Category: Daily Financial Times

Defending champions score 3 goals in last 13 minutes after trailing 0-2

Defending champions Argentina survived what was shaping up to be one of the tournament’s biggest seismic shocks, rallying from two goals down to beat Egypt with three late strikes in a dramatic FIFA World Cup 2026 encounter.

Egypt led 2-0 well beyond the 70-minute mark and appeared on course for a famous victory before Argentina mounted a remarkable fightback in the final quarter of regular time to break Egyptian hearts.

The result also rewrote history for Lionel Messi’s side, as Argentina had never previously won a World Cup match after trailing 2-0.

Yasser Ibrahim gave Egypt the lead in the 15th minute of the Round of 16 encounter before Mostafa Zico doubled the advantage in the 67th minute, leaving the defending champions on the brink of a stunning upset.

However, following the final hydration break, Argentina began their revival. Cristian Romero reduced the deficit in the 79th minute before Messi levelled the scores four minutes later. Enzo Fernandez then completed the turnaround with the winner in the 90th minute, sealing a spectacular comeback from the jaws of defeat, with the team’s talisman Messi named Player of the Match.

Spain pips Portugal, Belgium hammers USA

Mikel Merino’s stoppage-time strike snatched Spain victory over Portugal at Dallas Stadium and a FIFA World Cup 2026 quarter-final place. Luis De La Fuente’s team will now head to Los Angeles Stadium to play the winners of USA-Belgium.

The first half was shot-high but goal-shy. Mikel Oyarzabal spurned Spain’s best chance, pulling his attempt wide after Dani Olmo sent him clean through, while Diogo Costa did brilliantly to tip Alex Baena’s curler round the post.

Cristiano Ronaldo threatened for Portugal, who came closest when Nuno Mendes’s deflected drive rattled the crossbar.

The sides were more cautious in the second period. On extra time’s cusp, however, two substitutes combined as Ferran Torres set up Merino to settle the contest with a powerful and precise low finish.

The final whistle seemingly marked the end of Ronaldo’s time on football’s biggest stage. ‘This will be my last World Cup,’ he reiterated pre-match.

The 41-year-old hit 11 goals in 27 games and set multiple milestones, including becoming the first man to score in six editions.

Belgium booked their place in the FIFA World Cup 2026 quarter-finals with a 4-1 victory over USA at Seattle Stadium

Charles De Ketelaere’s brace, Hans Vanaken’s first World Cup goal and a late strike from substitute Romelu Lukaku set up a last-eight meeting with Spain, while USA became the final co-hosts to exit the tournament after Canada and Mexico had already bowed out in the Round of 16.

The warning signs were there for Mauricio Pochettino’s side when Timothy Castagne’s 18-yard strike forced Matt Freese into a flying save at the end of Belgium’s first meaningful attack.

Youri Tielemans then went within inches of turning home Dodi Lukebakio’s cross before Rudi Garcia’s men took a deserved lead. Leandro Trossard’s teasing delivery into the box caused all manner of problems for the USA defence, with Nicolas Raskin firing across for De Ketelaere to tap home.

Belgium appeared to be cruising, but their lead was cancelled out after 31 minutes when Malik Tillman’s deflected free-kick wrong-footed Thibaut Courtois. However, the scores were level for just 116 seconds as Trossard’s cross from the left found De Ketelaere, who headed home his second goal of the contest.

USA’s task was made even harder just before the hour mark when a defensive mishap gifted Belgium a third goal. Freese raced out of his area to clear but missed the ball, allowing De Ketelaere to steal possession before Vanaken’s long-range effort evaded Tim Ream’s attempted block and found the empty net.

The Stars and Stripes showed signs of life in the closing stages as substitute Sebastian Berhalter fired wide and Courtois denied Folarin Balogun, only for Lukaku to pounce on a loose clearance and finish with aplomb in stoppage time to put the result beyond any doubt.

Spain await Belgium at Los Angeles Stadium on 10 July.

Sri Lanka Cricket Transformation Committee Chairman Eran Wickramaratne visited Sri Lanka Cricket’s Level 1 Coach Education Program during an inspection tour of the Rangiri Dambulla International Cricket Stadium (RDICS), Dambulla.

