Army SC continues domination of Tier B 50-over tournament

Army SC continued to dominate the Tier B 50-over tournament when they logged in their fourth consecutive win beating Galle CC by seven wickets at the Mahinda Rajapaksa Cricket Stadium, Hambantota yesterday to retain top spot in Group B.

Army SC made light of Galle CC’s total of 206 by scoring 207-3 to win with 76 balls to spare. An opening partnership of 93 by Ashan Sudarshana (40) and Pathum Dilshan (47) set the stage for their successful run chase. Manushka Samith (42) and Sukitha Devthilina (49*) completed the formalities for the win. Only captain Amith Eranda batted with any authority for Galle CC scoring 50 off 85 balls (2 fours).

Chilaw Marians CC kept pace with Army SC with their third win in as many matches beating Sebastianites by 25 runs (DLS method) at the SLLDC grounds, Kirimandala. In a game reduced to 40 overs, Chilaw Marians CC batting first scored 210-6 with skipper Kasun Vidura (59 off 54 balls, 4 fours) and Gimhan Rasanjana (68 off 55 balls, 7 fours, 2 sixes) putting together a partnership of 108 off 87 balls. Sebastianites chasing a revised target of 165 were dismissed for 139.

Unbeaten Navy SC suffered their first defeat in four matches when they lost to Negombo CC by 70 runs at Welisara. Chasing a target of 286 Navy SC collapsed to 91-6 and it was contributions from the lower order that saw them to their final score of 215. Koshan Jayawickrama top scored with 52 off 51 balls (6 fours, 2 sixes). Half-centuries from Dinitha Lochana (59 off 91 balls, 5 fours, 1 six), Rashmika Mevan (66 off 79 balls, 3 fours, 1 six) and captain Dimuth Sandaruwan (50 off 37 balls, 5 fours) made up Negombo CC’s total of 285.

Following three losses on the trot Kandy Customs SC finally ended their barren run with a seven-wicket win over United Southern SC at Army grounds, Dombagoda. Off-spinners Kosala Ravindu (4/21) and Kaveesha Induwara (3/32) curtailed United Southern SC for 112. Kandy Customs SC knocked the runs off in 25 overs with opener Lahiru Attanayake contributing 71* off 76 balls (9 fours, 3 sixes).

Kurunegala SC ran up the highest total of the day – 315-6 and beat Ragama CC by 144 runs at the Welagedara Stadium. Kaveen Bandara struck a splendid century (105 off 128 balls, 10 fours, 3 sixes) and shared a third wicket stand of 145 with Dilshan Kolure (75 off 71 balls, 5 fours, 1 six) for Kurunegala SC. Ragama CC were dismissed for 179 by left-arm spinner Ruchira Silva who finished with figures of 5/37. (ST)

National essay competition on life insurance for school children

The Insurance Regulatory Commission of Sri Lanka (IRCSL), in collaboration with the Foundation for the Advancement of Life and Insurance Around the World (FALIA), Japan, and the Insurance Association of Sri Lanka (IASL), is pleased to announce the launch of the National Essay Competition on Life Insurance for School Children – Sri Lanka 2026.

The competition is organised with the support of FALIA, Japan, an international non-profit organisation dedicated to promoting financial literacy and advancing public understanding of life insurance through education, research, and international collaboration.

The initiative ‘Inspiring Young Minds: Securing Tomorrow.’ focuses on empowering school children with essential financial knowledge by promoting awareness of life insurance, the importance of preparing for future financial needs, and the value of making informed financial decisions.

The competition has been designed to encourage school children to think critically about family financial protection, long-term financial planning, risk management, and economic stability while strengthening their writing, analytical, and communication skills.

The competition is open to school children from government, private, and international schools across Sri Lanka and will be conducted in Sinhala, Tamil, and English.

Age Categories and Eligibility

The essay competition will be conducted under two age categories,

Junior Category (13-16 years): Children should have been born between 1st January 2010 and 31st December 2013.

Senior Category (17-19 years): Children should have been born between 1st January 2007 and 31st December 2009.

Registration is open until 30 September 2026. Before registering, applicants are advised to carefully read the registration instructions, have their school information and parent or guardian contact details ready, select their preferred examination district, and provide a valid email address and mobile number.

