs. Citrus Waskaduwa resumed operations after a one-month refurbishment, while Citrus Hikkaduwa reopened following a two-month refurbishment. The refreshed properties welcome guests back with improved spaces, upgraded facilities, and a renewed focus on delivering memorable coastal escapes.

As one of Sri Lanka’s homegrown hospitality brands and part of George Steuart Group, Sri Lanka’s oldest mercantile establishment, Citrus Leisure continues to build on a legacy of authentic Sri Lankan hospitality. The brand continues to evolve with the expectations of today’s travellers while staying true to the warmth, comfort, and care that define its guest experience.

Guided by its promise of creating Happiness Moments, the enhancement program was designed to make every stay more comfortable, enjoyable, and memorable. Across both properties, this included refreshed accommodation, upgraded guest facilities, improvements to recreational spaces, and infrastructure enhancements. Both hotel teams also underwent specialised service excellence training to further strengthen the personalised hospitality and attentive service that define the Citrus experience.

While sharing the same commitment to guest satisfaction, both Citrus Waskaduwa and Citrus Hikkaduwa offer spacious sea-view rooms, allowing guests to enjoy uninterrupted views of Sri Lanka’s picturesque coastline throughout their stay. Each property also delivers its own distinctive experience. Citrus Waskaduwa remains one of Sri Lanka’s preferred beachfront destinations, renowned for its expansive gardens, relaxed coastal atmosphere, and exceptional setting for family holidays, weddings, conferences, and leisure escapes.

Citrus Hikkaduwa continues to offer guests a vibrant beachfront experience in one of Sri Lanka’s most popular southern coastal destinations. The property places visitors within easy reach of Hikkaduwa’s lively beach culture, marine attractions, nightlife, and surfing, making it an ideal destination for travellers seeking a dynamic coastal getaway.

Commenting on the reopening, Citrus Group Chief Executive Officer Chandana Talwatte said, ‘At Citrus Leisure, our focus has always been on creating meaningful happiness moments for every guest who chooses to stay with us. The enhancements at Citrus Waskaduwa and Citrus Hikkaduwa reflect our continued investment in elevating the guest experience through upgraded spaces, exceptional service, and authentic Sri Lankan hospitality. Alongside these improvements, we are also advancing our digital transformation journey by introducing AI-driven technologies that will enable more personalised guest experiences, seamless booking journeys, and a deeper understanding of evolving traveller preferences. Together, these initiatives reinforce our commitment to continuously enhancing the Citrus experience while strengthening the Citrus brand for the future.’

The reopening marks another milestone in Citrus Leisure’s continued investment in its portfolio. It reinforces the company’s commitment to providing quality hospitality experiences across Sri Lanka’s coastline while building on the heritage and values that have guided the George Steuart Group for generations.

The Colombo stock market yesterday extended its slide for a sixth straight session, failing below 22,000 points on selling pressure.

The ASPI was down 0.54% or 118.35 points at 21,962.30 and the S and P SL20 was down 0.51% or 31.55 points at 6,135.50.

Turnover was over Rs. 1.5 billion on nearly 58 million shares traded. Losers outweighed gainers with 169 counters closing in red against 49 in green. Foreigners were net seller on a net outflow of Rs. 185 million.

First Capital Research said investor sentiment remained subdued amid broad-based selling pressure across selected counters.

HNW participation remained slightly active, supported by several negotiated crossings, while retail participation remained at average levels. The main negative contributors to the ASPI were DIAL, MELS, JKH, CARS, and CIC.

The capital goods sector led the daily turnover with a share of 31%, followed by the retailing, and materials sectors collectively contributing 22%.

NDB Securities said the indices closed in red as a result of price losses in counters such as Dialog Axiata, Melstacorp and John Keells Holdings.

High net worth and institutional investor participation was noted in John Keells Holdings, Sathosa Motors and Windforce. Mixed interest was observed in ACL Cables, Haycarb and HNB Finance, whilst retail interest was noted in Lanka Credit and Business Finance, Browns Investments and Renuka Agri Foods.

The capital goods sector was the top contributor to market turnover due to John Keells Holdings and Access Engineering, whilst the sector index lost 0.24%. The share price of John Keells Holdings decreased 10 cents to close at Rs. 20 and Access Engineering gained 30 cents to Rs. 78.40.

The retailing sector was the second-highest contributor to market turnover due to Sathosa Motors, whilst the sector index edged down by 0.03%. Sathosa Motors lost Rs. 53.25 to close at Rs. 1,200.25.

Windforce and Chevron Lubricants were also among the top turnover contributors. The share price of Windforce moved down 10 cents to Rs. 40.80 and Chevron Lubricants appreciated Rs. 1.25 to close at Rs. 200.50.

Colombo Kickerz Football Academy brought world-class youth football coaching to Sri Lanka by hosting the Juventus Training Camp Colombo 2026, which commenced on 6 July and will continue until 10 July at the CR and FC Grounds in Colombo.

The five-day program follows the success of its inaugural edition in 2025 and further strengthens the academy’s commitment to developing young footballers.

Around 50 players from across the country are taking part in the camp, which is being conducted by two official Juventus Academy coaches from Italy, assisted by Colombo Kickerz’s coaching staff.

Participants are undergoing intensive training based on the renowned Juventus methodology, with emphasis on technical skills, tactical awareness, teamwork, discipline and personal development.

The limited number of participants has been introduced to ensure greater individual attention and a more personalised learning experience.

Colombo Kickerz CEO Romario De Silva said the return of the camp reflects the growing enthusiasm for football development in Sri Lanka and provides aspiring players with access to international-standard coaching without leaving the country.

Juventus Training Camp Colombo 2026 is supported by Hilton Colombo Residences as the Hospitality Partner, Aitken Spence Travels as the Travel Partner and ThePapare as the Digital Media Partner.