The four-day program, conducted by Sri Lanka Cricket’s Coach Education Unit, was in progress when Wickramaratne visited the venue as part of his ground inspection tour.

During his visit, Wickramaratne interacted with both the participants and the coach educators conducting the program. He also took the opportunity to encourage the participants, emphasizing the importance of high-quality coach education in strengthening the future of Sri Lankan cricket.

A total of 23 participants, including both men and women, took part in the Level 1 Coach Education Program, which covered key areas such as Productive Session Planning, the Coaches’ Code of Conduct, How to Coach, Strength and Conditioning, Batting, Bowling, Fielding and Wicket keeping, and the nutritional aspects of the game.

The participants represented the cricketing districts of Matale, Polonnaruwa, and Anuradhapura.

The program was conducted from 1st to 4th July 2026.

Sri Lanka Cricket’s Coach Education Unit conducts the Introduction to Cricket Coaching Program, as well as Level 1, Level 2, and Level 3 Coach Education Programs, all of which are designed to develop and enhance the knowledge and skills of cricket coaches across the country.

By Sa’adi Thawfeeq

Negombo CC stunned a strong SSC side by pulling off a first innings win in their Under23 Inter-Club 2-day tournament match concluded at the Air Force grounds, Katunayake yesterday.

Continuing from their overnight total of 291-9, Negombo CC stretched their first innings to 316 courtesy a fighting 40 off 87 balls from Shehan Pramod. SSC in reply lost their first four wickets for 80 before a 115-run stand between skipper Shevon Daniel (81 off 127 balls, 5 fours, 3 sixes) and national player Dunith Wellalage (58 off 132 balls, 5 fours) saw them recover to 195-4. However, the lower order batsmen could not sustain the probing off-breaks of Amitha Pereira (4/110) and seam of Shehan Pramod (3/67) and Hansaja Hiruna (2/36) as SSC were bowled out for 244, giving Negombo CC a 72-run first innings lead.

NCC and Bloomfield also suffered a similar fate losing their matches in the first innings. Tamil Union spurred by former Benedictine cricketer Tihan Bitar (76 off 162 balls, 5 fours, 1 six) and good contributions from their top order overhauled NCC’s score of 229 and declared at 231-4 at the P Sara Oval. NCC in their second innings put up a better batting performance to score 177-3 largely through their fourth wicket pair Yenula Dewthusa (56* off 76 balls, 7 fours) and skipper Dineth Goonewardena (65* off 75 balls, 8 fours, 1 six) who came together in a partnership of 131*.

Moors SC edged out Bloomfield in a thrilling contest for first innings points at Moors SC grounds. Moors SC lost seven wickets for 192 chasing NCC’s total of 209 and were able to overhaul them mainly through an eighth wicket stand of 31 by Sithum Vihanga (29) and Sandaru Malshan (16). Left-arm spinner Kaveesha Piyumal took 4/62. Bloomfield in their second innings scored 238-8 with left-arm spinner Induwara Udena acquiring six of the wickets for 79 runs.

Ranmith Senarath (70 off 83 balls, 3 fours, 5 sixes) and Duminda Sewmini (51* off 71 balls, 5 fours, 1 six) were the heroes for BRC in their first innings win against Havelock Park rivals Colts at the BRC grounds. BRC were struggling at 115-8 in reply to Colts’ total of 126 when the pair came together in a match-winning partnership that realized 91 runs for the ninth wicket that saw them total 244. Colts in their second essay scored 177-7 with fifties from Hiran Jayasundara (69 off 92 balls, 10 fours) and Rusanda Gamage (52* off 122 balls, 3 fours).

Moratuwa SC fuelled by an unbeaten century off 169 balls (10 fours, 2 sixes) from Deneth Sithumina and his 132-run liaison with Pramesh Madubhashana (83 off 127 balls, 12 fours) made short work of Galle CC’s score of 240 replying with 322-8 declared at Moratuwa Stadium. Galle CC in their second innings lost seven for 127 with left-arm spinner Manuja Chanthuka taking 4/37.