The essay competition will be conducted as a supervised examination in the month of October 2026 at designated examination centres across all 25 districts of Sri Lanka. Participants will be required to answer one essay question selected from four questions provided on the day of the examination. The maximum examination duration will be 01 hour and 30 minutes.

Participation is completely free of charge, ensuring children from all parts of the country have an equal opportunity to participate.

School children are encouraged to prepare for the competition by developing an understanding of key concepts related to life insurance as a tool of financial planning, providing family financial protection, ensuring financial security, replacing lost income, supporting long-term savings, planning for future needs, managing financial risks, contributing to economic stability, enhancing household well-being, and helping individuals achieve their life goals. On the examination date, participants will be required to write an essay based on a specific question designed around these concepts.

The competition offers attractive cash prizes for National Award Winners both Junior and Senior categories: First Place: Rs. 75,000; Second Place: Rs. 50,000 and Third Place: Rs. 25,000.

In addition, 144 District Merit Award winners will be selected across all 25 districts under both categories, with each recipient receiving a cash prize of Rs. 5,000.

National winners and District Merit Award recipients will receive printed certificates, while every participant will be awarded an official e-certificate in recognition of their participation.

Parents, teachers, and school principals are warmly invited to support this national initiative by encouraging eligible school children to participate and prepare for the competition. Their guidance and encouragement will help children enhance their understanding of financial planning and the important role of life insurance in securing their future.

Sleeping data, living risks: Protecting what your organisation stores in the dark

The 2nd Data Privacy and Protection Summit 2026, organised by CICRA and the Daily FT, concluded recently at the Oak Room, Cinnamon Grand Colombo, drawing over 380 senior professionals from data protection, governance, compliance, and cybersecurity sectors. The landmark event, supported by Mastercard as Title Partner, Concentric AI as Strategic Partner (in partnership with Orin Corporation), People›s Bank as Exclusive Banking Partner, and LankaPay as Silver Partner, provided a critical platform for understanding how AI enablement is transforming both the threat landscape and defensive capabilities.

In a powerful keynote address titled «Sleeping Data, Living Risks: Protecting What Your Organisation Stores in the Dark,» Mastercard Sri Lanka Country Manager Mahesha Amarasuriya, delivered a stark warning to organisations, urging them to confront hidden risks lurking within their own data archives.

Drawing a parallel to homeowners focusing on front doors while neglecting broken back entrances, Mahesha illustrated how organisations are failing to secure «dark data» information stored but no longer actively managed, understood, or used. She cited that nearly 60% of data breaches involve information stored in systems that organisations have forgotten or deprioritised.

«The rules of the game have changed with the rapid adoption of AI,» Mahesha stated. «While AI drives productivity, it is also being used by attackers to identify weaknesses faster. We are not just talking about protecting systems, but discovering risks before attackers discover them.»

To underscore the threat, Mahesha referenced the infamous Marriott International breach, where the acquisition of Starwood Hotels led to the compromise of 383 million guest records, costing over $50 million. «Data does not age like fine wine; it ages like dynamite,» she cautioned.

Mastercard Sri Lanka Director of Account Management Shashi Madanayaka, built on this theme, unveiling alarming findings from Mastercard›s Asia Pacific research. The estimated card-not-present fraud losses have surged to $ 49 billion a staggering 149% jump from 2025.

«The numbers are not just statistics, they represent a clear and present danger to every organisation that holds data,» Shashi told the packed audience. «The final impact of a data breach is threefold: financial impact, reputation impact, and operational impact. No organisation can afford to ignore any of these dimensions.»

Shashi emphasised that 75% of consumers say they will not deal with an organisation that has suffered a data breach, noting that the global average cost of a data breach in 2024 stood at USD 4.8 million.

Drawing on Mastercard›s insights specific to Sri Lanka, Shashi outlined the most common attack methods targeting organisations: Malware, Email phishing, Ransomware, and Reconnaissance. He identified primary asset targets as customer financial data, intellectual property, business systems, and customer personally identifiable information (PII).

Perhaps most striking was Madanayake›s revelation that seven out of ten cyberattacks are targeting the technology, financial, and government sectors. ‘These are the pillars of our digital economy,’ he said. ‘When they are under siege, the entire ecosystem is at risk.’

