Category: Daily Financial Times

Wire Communication Consultancy Holdings, a leading regional reputation communications group celebrating its 15th anniversary of market operations, has officially announced structural advancements to its senior leadership team. The corporate realignments aim to accelerate the deployment of its comprehensive operational framework, the ‘Wire 15 Roadmap’. The strategic blueprint targets absolute service integration across public relations, advertising, digital growth, media investment, and cross-border reputation architecture.

As the enterprise systematically scales its technical capabilities, the group has expanded the portfolio of Supun Hettiarachchi, appointing him Group Director – Media Wire and Digital Capabilities. Concurrently, Anjuu Bakshani has been appointed Director of PR Wire Sri Lanka. Both executive appointments serve as foundational pillars in Wire Group’s long-term framework to deliver predictive, insight-driven client consulting within increasingly volatile corporate and technological environments.

In his expanded executive capacity, Supun Hettiarachchi assumes direct strategic command of both Media Wire and Digital Wire Global. His mandate focuses on accelerating data-driven transformation pipelines, integrated cross-channel media investments, and deploying automated audience-engagement systems across the group’s multi-industry client portfolio.

Parallel to this infrastructure development, Anjuu Bakshani transitions to deepening enterprise client partnerships and enhancing strategic public relations practices, and reinforcing the company’s long-term market focus in regional crisis and reputation management.

‘As we systematically engineer a communications group ready to navigate the complexities of today’s market realities, these strategic appointments represent a critical milestone,’ said Wire Communication Consultancy Holdings Chairperson Ashan Kumar. ‘With comprehensive industry expertise and proven leadership experience, both Supun Hettiarachchi and Anjuu Bakshani will play major roles in shaping the next stage of innovation and service excellence across the Wire Group. Specialised digital transformation and service excellence will continue to be at the core of our growth strategy as we move to FY26/27 and beyond.’

The leadership consolidation matches growing corporate demand from global and domestic brands requiring agile, technically proficient agency networks capable of mitigating institutional risk while maximising market share. Wire Group has affirmed that its capital allocation strategies will continue prioritising senior industry talent, proprietary analytical tools, and highly synchronised service structures.

The National Chamber of Exporters of Sri Lanka (NCE) yesterday raised concerns over the lack of industry consultation prior to the recently introduced regulations that significantly shorten the period available for exporters to retain foreign currency earnings.

The concern follows the issuance of a Gazette Extraordinary by the Central Bank of Sri Lanka, which requires exporters to convert foreign currency proceeds held in designated accounts by the tenth day of the following month, a considerably shorter timeframe.

While exporters remain committed to complying with existing requirements to repatriate export proceeds to Sri Lanka, NCE members have questioned why a policy with direct implications for the export sector was introduced without prior consultation with exporter representative bodies and industry stakeholders.

Feedback received from NCE sectoral heads and council members indicates concern over the operational, financial and competitiveness-related impact of the new requirement.

A key issue highlighted by members is the absence of consultation with organisations representing exporters, including the NCE. Members have also questioned whether institutions responsible for export development and promotion were consulted and whether a comprehensive assessment of the impact on exporters was undertaken before the measure was introduced.

The concerns arise at a time when Sri Lanka’s export sector continues to record growth. Total exports from January to April 2026 are estimated at $ 5,784.38 million, representing a 4.3% increase compared to the corresponding period of 2025. Merchandise export earnings during the same period amounted to $ 4,524.62 million, recording a year-on-year increase of 4.8%.

Members noted that many exporters retain foreign currency balances for legitimate business purposes connected to export operations. These include the importation of raw materials and intermediate goods, purchases of machinery, equipment and spare parts, overseas marketing activities, and the settlement of foreign currency-denominated obligations.

Sri Lanka’s total import expenditure increased by 25.2% year-on-year to $ 8.23 billion during the first four months of 2026. Imports of intermediate goods, which include many of the raw materials and production inputs used by export industries, rose by 24.1% to $ 4.7 billion during January-April 2026, with fuel making up a substantial portion of it ($ 2.17 billion). Textile and textile article imports amounted to $ 899.4 million, remaining one of the largest categories, followed by other imports such as $ 205.6 million on plastics and articles, and $ 95 million on rubber and articles. Expenditure on investment goods reached $ 1.52 billion during the same period, including $934.2 million spent on machinery and equipment. These highlight some of the foreign currency requirements associated with production and export-related activities.