Army SC ran short of time to grab full points from Kurunegala SC at Army grounds, Panagoda and had to be content with only a first innings win. Army SC did well to dismiss Kurunegala SC twice for 150 and following-on for 199 in reply to their score of 263, but time was not on their side to chase down a target of 87. Left-arm spinner Pathum Vihanga was instrumental in the downfall of Kurunegala SC’s batting with a match bag of 9/160 (6/78 in the first innings).

Abishek Liyanaarachchi’s powered packed innings of 133 off 120 balls (5 fours, 11 sixes) gave Kurunegala YCC an easy first innings win against Navy SC at Welisara. Kurunegala YCC replying to Navy SC’s first innings of 239 scored 309. Navy SC in their second innings made 178-4 with Uvindu Perera (66 off 50 balls, 3 fours, 4 sixes) scoring his second fifty of the match and Sumalka Fernando (59* off 72 balls, 9 fours).

Kandy Customs SC took first innings points off Police SC at Police Park scoring 291-9 declared in reply to Police SC’s first innings of 140. Captain and wicket-keeper Iruth Gimshan missed out on a century when he was out for 94 (80 balls, 15 fours, 1 six). Right-arm seamer Chathum Kulasekara took 5/69. Captain Dhanuja Induwara (58 off 72 balls, 4 fours, 1 six) and Maleesha Sandaruwan (82* off 112 balls, 5 fours) struck fifties apiece in Police SC’s second innings of 190-3.

Badureliya CC were left to rue for extending their innings to 409-7 declared when they ran short of time to dismiss United Southern SC in their match which ended in a draw at Salawa Army grounds, Kosagama. United Southern SC in reply finished on 229-8. Manasa Madubashana and Rusanda Silva scored fifties for Badureliya CC. For United Southern SC leg-spinner Senuka Dangamuwa took 6/162 off 51 overs and Sehas Ashinsa and Pesandu Sanjan each made 53.

The Sri Lanka Export Development Board (EDB), in collaboration with the Industry and Entrepreneurship Development Ministry announced that the deadline for online exhibitor registration for ‘Sri Lanka Expo 2027’ will be open till 31 July, 2026.

Sri Lanka Expo 2027, scheduled to be held from 14 to 17 January 2027 at the BMICH, Colombo, is the country’s premier international trade exhibition, aimed at showcasing Sri Lanka’s export potential and strengthening global trade partnerships.

Local exporters participating in this exhibition will have the opportunity to meet over 1,500 global buyers and investors. Additionally, exhibitors will have the opportunity to arrange pre-scheduled business meetings with potential buyers.

A total of 650 exhibition booths have been allocated for Sri Lankan exporters and export potential companies across 25 sectors, showcasing the diversity of Sri Lanka’s export economy.

Industrial Products include Apparel, Textiles and Fashion, Rubber, Plastic and Chemical Products, Gems and Jewelry, Engineering and Automotive Components, Boat and Shipbuilding, Marine Services, Electrical and Electronic Products, Minerals and Mineral-based Products, Giftware, Lifestyle and Handicrafts, Pharmaceutical and Medical Devices, Printing and Packaging.

Agriculture Products include Tea, Spices and Concentrates, Coconut-based Products, Seafood/Edible Fish Products, Processed Foods and Beverages, Ayurveda, Herbal and Cosmetic Products, Cut Flowers and Foliage, Ornamental Fish, Fruits and Vegetables.

Export Services include Information and Communication Technology/Business Process Management, Tourism, Logistics Services, Construction and Renewable Energy, Wellness and Healthcare Services, and Other Services.

Sri Lankan exporters and companies with export potential are eligible to apply. As the number of exhibition booths are limited, a screening process will be conducted to select qualified exhibitors. EDB invites all exporters to register before 31 July 2026 and be a part of this national endeavor for the economic benefit of the country.

One of Sri Lanka’s leading entrepreneurs and business personalities, Kumar Sundararaj, has been appointed as the District Governor of Rotary International District 3220 (Sri Lanka and Maldives) for the Rotary year 2026/27.

A respected entrepreneur with decades of business leadership, Kumar has successfully built and led several enterprises across healthcare, hospitality, real estate, and International trade. He heads a diverse portfolio of businesses including Kish International, Kish Laboratories, Kish properties, Savannah Impex India, and Savannah Restaurant, earning recognition for his visionary leadership, commitment to quality, and business excellence.