A dynamic panel discussion brought together leaders from across the financial and technology sectors. Moderated by Daily FT Editor/CEO Nisthar Cassim, the panel featured Mahesha Amarasuriya, Shashi Madanayaka, LankaPay CEO Channa De Silva, and People›s Bank

Chief Manager of Data Protection Unit/Data Protection Officer Saranga Sri Wimukthi.

The discussion explored practical challenges of identifying and securing sleeping data, particularly in the context of Sri Lanka›s imminent PDPA enforcement set for 1 January 2027.

Channa De Silva highlighted the scale of the challenge as digital payments expand across the country: «Our national payment infrastructure is enabling real-time, secure, and inclusive transactions. But with that comes an enormous responsibility to protect the data that flows through these systems. The sleeping data problem is amplified in a connected ecosystem where data traverses multiple entities.»

Saranga Sri Wimukthi shared People’s Bank’s proactive approach to data governance: ‘At People’s Bank, we process vast amounts of sensitive personal and financial information across our extensive network. Data protection is not merely a regulatory requirement, it is the bedrock of customer confidence and operational integrity.’

She highlighted the practical challenges: «Do we know what data we hold? Do we know where it is stored? Who has access to it? How is it being used? What risks does it create? With AI, we can now understand context, meaning, and relationships. That changes everything.»

The panel emphasised that public trust will ultimately determine the success of digital transformation. «If customers do not trust that their data is being protected, they will not embrace digital services,» the panel stressed. «Organisations must treat data protection as a strategic priority, not just an IT function. The tone must be set from the top.»

Shashi Madanayaka added that AI-driven solutions can help organisations achieve this balance: «AI-powered security can autonomously discover and classify sensitive business data across cloud and on-premises environments. It can reduce data security threat surfaces and provide actionable strategies to build a resilient, PDPA-ready compliance framework.»

Channa De Silva concurred, noting that collaboration across the financial ecosystem is essential: «Data protection is a shared responsibility. Both Government institutions and private sector organisations have a role to play in protecting citizen and customer data.»

The session concluded with a powerful consensus: sleeping data represents one of the greatest risks facing organisations today, but it is a risk that can be managed. By leveraging AI driven solutions to discover, classify, and protect unstructured and forgotten data, organisations can transform this vulnerability into a strength.

With the PDPA enforcement date approaching, the summit served as a critical call to action for Sri Lankan organisations to prioritise data protection, embrace AI powered security solutions, and build the governance structures necessary to thrive in an increasingly digital economy.

Cinnamon Grand was the Hospitality Partner and MullenLowe was the Brand Communications Partner of the 2026 Data Protection and Privacy Summit.

Towards true maritime and energy hub, do we have a vision?

In a landmark split decision case, the Supreme Court recently ruled that the supply of bunker fuel to foreign vessels in Sri Lankan waters is a domestic sale – not an export or- export equivalent international sale, closing a long-contested avenue for concessionary tax treatment and reshaping the legal landscape for the island’s bunkering industry and its future aspiration to be a maritime and an energy hub. Supply of bunker fuel to a foreign vessel within Sri Lankan territorial waters does not constitute as an ‘export’ within the meaning of the Inland Revenue Act No. 38 of 2000, the Inland Revenue Act No. 10 of 2006, or the Value Added Tax Act No. 14 of 2002. The ruling stops bunkering from being classified as Zero-Rated (an export benefit), meaning companies remain locked into the exempt status where they cannot recover their input tax. (GST/VAT and revenue base taxes).

SL not waking up for any shocks

Sitting on these old, outdated IRD Acts, the country seems not waking up for any shocks. Opportunities come and go and the authorities tend to sleep on key sector reforms while having endless meetings. It is up to the professionals to point out how the world works with common sense to change the direction of a nation rather than wait until the business and infrastructure move out to other competing nations. In Sri Lanka, systems mainly run on reactive basis rather than being proactive on reforms with a lethargic attitude and old school thinking, resulting in old laws stopping the country’s progress. Whereas the world is setting its rules to fix modern AI based solutions and new trading environments.

The table below will give the facts to consider. It’s up to our legislators/policy makers to decide if we are to be a true competitive maritime and an energy hub that needs reforms and investments at some point of time or just delay until another opportunity is completely lost. This is among many other reforms in the maritime and logistics industry that has fallen over deaf ears for decades.