Moreover, many export industries operate on seasonal production and procurement cycles. As a result, export proceeds received at one point may only be required several months later to finance future export orders. Members therefore believe that compulsory conversion within a significantly shorter timeframe could disrupt business planning and cash flow management.

Another concern relates to the additional costs exporters may incur as a result of the new requirement. Members pointed out that exporters may be compelled to convert foreign currency earnings into Sri Lankan rupees and subsequently repurchase foreign currency when payments become due. Such transactions could expose businesses to exchange rate fluctuations, bank buying and selling spreads, and additional transaction costs, increasing operating expenses.

Exporters with foreign currency-denominated loans have also highlighted possible challenges stemming from the regulation. Some businesses retain a portion of their export earnings in foreign currency accounts to meet future loan repayments. Mandatory conversion could require such businesses to repurchase foreign currency at a later stage, exposing them to exchange rate risks and creating cash flow pressures.

In light of these concerns, members have proposed that a degree of flexibility be considered within the regulatory framework. One suggestion is to allow exporters to retain foreign currency balances where future foreign currency requirements can be demonstrated, including for raw material imports, machinery purchases, foreign currency loan repayments and other operational commitments. Under such a mechanism, exporters could submit projected foreign currency requirements through their banks and obtain approval to retain the necessary funds in foreign currency accounts.

Several members further noted that foreign exchange conservation efforts should be addressed through a broader policy approach.

Official data indicate that Sri Lanka’s merchandise trade deficit widened to $ 3.7 billion during the first four months of 2026, compared to $ 2.3 billion during the corresponding period of 2025, reflecting stronger growth in imports relative to exports.

In this light, suggestions included reviewing imports of non-essential goods and addressing areas where foreign exchange outflows could be reduced without affecting productive sectors of the economy.

There is broad agreement among the NCE members on the need to continue repatriating export proceeds in accordance with existing regulations and on the importance of supporting national economic objectives. While acknowledging the importance of strengthening the country’s foreign exchange position, many expressed the view that such initiatives should not place a disproportionate burden on exporters, who remain among the country’s primary generators of foreign exchange.

Members maintain that foreign exchange management measures can be more effective when developed in consultation with the sectors directly affected by them. The Chamber therefore emphasised the importance of engaging exporter representative bodies and other relevant stakeholders when formulating policies that have a direct impact on the country’s export sector and foreign exchange earnings.

The Central Bank of Sri Lanka (CBSL) has directed Singhe Capital Investment Ltd. and two of its directors to cease accepting deposits from the public after determining that the company had engaged in unauthorised deposit-taking activities in contravention of the Finance Business Act.

In a public notice issued under Section 42(10) of the Finance Business Act, No. 42 of 2011, the CBSL said an investigation conducted under the Act had found that Singhe Capital Investment Ltd. had accepted deposits by issuing promissory notes and/or commercial papers between February 2023 and October 2024 without the required authorisation.

The regulator said the company, which has its registered office at No. 150, Hirimbura Road, Galle, had violated provisions of the Finance Business Act governing the acceptance of public deposits.

Following the investigation, the CBSL determined that a number of individuals who served as Directors of the company during the relevant period were responsible for the contravention.

The Central Bank has specifically directed Singhe Capital Investment Ltd., K.G. Sugath Wasantha Kumara Rathnawardana and Chandika Yasnath Bandara Weerakoon to refrain from accepting deposits from the public.

According to the notice, Rathnawardana served as a director of the company from December 2023 to October 2024, while Weerakoon served as a director from September to October 2024.

The CBSL said the determination was made on 9 April 2026 following the conclusion of its investigation.