A proud alumnus of Edith Cowan University, Australia, Kumar holds a Master of Business Administration (MBA). Combining strong academic credentials with extensive business experience, he has established himself as a dynamic leader driven by innovation, strategic thinking, and sustainable growth.

Beyond business, Kumar has remained deeply committed to humanitarian service and community development. Through the Sundararaj Foundation and numerous social initiatives, he has supported projects in education, healthcare, and community empowerment. One of the ongoing initiatives is ‘Sharp Eyes Learn Better’, a countrywide program dedicated to identifying vision problems among schoolchildren and providing prescribed spectacles, ensuring that no child is disadvantaged in education due to poor eyesight.

With more than two decades of dedicated Rotary service, Kumar has held several key leadership positions at district level, contributing significantly to leadership development, district administration, strategic planning, membership growth, and humanitarian service. Widely respected for his ability to inspire collaboration and lead by example, he has become one of Rotary District 3220’s most admired and trusted leaders.

Supported by his wife Shanthala, children Sanchala and Kishan, and grandson Sharnirsh, Kumar now assumes leadership of Rotary International District 3220 with a vision to strengthen clubs, expand humanitarian service, empower future leaders, and create sustainable impact across Sri Lanka and the Maldives.

As District Governor for 2026/27, Kumar Sundararaj is committed to mobilising Rotarians across both countries to Create Lasting Impact through meaningful service, collaboration, and lasting community transformation.

Healthcare-focused investment company joins U.S.-based investor Sandhya Ajjarapu in franchise ownership

Kandy Royals confirmed that Optimum Health Care Ltd., a healthcare-focused investment company with interests in leading healthcare businesses in Sri Lanka, India and across the region, has acquired a 50% ownership stake in the franchise ahead of the sixth edition of the Lanka Premier League.

Optimum Health Care will join existing owner Sandhya Ajjarapu, a US-based investor and entrepreneur with interests across healthcare, biotech, biofuels, information technology, pharmaceuticals, sports and media, in leading the next phase of the Kandy Royals franchise.

The partnership brings together two ownership groups with complementary interests in healthcare, investment, sport and community development. It is expected to support the long-term growth of Kandy Royals as a competitive cricket franchise, commercially sustainable sporting property and platform for engaging fans across Kandy and the Central Province.

With strong connections to Kandy and Pallekele, Optimum Health Care views the investment as an opportunity to associate with one of Sri Lanka’s most followed sports and engage with a passionate cricketing community.

Welcoming the new co-owner, Lanka Premier League Director, Samantha Dodanwela said: ‘Sri Lanka Cricket welcomes Optimum Health Care to the Kandy Royals ownership group. Strong and committed franchise ownership is important to the continued development of the Lanka Premier League, and this investment reflects growing confidence in the tournament’s sporting and commercial potential. We look forward to seeing the new partnership contribute positively to Kandy Royals and the wider LPL ecosystem.’

IPG Founder and Chairman, Anil Mohan said: ‘We are pleased to welcome Optimum Health Care as a co-owner of Kandy Royals. The addition of an investor with regional business experience, a strong connection to Kandy and a clear interest in community wellbeing adds further value to the franchise. This partnership provides Kandy Royals with a stronger platform to grow its sporting, commercial and fan engagement ambitions.’

Welcoming Optimum Health Care to the franchise, Kandy Royals co-owner Sandhya Ajjarapu said: ‘I am delighted to welcome Optimum Health Care as our new partner in Kandy Royals. We share a long-term commitment to building a professionally managed and competitive franchise that represents Kandy with pride. Their regional experience, healthcare focus and connection to the community will be valuable as we work together to strengthen the franchise and contribute to the continued growth of the Lanka Premier League.’

Optimum Health Care Director V. Nadarajah said: ‘Kandy and Pallekele have a special place in our journey, and this partnership with Kandy Royals is therefore very meaningful to us. Cricket brings people together across Sri Lanka, and through this franchise, we see a proud opportunity to support the sporting spirit of Kandy and the Central Province. We are pleased to be part of a team that carries such a strong regional identity, loyal fan base and exciting future.’