All shipping hubs except Sri Lanka, consider the international bunker sales as an export/ deemed export or are re-exports, while India which is not considered a hub is considering it as an export but has a GST component in place and working toward a claimable regime

Supply of bunker fuel

The supply of bunker fuel to ships bound for international waters is treated as an export in almost all maritime countries and all shipping hubs for tax and customs purposes. This classification allows suppliers to benefit from zero-rating, meaning they are not subject to standard VAT or GST etc. The purpose is to increase foreign trade, investments and transportation through these countries to get greater multiplier effects to the economy that these services bring. Infrastructure, new job creation and local enterprises can adapt new technologies and develop ancillary services. All shipping hubs except Sri Lanka, consider the international bunker sales as an export/ deemed export or are re-exports, while India which is not considered a hub is considering it as an export but has a GST component in place and working toward a claimable regime.

I hope this article will open the eyes and call for fast actions at the upcoming Budget to correct yet another anomaly that keeps the logistics sector contributing to the GDP below 2.5%. If one opens the eyes and looks at our neighbour India with massive free market-oriented reforms, and infrastructure expansion, attracting USD billions of investments to the logistics industry with all global brands moving in fast, one can see the opportunities lost.

FIU tightens customer due diligence as banks face new compliance regime

Banks and finance companies will face a tighter customer due diligence (CDD) framework requiring continuous transaction monitoring and fresh reviews when customer profiles materially change, as the Financial Intelligence Unit (FIU) prepares new rules following the overhaul of the country’s anti-money laundering (AML) regime.

FIU Director General Dr. Subhani Keerthiratne said the new framework would move CDD beyond checks conducted when a customer is first onboarded, requiring financial institutions to monitor transactions throughout the business relationship and respond to material changes in ownership, control, directors, and business activity.

The changes assume added significance amid scrutiny of banking controls following recent alleged frauds involving financial institutions and questions over transactions linked to imports for which goods allegedly did not arrive. Dr. Keerthiratne did not link the new rules to individual cases.

She was speaking at a forum titled ‘The Changes to Sri Lanka’s Anti-Money Laundering Regime,’ organised by Corporate Management Consultants headed by Malik Cader.

Dr. Keerthiratne said institutions would have to identify and verify customers and beneficial owners, understand the purpose of business relationships and accounts, and conduct ongoing due diligence and transaction monitoring.

‘So it is not a one-time exercise at the onboarding, it is a continuous responsibility,’ she said.

The forthcoming rules will introduce what Dr. Keerthiratne described as an ‘event-driven review,’ separate from periodic CDD reviews.

She said a material change in a customer’s profile or relationship, including changes to ownership, control, directors, or business activity, would require the institution to conduct a fresh review.

The regime will apply different levels of scrutiny according to risk. High-risk customers will be subject to enhanced and more frequent due diligence, while simplified CDD and less frequent periodic reviews could apply to lower-risk customers.

Dr. Keerthiratne said a high-risk customer could face an annual CDD update, compared with a review once every three years for a lower-risk customer, although an event-driven review could be triggered between those periods.

The rules will also set out what institutions should do when the required due diligence cannot be completed.

‘If you cannot complete CDD, if it is a new customer, you cannot onboard them. If it is an existing customer, you cannot continue with the transaction and also you cannot continue with the business relationship,’ she said.

Dr. Keerthiratne said institutions terminating or declining a customer relationship should also consider filing a Suspicious Transaction Report (STR).

Where undertaking CDD itself risks alerting a customer after suspicions of money laundering, terrorist financing, or proliferation financing arise, she said the institution should not pursue the CDD process and should instead file an STR with the FIU.

The framework formally introduces a risk-based approach, requiring institutions to assess their exposure to money laundering, terrorist financing, and proliferation financing and direct compliance resources towards areas of higher risk.

Dr. Keerthiratne said institutions would be expected to undertake enterprise-wide risk assessments, establish policies and controls, conduct enhanced due diligence where necessary, monitor transactions, and maintain mechanisms for reporting suspicious transactions without tipping off customers.

The FIU expects to issue the new CDD rules by mid-September. Dr. Keerthiratne said they had been finalised and referred to the Legal Draftsman, pending sector comments.

Existing separate CDD rules for financial institutions and insurers will be combined, with the new framework covering financial institutions, the insurance sector, and virtual asset service providers. A separate CDD rule will apply to designated non-financial businesses and professions.