For decades, the narrative of Sri Lanka’s economic identity has been written in the ink of ‘potential.’ We speak of our strategic geography, our high literacy rates, and our resilient spirit. But in the hyper-fluid modern global marketplace, potential is no longer the currency of success; execution is. To transition from a participant to a power to be reckoned with, Sri Lanka must ignite a radical internal alchemy. We must, in keeping with two components of Porter’s Diamond (Ref: The Competitive Advantage of Nations), raise a new generation of Demanding Home Consumers and World-Class Local Suppliers who not only follow global standards but set them up.

Economic history teaches us that the world’s most dominant industries were rarely born in a vacuum. They were forged in the fires of a relentless domestic market. Think of the Japanese consumer’s obsession with ‘reliability’ that birthed Toyota, or the German demand for engineering perfection that gave life to the Mittelstand.

The rise of Toyota from a regional loom maker to a global automotive hegemon is a masterclass in the power of a demanding home market. Post-war Japanese consumers were not merely buyers; they were rigorous critics operating within a resource-scarce economy. Faced with high fuel costs and cramped urban spaces, they demanded vehicles that were exceptionally fuel-efficient, compact, and reliable. This domestic pressure forced Toyota to abandon the wasteful ‘mass production’ models of the West in favour of the Toyota Production System (TPS). Local consumers’ zero tolerance for defects pushed the company to adopt ‘Just-in-Time’ manufacturing and Kaizen i.e., continuous improvement. By the time Toyota introduced the Corolla to the global stage, the car had already survived the world’s most demanding ‘beta test.’ Because it was built to satisfy the relentless scrutiny of the Japanese public, it possessed a competitive DNA that the complacent American and European manufacturers could not match.

The German Mittelstand, the diverse group of small and medium-sized enterprises that form the backbone of the German economy, did not achieve global dominance through sheer size, but through a unique synergy with a sophisticated local industrial base. These companies, often referred to as the ‘Hidden Champions,’ thrived, and thrive, in a domestic ecosystem where German lead manufacturers such as Siemens, Volkswagen, BASF, et cetera, demand nothing short of perfection. In Germany, the relationship between the local suppliers and industrial consumers is one of absolute rigour. Local buyers do not just look for the lowest price; they demand extreme specialisation, precision engineering, and long-term reliability. This ‘unforgiving’ domestic environment compelled Mittelstand firms to focus on and dominate narrow niches. Because their local clients required components that could integrate into the world’s most complex machinery, these suppliers were pushed to innovate at the frontier of physics and material science. By the time a Mittelstand company considers exporting, it has already been ‘stress-tested’ by the world’s most demanding engineers. This creates a formidable competitive advantage. They do not just sell a product. They sell a standard of excellence that has been refined in the highest-pressure industrial market on earth.

Demanding local consumer

Let us apply the concept of the ‘Demanding Local Consumer’ to two of Sri Lanka’s leading foreign exchange earners, i.e., Garments and Hotels. For both, the ‘local’ market has historically been treated as a secondary outlet for surplus or ‘B-grade’ products. Reversing this mindset is the key to global consolidation.

Currently, Sri Lanka’s apparel sector is a world leader in ethical manufacturing (Garments without Guilt). However, it remains largely buyer-driven, responding to the demands of Western giants such as Victoria’s Secret and Nike. Because the local fashion market is often flooded with cheap imports or ‘factory rejects,’ there is little pressure on local manufacturers to innovate original designs for the domestic consumer. However, if Sri Lankan consumers began demanding high-performance technical wear such as moisture-wicking fabrics for our tropical humidity or high-end ethnic fashion for their own wardrobes, local suppliers would be forced to develop, design, and build research and development capabilities independent of foreign buyers. A manufacturer that masters the complexity of ‘tropical-climate performance wear’ for a demanding local base can then export that specialised intellectual property (IP) globally, moving from being a subcontractor to a brand owner. Without doubt, our leading garment exporters are world-class in process excellence. It is time they are pressured to leverage that excellence in producing for a home base with the long-term vision of being a brand owner in a global stage.