Optimum Health Care Director Akshat Shah said: ‘We are excited to partner with Kandy Royals and become part of the Lanka Premier League. The LPL has grown into one of Sri Lanka’s most visible sporting platforms, attracting strong television audiences, digital engagement, stadium attendance and media coverage. As a healthcare investment company, we also believe strongly in promoting sport as a pathway to health, wellbeing and positive community engagement.’

Under the expanded ownership structure, Kandy Royals will continue to focus on building a competitive team, deepening its connection with supporters and creating long-term value for players, partners and the wider cricketing community.

University of Kelaniya-led clinical trials influence global guidelines, secure USFDA approval and improve stroke prevention

By Amira Cader

Sri Lanka has emerged as a global leader in hypertension research, with locally generated clinical evidence reshaping international treatment guidelines, securing US Food and Drug Administration (USFDA) approval and earning a novel blood pressure therapy a place on the World Health Organisation’s (WHO) Model List of Essential Medicines.

This achievement took centre stage at a high-level scientific forum organised by the University of Kelaniya recently, where clinicians, researchers, policymakers, regulators, and patient representatives explored how the country’s landmark research can now be translated into better health outcomes for Sri Lankans while strengthening the nation’s reputation as an international clinical research destination.

University of Kelaniya Vice Chancellor Senior Prof. Nilanthi de Silva underscored the importance of translating scientific evidence into national health benefits through collaboration among academia, healthcare professionals, and policymakers.

University of Kelaniya Faculty of Medicine Senior Professor of Pharmacology and Clinical Trials Unit (CTU) Director Prof. Asita de Silva outlined the scientific evidence behind the landmark research.

He noted that hypertension remains the world’s leading cause of preventable death despite the availability of effective and affordable treatments, making improved blood pressure control a global public health priority.

Prof. de Silva said the CTU focuses on developing innovative, cost-effective, and scalable healthcare solutions to address major public health challenges through well-designed interventional and epidemiological studies conducted in collaboration with internationally recognised centres of excellence.

He outlined how researchers at the University of Kelaniya, working alongside Sri Lankan specialists and experts from The George Institute for Global Health, developed a fixed low-dose triple combination antihypertensive therapy designed to improve blood pressure control.

‘More than 50% of the scientific data underpinning the internationally recognised research originated from Sri Lanka, demonstrating the country’s capacity to conduct rigorous clinical trials with global impact,’ he said.

Drawing on evidence from multi-country studies, Prof. de Silva explained that cardiovascular disease continues to disproportionately affect low- and middle-income countries, with South Asians experiencing acute myocardial infarctions approximately six years earlier than their European counterparts.

One of the landmark studies discussed was the TRIUMPH clinical trial, conducted between 2016 and 2018, which investigated whether initiating treatment with a low-dose triple-pill combination was more effective than conventional care for patients with mild to moderate hypertension. The study demonstrated significantly better blood pressure control with the combination therapy than with standard treatment.

Consultant Cardiologist Dr. Gamini Galappaththi said hypertension affects approximately 35% of Sri Lankan adults, underscoring the need for early intervention and low-dose combination therapy to improve blood pressure control and reduce cardiovascular risk.

Consultant Neurologist Dr. Bimsara Senanayake presented the neurological perspective, highlighting the critical role of effective blood pressure control in preventing recurrent strokes and improving long-term patient outcomes.

The forum also highlighted evidence showing that the triple-pill therapy reduced the risk of recurrent stroke by 40% when added to standard care, with only 27 patients needing treatment to prevent one recurrent stroke.

The event concluded with a panel discussion moderated by Prof. Asita de Silva, featuring Dr. Galappaththi, Dr. Gotabhaya Ranasinghe, and Dr. Senanayake. Discussions focused on translating research evidence into routine clinical practice, improving equitable access to effective treatment, positioning Sri Lanka as a recognised destination for high-quality clinical research, and fostering collaboration across sectors while maintaining scientific independence, integrity, and transparency.

Participants noted that the research has already influenced international hypertension treatment guidelines, received USFDA approval, and led to the inclusion of the therapy in the WHO’s Model List of Essential Medicines.