The tougher framework is backed by a sharp increase in sanctions. Dr. Keerthiratne said the maximum monetary penalty for a single Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) compliance breach had increased from Rs. 1 million to Rs. 100 million, while a second instance could attract a penalty of up to Rs. 200 million.

The amended framework also provides for sanctions including cease-and-desist orders, public statements, and recommendations to sector regulators for administrative action such as suspension or cancellation of a licence.

The changes come ahead of Sri Lanka’s third Mutual Evaluation of its AML/CFT framework. Dr. Keerthiratne said international assessors would arrive on 26 October for a two-week onsite assessment ending on 6 November, which would be the cut-off date for measures to be considered in the current assessment.

Sri Lanka has already submitted its risk and context material, technical compliance report covering the 40 Financial Action Task Force (FATF) recommendations, and its effectiveness report covering 11 immediate outcomes.

Dr. Keerthiratne recalled that Sri Lanka was placed on the FATF grey list in November 2017 following its previous Mutual Evaluation and was subsequently blacklisted by the European Union. She said correspondent banking relationships were affected, while the consequences could extend to sovereign and credit ratings, international borrowing risk premiums, reinsurance costs, and foreign investment.

‘The bottom line is very clear. We cannot go back to the grey list,’ she said.

With the new CDD rules expected by mid-September, institutions would have only four to five weeks to put them into practice before the onsite assessment.

‘However, having the legal framework is not sufficient. We have to implement them,’ she said.

People’s Bank sponsors Sri Lanka schools basketball tournaments

People’s Bank has stepped forward as the sponsor of the Sri Lanka Schools Basketball Tournaments 2026, as an initiative dedicated to inspiring young talent, encouraging greater participation in basketball and supporting the future of Sri Lankan sport.

The official launch of the sponsorship program was held recently at the People’s Tower Auditorium, Colombo 02, where a Memorandum of Understanding (MoU) between People’s Bank and the Sri Lanka Schools Basketball Association was signed and exchanged.

Under the initiative, People’s Bank will sponsor the Under-13, Under-15 and Under-20 categories in 2026, supporting the development of emerging basketball talent and providing young athletes with greater opportunities to participate in competitive sport.

Complementing the sponsorship, the Bank will also launch a dedicated communication program aimed at popularising basketball among schoolchildren and encouraging greater participation in the sport. Through this initiative, People’s Bank seeks to inspire more young people to embrace basketball while fostering important values including discipline, teamwork, leadership, perseverance and a commitment to excellence.

The Sri Lanka Schools Basketball Championship attracts participation from more than 120 schools islandwide, including many of the country’s leading national, private and international schools. Comprising both boys’ and girls’ divisions, the championship provides a highly competitive platform for the development of young athletes while promoting basketball across all provinces of Sri Lanka.

The tournament is expected to feature approximately 80 boys’ teams and 50 girls’ teams, with nearly 1,950 student athletes participating. The significant level of participation demonstrates the growing popularity of basketball among Sri Lankan schoolchildren and the importance of providing sustained support for school-level sports.

The launch was attended by Ministry of Education, Higher Education and Vocational Education Additional Secretary (Co-curricular and Primary Education Development) P.R. Kariyawasam; People’s Bank Chairman Prof. Narada Fernando; Directors Chandana Guniyangoda, Chandima Abeyagunawardene and Dr. Gishan Illangakoon; Chief Executive Officer/General Manager Clive Fonseka; Sri Lanka Schools Basketball Association President Iran Champika Silva; members of People’s Bank Corporate and Executive Management; former national basketball players and captains; members of the basketball community; and student athletes.

Through its sponsorship of the Sri Lanka Schools Basketball Tournaments 2026, People’s Bank continues to demonstrate its commitment to nurturing young talent, promoting active participation in sport and contributing towards building a stronger and more accomplished future for Sri Lanka.

Mangala: a man time has not taught us to forget

Inserting ‘Mister’ before a name is typically a formal way of addressing someone. With Mangala Samaraweera, it was different. He called me ‘Mister Cooray’ only when he wanted to say something in a lighter vein or was about to make one of his mischievous remarks.

The exaggerated formality was a signature of his friendship, generosity and, of course, his sense of humour – more pronounced in his private life than in his public or political engagements. Today (24th of August), five years after he passed away, strangely, it is that inimitable warmth that I remember most.