As for Hotels, Sri Lanka has a wealth of ‘comparative advantages’ such as beaches, hills, and history to name a few, but its ‘competitive advantage’ is often diluted by inconsistent service standards. Many local hotels practice ‘dual standards’. Superior service for foreigners and ‘good enough’ service for locals, preventing the industry from developing a uniform, world-class service culture. This servile duality is the ‘silent killer’ of Sri Lankan excellence. For too long, our hospitality and service sectors have operated under a neo-colonial delusion: that a passport or skin tone dictates the caliber of a smile. When we reserve our finest vintage, our promptest service, and our deepest bows for the ‘foreign’ traveller while offering the local guest a lukewarm shrug, we are not just being discriminatory; we are being operationally mediocre. This ‘apartheid of service’ creates a brittle industry. If our standards fluctuate based on the ethnicity of the customer, we do not have a standard; we promote discrimination. Global tourism powerhouses like France, Italy, the United Kingdom, China, Japan, Switzerland et cetera do not calibrate quality based on the guest’s origin. They deliver excellence because their own dignity depends on it. To win globally, Sri Lanka must slaughter this sacred cow of perceived inferiority. Consumers must demand world-class rigour from our service providers and refuse to be ‘second class’ in our own home. Until we respect ourselves enough to demand the best, the world will never truly respect the brand ‘Made in Sri Lanka.’

When Sri Lanka’s domestic travellers become ‘unforgiving’, demanding seamless digital check-ins, authentic farm-to-table culinary precision, and uncompromising hygiene, they will create a non-seasonal pressure cooker for excellence. If the local hotel can satisfy a local guest who knows the culture intimately and refuses to accept ‘inauthentic’ or ‘shabby’ service, that hotel will be prepared for the most discerning traveller from London, Tokyo, Delhi, or New York. The domestic market becomes the ‘training ground’ that ensures the staff’s service DNA is world-class 365 days a year, not just during the ‘tourist season.’

When local consumers refuse to settle for ‘good enough,’ they force local industries to innovate or perish. A demanding domestic market acts as a high-pressure laboratory. By expecting the same or better quality, sustainability, and digital integration from a Sri Lankan brand as they would from a European or East Asian counterpart, our citizens become the ultimate catalysts for industrial evolution. This is not just about patriotism. It is about a ‘tough love’ ecosystem that prepares our businesses for the brutal scrutiny of the global stage.

Dominating the global stage

If we are to dominate the global stage, the local consumers must do away with the notion of ‘good enough.’ The revolution must begin in our own shops, our own hotels, and our own boardrooms. We must reject the crumbs of global supply chains and the indignity of second-class service. We must have zero tolerance for the ‘export-quality’ myth and refuse to accept that our best products should leave our shores while we settle for ‘B-grade’ leftovers. If it is not good enough for us, it is not good enough for the world! We must stop patronising establishments that calibrate their hospitality by the colour of a passport. We must demand excellence because we are customers, not because of our origin. We must stop rewarding mediocrity with our silence. We must complain, we must critique, and we must walk away from brands that fail to innovate. Our lofty expectations must be perceived as a gift by local suppliers. It is the friction that operationalises ‘Porter’s Diamond.’ Lastly, we must reward the local suppliers who show the courage to match the world’s best. We do not want ‘local’ as a charity; we want ‘local’ as a gold standard.

On the other side of the coin lie the Local Suppliers. The ambition of the consumers must be matched by the capability of the producers. For Sri Lanka to consolidate its competitive advantage, our local ‘giants’ and Small and Medium Enterprises (SMEs) must undergo a ‘capability revolution.’ They are no longer competing with the shop next door. They are competing with automated factories in Vietnam and artificial intelligence (AI)-driven logistics hubs in Singapore.

Breeding suppliers with the capacity to match the world’s best means, *Technological Sophistication: Moving beyond assembly to high-value research and development (R and D) and proprietary IP, *Agility: Mastering the ‘just-in-time’ capabilities of global supply chains, and *Quality Obsession: Ensuring that ‘Made in Sri Lanka’ becomes a global shorthand for excellence. When a demanding local public meets a hyper-capable local supply chain, a virtuous cycle begins. Domestic rivalry intensifies, innovation accelerates, and the definition of ‘normal’ is recalibrated. This healthy, internal friction generates the heat to propel Sri Lankan exports into the most sophisticated markets on earth.