The forum concluded with a call for stronger collaboration among researchers, clinicians, and policymakers to translate these findings into routine clinical practice, improve blood pressure control, and reduce the burden of cardiovascular disease, while further strengthening Sri Lanka’s position as a global centre for high-quality clinical research.

Great Place To Work has announced the 50 Best Workplaces in Sri Lanka for 2026 – the 14th consecutive year study contributing to the world’s largest ongoing workplace culture research. Conducted between April 2025 and March 2026, the study surveyed over 80,000 employees (who represented a 93,000 workforce) across 200 organisations spanning over 20 industries, with an impressive average response rate of 86%.

The 50 Best Workplaceswere selected using the globally standardised Great Place to Work model, using two key lenses: Firstly, the Trust IndexSurvey, accounting for 75% of the score, measuring employee experiences of trust, pride, and camaraderie. Secondly, the Culture Audit, which contributes 25% of the score, evaluates people practices that foster positive workplace culture in the long-term. Statistical standards, strict anonymity protocols, post-survey audits, and random employee verifications were used to verify the integrity of the results.

The level to which organisations are a ‘Great Place To Work For All’ are measured through trust in leadership and the ability for employees to reach their full potential accounting for 85% of the final assessment score, with innovation by all, living by meaningful values, and leadership effectiveness making up the remaining 15%.

To qualify, organisations needed to be registered in Sri Lanka, employ more than 20 people, achieve Great Place To Work Certification passing a minimum of 70% positive Trust Index employee feedback rating within 1 year of the selection period, and complete a ‘For All’ Culture Audit submission.

The Best Workplaces in Sri Lanka in 2026 recorded an average of 91% positive employee perception, significantly outperforming the Rest by 11% points. The Best highlighted fairness in pay and top management as role models as the strongest drivers of emotional connection. While workplace politics and fairness in promotions remain areas of concern across all organisations, the Best continue to lead in addressing these challenges.

The following organisations were recognised among the 50 Best Workplaces in Sri Lanka for 2026, across four employee-size categories:

Micro category (up to 100 employees); Oxford College of Business, Altrium, Wedagedara Producers, Peri Logistics, Adapt Information Technologies, SYNERGEN Technology Labs, VS Fresh, Winners Global Investments, BoardPAC and Sunquick Lanka.

Small category (101 -250 employees); AB Mauri Lanka, Agro Ventures Plantations, Dijital Team, Advantis Express – Licensee of Federal Express, Uzabase, Wrth Lanka, Gapstars, Stelacom, Toppan Forms (Colombo), and Perfect Business Solution Services.

Medium category (251-500 employees); Ideal Motors, YKK Lanka, Bairaha Farms, Technomedics International, Intrepid Colombo, Douglas and Sons, DYVESTA Group, Expolanka Freight, BCD Travel Sri Lanka, Lion Brewery (Ceylon), Savinda Graphic Systems, PGP Glass Ceylon, and Janashakthi Insurance,

Large category (over 500 employees); the recognised organisations were Hilton, Hayleys Plantations, Amsafe Bridport, AIA Insurance Lanka, Marriott International, Sitrek Security Solutions, Diamond Cutters, Omega Line, S.A Silva and Sons Lanka, Nawaloka Medicare, SYNERGEN Health, Singer Finance (Lanka), United Tobacco Processing, HNB Life, DIMO, HNB General Insurance and Sunshine Group

An awards ceremony will be held on 11 September 2026 at Cinnamon Life, recognising the Best Workplaces in Sri Lanka and Asia 2026, preceded by a regional conference on 10 September, featuring knowledge-sharing sessions and practical insights on building high-performing workplace cultures.

Committee challenges assumption that operators would join formal system; Governor proposes broader probe into illegal foreign exchange flows

The Parliamentary Committee on Public Finance (CoPF) last week questioned the effectiveness of the Central Bank of Sri Lanka’s (CBSL) attempt to bring informal money transfer operators into the regulated financial system after officials disclosed that not a single Hawala or Hundiyal operator has registered under the new licensing framework introduced earlier this year.