To move from a ‘protected’ economy to a ‘competitive’ one, the Government must stop acting as a safety net for mediocrity and be the enabling architect of excellence. The NPP Government has stated that other than in a few selected instances, it will not run businesses but will sharpen the environment in which they operate. The Government must shift the mindsets of the current corporate ‘giants’ from domestic dominance to global relevance. The implementation of the four-band tariff structure that would remove the ‘comfort blankets’ of high protective taxes that have allowed ‘giants’ to be inefficient and lazy, is a welcome move. Further, lowering tariffs on high-tech inputs will enable these ‘giants’ and SMEs to modernise and compete with the world’s best right here in Sri Lanka. The state must heighten its commercial diplomacy by pivoting its foreign missions from political posts to commercial hubs. By setting hard export targets for ambassadors and integrating the Export Development Board (EDB) into every embassy, the Government can create global pressure that demands ‘home players’ match international standards to survive. It is also vital that the state funds accredited world-class labs. If a local enterprise can get an internationally recognised ‘green’ or ‘digital’ certification at home, their path to the EU or US markets is paved.

SMEs

The Government must also help SMEs to build capability. The Government’s role should be to provide them with the tools of trade, not just hand-outs. The Government has promised to eliminate the ‘bureaucracy tax’ by creating a ‘Digital Single Window’ for investments and exports, thereby enabling an SME in Matara to access the same global markets as a ‘giant’ in Colombo without experiencing the friction of twenty different Government departments. The Budget 2026 announced the departure from generic ‘relief,’ to enhanced capital allowances, where, if an SME invests in AI, automation, or sustainable tech, the Government will offset the cost. As per the proposals, this is as much as 200% in certain regions. This is not a handout. It is a subsidy for upgradation. The Government also plans to develop auxiliary industrial zones where SMEs are literally ‘plugged in’ as suppliers to larger enterprises or renowned international manufacturers. The eligibility to stay in the zone is contingent on SME meeting the clients’ world-class standards. This is very similar to Germany’s Mittelstand.

Budget 2026 has a ‘carrot and stick’ approach to enhancing industrial capability. The most significant ‘carrot’ is the radical reduction of the Enhanced Capital Allowance (ECA) threshold from USD 3 million to just USD 250,000, allowing SMEs to claim 100% to 200% of their investment in machinery and technology against their tax liabilities. This is essentially subsidising the ‘re-tooling’ of small factories to meet global standards. Coupled with the Rs. 35.6 billion allocations for digital transformation, including a national e-invoicing system and a single National Trade Window, the Government announced plans to upgrade the ‘plumbing’ of the SME sector. The ‘stick’, though, is concerning. To broaden the tax base, the Government slashed the VAT/SSCL registration threshold from an annual Rs. 60 million to Rs. 36 million. This brings a ‘compliance tsunami’ to smaller players who lack the accounting infrastructure to manage VAT. The most notable failure, however, is the absence of the promised ‘relief bank’ (Sahana Bank) for struggling enterprises, leaving many SMEs trapped in unmanageable debt cycles. Only a meagre Rs. 8 billion has been allocated for new loan schemes for a sector comprising 1.5 million firms. Furthermore, while the budget talks of ‘global value chains,’ it remains silent on productivity linkages. There are no specific incentives for ‘Giant-SME’ mentorship or technology transfer, leaving smaller suppliers to modernise in isolation rather than as part of a cohesive industrial engine.

Role of Government

In protecting the ‘reliability’ of Sri Lanka’s big exporters from ‘black swan’ events like Cyclone Ditwah, which dealt a $4.1 billion blow to the economy, the Government must pivot from reactive relief to pre-emptive resilience. Reliability is the only currency that keeps global buyers from switching to competitors like Vietnam, Indonesia and India. There are a couple of things the Government can do. It can hard-code climate resilience by immediately enforcing ‘climate-ready’ building codes for industrial zones. As was seen in the Kandy and Central provinces, the flooding of factories was not just due to weather; there was a failure of drainage and location planning. The Government can also establish a digital export vault by subsidising decentralised cloud infrastructure and satellite-linked backup hubs, like Starlink, to ensure that even if the national grid or fiber optics fail, our global codebases and service desks remain online. In being prepared for ‘chance’ events like the X-Press Pearl incident, the Government must immediately join the Hazardous and Noxious Substances (HNS) Convention. This allows for immediate, high-quantum international compensation, protecting our Tourism and Fisheries sectors from the multi-year legal delays currently stalling recovery. The Government will also do well with the agriculture sector by moving beyond ad-hoc handouts to a National Parametric Insurance Scheme, which ensures that the moment a weather event, such as Ditwah, hits a specific ‘intensity threshold’, funds are released to exporters within a specified time to secure alternative supply or repair irrigation. Reliability is not the absence of disaster; it is the speed of recovery. The State must stop managing ‘the event’ and must preempt ‘the downtime.’

Today, we must make decisions. We can continue to be a nation that exports raw materials and basic services, or we can become a nation that exports intelligence, quality, and innovation. The journey to global dominance does not start at the Port of Colombo. It starts with demanding home consumers and world-class local suppliers. It is time to stop being a ‘promising’ economy and start being a ‘demanding’ one.

HighVoltagePR, a premier boutique public relations and reputation management agency in Sri Lanka, celebrates its 10th anniversary, marking a decade of excellence in strategic communications, responsible media engagement, and impactful storytelling.

Established in 2016 by veteran journalist and corporate communications specialist Supun Dias, HighVoltagePR was built on a foundation of absolute credibility, strong media relationships, and transparent results.

Over the past ten years, the agency has evolved into a trusted communications partner, steering the public positioning and corporate reputations of leading brands across FMCG, healthcare, construction, automotive, financial services, logistics, retail, IT and non-governmental sectors.

HighVoltagePR Founder Supun Dias said: ‘When we established this agency a decade ago, our vision was simple yet uncompromising: To bring authentic, responsible, and journalist-friendly storytelling to the forefront of corporate communications in Sri Lanka. Our longevity is a direct reflection of the trust our clients place in us and the respect-driven relationships we maintain with the media fraternity. As we look ahead, we remain focused on evolving alongside the changing media landscape while preserving the high standards of clarity and integrity that define us.’

Marking its forward-looking growth trajectory, HighVoltagePR has entered into a strategic partnership with Ncatalysts, one of Sri Lanka’s emerging growth and performance marketing agencies. Founded in 2022, Ncatalysts combines creative strategy, video production, performance marketing, and digital infrastructure development – including web, app, and AR/VR experiences – to help brands grow with bold creativity and relentless execution. Its portfolio includes some of the country’s most prominent names: Dialog, LOLC Group, Exide, TVS, Prima Flour and AIA.

This collaboration creates an integrated model where HighVoltagePR’s unmatched traditional media relations and reputation management expertise seamlessly align with Ncatalysts’ strengths in digital execution, performance marketing, and online discoverability.

Ncatalysts Founder Namal Fernando said: ‘This partnership brings together two critical pillars that brands in Sri Lanka need right now: Credibility in the public space and performance in the digital space. Sri Lankan businesses are competing in a highly crowded, digital-first environment. By partnering with HighVoltagePR, we are creating a unified model where PR, digital marketing, and customer experience work together under one strategy and one accountable team, ensuring clients move faster and achieve stronger business outcomes.’

The decade-long journey of HighVoltagePR has been characterised by a lean, highly strategic operational model ensuring senior-level counsel. With a solid ten-year legacy as its foundation and a fortified multi-channel communication capability through Ncatalysts, the agency is uniquely positioned to guide modern brands through the next decade of reputation management, ensuring client messages resonate seamlessly across print, broadcast, and emerging digital channels.

C.W. Mackie PLC has promoted Mangala Perera as its Chief Executive Officer/Executive Director from its previous position as Group Chief Operating Officer/Executive Director.