The discussion unfolded as the committee reviewed amendments to regulations governing money or value transfer service providers, with lawmakers probing whether the Central Bank’s strategy was likely to formalise a long-established informal sector or merely criminalise it without improving enforcement.

CBSL officials explained that regulations introduced in 2024 required money transfer operators to register with the Central Bank, while the latest amendments extend the framework to overseas-registered operators conducting business in Sri Lanka.

The revised regulations also lower the minimum capital requirement for locally registered operators to Rs. 15 million from Rs. 20 million, a change officials said was intended to encourage registration. They added that three overseas-based operators had applied for registration under the amended framework.

However, officials acknowledged that no operators had yet registered under the original framework applicable to local providers.

They said only one application had been received, with the applicant requesting a reduction in the capital requirement, prompting the latest amendment.

CoPF Chairman Dr. Harsha de Silva questioned whether the capital threshold was genuinely preventing operators from registering, arguing that a Rs. 5 million reduction was unlikely to influence businesses handling substantial informal remittance flows.

‘Do you think 5 million capital requirement is the reason why these Hundiyal and Hawala fellows are not registering? Or is there something else?’ he asked, suggesting other factors were discouraging operators from entering the formal system.

Committee member Ravi Karunanayake similarly questioned whether the policy had achieved its intended outcome.

Recalling earlier discussions when authorities expressed confidence that operators would register once the legal framework was introduced, he asked whether Hawala activity had in fact diminished or simply continued outside the regulatory perimeter.

CBSL officials responded that while they could not conclude Hawala activity had disappeared, formal worker remittances had recovered sharply after falling during the economic crisis, suggesting greater use of licensed channels.

The committee questioned whether official remittance data adequately captured informal foreign exchange transactions, particularly in light of recent public debate over alleged large-scale illicit financial flows.

CBSL Governor Dr. Nandalal Weerasinghe added that the new registration regime had nonetheless strengthened enforcement by making unlicensed Hawala and Hundiyal operations explicitly illegal, enabling law enforcement agencies to prosecute operators found conducting such business without Central Bank registration.

LCB Finance PLC yesterday said it has delivered a year of strong financial performance and strategic expansion for the financial year ended 31 March 2026, recording a 55% increase in Profit Before Tax (PBT) to Rs. 439 million while continuing to strengthen its position as one of Sri Lanka’s fast-growing finance companies.

The company’s total assets increased to Rs. 12.87 billion, marking a significant milestone within just a decade of operations. The performance reflects LCB Finance’s continued focus on sustainable growth, operational excellence, prudent risk management, and expanding access to financial services across the country.

Total operating income rose by 36.9% year-on-year to Rs. 1.34 billion, supported by strong lending and deposit mobilisation. Net interest income increased by 43.03% to Rs. 1.21 billion, reflecting effective balance sheet management and disciplined execution of the company’s growth strategy.

LCB Finance’s lending portfolio expanded by 32% to Rs. 10.30 billion, driven by continued demand across key sectors including SMEs, self-employment, housing, tourism, transport, cooperative enterprises, and women-led businesses. The company also recorded exceptional growth in its gold loan portfolio, which surged by 136%, highlighting increasing customer demand for secured short-term financing solutions.

Customer confidence remained strong throughout the year, with deposits growing by 35% to Rs. 6.29 billion. The sustained increase reflects the trust placed in LCB Finance by customers and its commitment to delivering secure and reliable financial services.

Supporting its long-term growth strategy, the company expanded its branch network to 23 locations with the opening of two new branches, including a Premier Branch in Wellawatte. The expansion enhances LCB Finance’s ability to provide convenient access to financial services, particularly in underserved and emerging regional markets.

Beyond financial performance, LCB Finance continued to invest in employee development through structured training programs, career advancement opportunities, and digital capability building. The company also reaffirmed its commitment to strong corporate governance, regulatory compliance, and ethical business practices while maintaining close engagement with the Central Bank of Sri Lanka and other stakeholders.

Looking ahead, LCB Finance plans to further accelerate its growth trajectory by opening seven additional branches before the end of 2026 while advancing its digital transformation agenda. Sustainability will remain central to the company’s long-term strategy as it continues to balance financial performance with social responsibility and inclusive economic development across Sri Lanka.