A graduate of the University of Sri Jayewardenepura, he holds a B.Sc. (Hons.) degree in Marketing Management (Special) and a postgraduate diploma in Business and Financial Administration. He also holds fellowship status with the Australian Sales and Marketing Association.

Perera brings extensive experience in branding, marketing and general management. He previously served as Asia Pacific Regional Business Development Manager for an Australian company, where he worked with multinational corporations including Kimberly-Clark, Sanitarium Health Foods, Golden Circle, Arnott’s Biscuits and Eveready, engaging directly with a range of global brands.

An active contributor to the marketing profession in Sri Lanka, Perera has served on several national-level project committees and has been involved in initiatives aimed at advancing the country’s marketing sector.

In addition to his new role, he serves as Managing Director of Sunquick Lanka Ltd., and as a Director of Kelani Valley Canneries Ltd., Sunquick Lanka Properties Ltd., and Phoenix Industries Ltd.

Vidyartha College have secured promotion to the Dialog Schools Rugby 1A Division for the 2027 season following an outstanding campaign in the Division 1B tournament. The Kandy school remained unbeaten in its matches and will face Rajans in its final outing on 20 June.

The side was guided by Head Coach Anurudha Wilvara, whose leadership played a key role in the team’s success. He was well supported by Forward Coach Radeesha Senevirathne, Trainer Oshada Kodagoda and Kicking Coach Chamara Kumara. Veteran Team Manager Upul Bandara Weerasinghe, who has served the college for more than a decade, also played a vital role behind the scenes in the successful campaign.

Captain Sadew Dilshara led the side with confidence and determination, while Vice-Captain Pamudotha Narayana provided valuable support both on and off the field.

The Kandy outfit recorded impressive victories over St. Sylvester’s College (41-17), St. Aloysius’ College (68-8), Sri Piyarathana College (103-0), St. Benedict’s College (42-17) and Maliyadeva College (22-14) to confirm promotion before its final league fixture.

A school with a proud rugby tradition, Vidyartha has produced several outstanding players who have represented leading club sides and Sri Lanka. With promotion now secured, the Kandy school will aim to re-establish itself among the country’s elite when it returns to the highly competitive 1A Division in 2027. (SJ)

The Securities and Exchange Commission of Sri Lanka (SEC) has issued a public warning against Evolute, alleging that the entity is linked to illegal operators previously associated with investment schemes promoted under the names Copreus and Gladius, and cautioning investors against handing over funds for purported investments in foreign stock markets.

In a social media awareness campaign, the regulator claimed that Evolute represents the latest rebranding of a group that has changed names and locations over time while continuing to solicit investments from the public.

‘First it was Copreus, then it became Gladius, and now it has reappeared as Evolute – a new name, a new location, but the same people behind it, simply changing identities over time,’ the SEC said.

The Commission warned investors to be cautious of unsolicited telephone calls and promotions offering access to overseas stock market investments, noting that legitimate investment opportunities do not typically rely on cold-calling prospective clients.

The regulator also highlighted Sri Lanka’s financial literacy gap, observing that while the country’s literacy rate exceeds 93%, financial literacy remains around 55%.

‘Many can read the offer, but not always the risks hidden within it,’ the SEC said.

The warning forms part of the SEC’s broader investor protection initiative aimed at raising awareness of unregulated investment operators and schemes that claim to invest public funds in foreign markets.

The Commission urged the public to verify the regulatory status of any investment provider before committing funds and to exercise caution when confronted with promises of attractive returns or exclusive overseas investment opportunities.

‘Stay alert, question everything, and don’t let smooth talkers turn your savings into their profits,’ the SEC said, adding that it continues to monitor such activities as part of its public awareness mandate.

The SEC’s mandate is to regulate domestic capital market participants including licenced stock brokers.

Companies accepting public funds to invest in foreign stock markets ought to be licenced in the jurisdictions they are investing in. However, accepting public funds for investing overseas falls under the jurisdiction of the Central Bank of Sri Lanka (CBSL).

The CID is investigating and CBSL has also been instructed by the Attorney General to look into the matter.

Last December, SEC warned the investing public that ‘Gladius South Asia’ is not licenced by the SEC to operate as a Market Participant within or outside Sri Lanka.

‘The SEC does not regulate, nor does it grant licences for entities to operate in foreign jurisdictions,’ a statement issued then by capital markets regulator said. It said that Gladius South Asia, in some instances, informs clients that it is licensed by the Financial Conduct Authority (FCA) in the United Kingdom. However, the FCA has officially confirmed to the SEC that Gladius South Asia is not a registered entity with the FCA. ‘Please note that in the United Kingdom, all financial services activities must be authorised or registered by the Financial Conduct Authority (FCA),’ the SEC added.

Now, the SEC says Gladius is operating under a different name, Evolute, allegedly out of the World Trade Centre.

The winners of the grand prize of the 19th edition of Ceylinco Life’s flagship ‘Family Savari’ mega promotion have returned from an immersive and memorable tour of Beijing, experiencing some of China’s most iconic landmarks and cultural highlights.

The all-expenses-paid tour brought together five winning families, a total of 20 participants, for a curated journey through China’s historic capital, accompanied by Ceylinco Life brand ambassador Roshan Ranawana and his family, adding a special dimension of warmth and camaraderie to the experience.

The itinerary combined history, culture and entertainment, offering participants the opportunity to explore globally renowned sites including the Great Wall of China, accessed via the Mutiyanu entrance with a scenic cable car ride, and the 2008 Olympic Stadium. The group also visited Tiananmen Square, the Forbidden City and the Summer Palace, gaining insight into China’s rich imperial heritage.

Adding further variety to the tour were visits to a jade factory, a panda zoo and a professionally staged acrobatic performance, alongside opportunities to enjoy authentic Chinese cuisine and leisure time for shopping.

The Beijing tour represented the pinnacle reward of Family Savari 19, under which five policyholder families were selected at the grand draw to receive this exclusive overseas holiday. The winners were drawn from branches located in Wennappuwa, Kelaniya, Godakawela, Kamburupitiya and Homagama.

Family Savari, launched in 2007, has grown into the largest and most enduring loyalty-cum-rewards programme in Sri Lanka’s life insurance sector, benefitting more than 37,000 people from over 11,000 policyholder families. The promotion is synonymous with shared family experiences and meaningful rewards, reinforcing long-standing relationships between Ceylinco Life and its policyholders.

Over the years, Family Savari winners have travelled to destinations across the globe, with each edition designed to create lasting memories through carefully curated experiences. The successful completion of the China tour marks yet another milestone in the continuing evolution of this iconic programme.

Ceylinco Life has been the market leader in Sri Lanka’s life insurance industry for 22 consecutive years. Recognised as the Best Life Insurer in Sri Lanka by World Finance for the 12th consecutive year and voted the ‘Peoples Life Insurance Service Provider of the Year’ for an unprecedented 20th consecutive year in 2025, Ceylinco Life offers innovative insurance solutions that protect and de-risk the ambitions of policyholders. In 2025, Ceylinco Life was also ranked the most valuable insurance brand in Sri Lanka and the 22nd most valuable brand overall by Brand Finance.

The Colombo Magistrate’s Court yesterday granted bail to Yoshitha Rajapaksa, hours after he was arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) in connection with an ongoing investigation into his recruitment to the Sri Lanka Navy.

Colombo Additional Magistrate Lahiru Silva ordered Rajapaksa’s release on three personal bails of Rs. 5 million each.

The court also imposed a travel ban, preventing him from leaving the country pending further proceedings.

Yoshitha Rajapaksa, the second son of former President Mahinda Rajapaksa, was arrested yesterday by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) after appearing before the Commission to provide a statement in connection with an ongoing investigation.

Rajapaksa appeared before CIABOC regarding an investigation into his recruitment to the Sri Lanka Navy and his subsequent training at the British Royal Naval College.

Following questioning by investigators, Commission officials had placed him under arrest. Rajapaksa had initially been summoned to appear before the Commission on Monday. However, he informed the authorities in writing that he was unable to attend due to a hearing before the Court of Appeal.

His appearance was subsequently rescheduled for yesterday, when he reported to the Commission and provided a statement.