Five years is long enough to forget anyone, including those near and dear to us. As the song goes, ‘However famous you may be, you will be remembered for but a week.’ Politicians, in particular, are forgotten almost immediately after losing an election.

Death makes forgetting even quicker. Mangala’s case, as far as I am concerned, is perhaps the proverbial exception that proves the rule. Simply put, time has as yet failed to alleviate my grief and immense sense of loss.

The passage of time wasn’t necessary for me to realise that I had lost a dear friend. I knew it from the first painful moment. What time has done is show me the many ways in which he inscribed himself upon my life.

Sri Lanka remembers Mangala as a minister, reformer, diplomat and courageous political leader. He understood that public office was temporary, but that the good one accomplished through it could endure. No position or title ever defined the entirety of Mangala Samaraweera. Whether in foreign affairs, telecommunications, finance, reconciliation or public communication, Mangala was always interested in the Sri Lanka of tomorrow. He identified talent without feeling threatened by it. He encouraged younger people to think independently, challenge convention and find their own voices.

Mangala Samaraweera

I remember all of that, but, more importantly, I remember the man behind those public roles. I remember his laughter, his sharp observations, his unique sense of humour and the warmth that was often hidden behind his public confidence.

Perhaps what I miss most is the certainty that Mangala would understand. He often understood not only what I said but also what I did not say. Not only what I did but also what I did not do or refused to do. This deep sensitivity was clearly apparent in the way he treated people, regardless of who they were, where they came from, where they were heading, and whether or not they shared his political convictions or his vision for the country.

He accepted people as they were. In his company, one did not have to pretend, conceal one’s identity or apologise for being different. This was probably because he himself never pretended, concealed anything or apologised for being who he was.

Maybe this is why Mangala was never wary of difference. He saw diversity not as something to be reluctantly accommodated but as part of the beauty and character of Sri Lanka. His love for Sri Lanka was generous and inclusive. He believed that every Sri Lankan, irrespective of ethnicity, religion, background or personal identity, should feel equally at home in this country. Maybe this is why courage and tenderness were both second nature to him: the country witnessed the former, while his friends were showered with the latter.

There are, unfortunately, people who formed a poor opinion of Mangala without ever really knowing him. I have always felt that, had they spent time with him personally, many would have seen him very differently. They did not know – and, indeed, could not have known – that one could disagree with him, sometimes strongly, and still take enormous pleasure in his company.

His friends, though, knew that behind the colourful public personality was a very loyal friend who remembered small details, noticed when someone was troubled and knew when humour was more comforting than advice. They could argue, challenge one another and then laugh together because disagreement was never allowed to threaten the friendship. It is difficult to explain this to anyone who did not experience it. It was simply one of Mangala’s rarest gifts, and I consider myself fortunate to have witnessed it.

During the Yahapalana years, going to Mangala’s home after work became almost a ritual. We would pour ourselves a good drink, talk late into the evening, laugh freely and – I must confess – occasionally be thoroughly uncharitable about friends and enemies alike. It was all in good spirit and only for fun. Those evenings brought us immense joy, yet they were never only about drinking and laughter. Mangala’s home was also a place of ideas, knowledge and strategy. Conversations around his table improved our thinking, sharpened our creativity and, on most occasions, inspired something new.

When Minister Ranil Wickremesinghe asked me to head the troubled Lake House, the country’s largest publishing house, founded by his maternal grandfather, D. R. Wijewardene, I thought I had an ironclad excuse for refusing. I made it clear I could not work with any minister other than Mangala, and Mangala could not handle the media portfolio while also holding the Foreign Affairs portfolio, which required frequent overseas travel. The Prime Minister then dropped a bombshell: he asked me to try and persuade Mangala to take on the Finance portfolio while also serving as Minister of Media, with responsibility for Lake House.

I remember all of that, but, more importantly, I remember the man behind those public roles. I remember his laughter, his sharp observations, his unique sense of humour and the warmth that was often hidden behind his public confidence

Mangala’s first reaction was an outright rejection. Another Cabinet Minister, who was also a mutual friend, together with me, urged Mangala to take up the Finance portfolio in addition to the Media portfolio. Mangala was asked to sleep on it and make a decision the next day. He insisted that even his mother had told him he was no good at managing his own money, and that there was no way he could be entrusted with running the Treasury. After much persuasion, Mangala agreed to the switch, but wanted us to discuss it with two of his close relatives, both of whom thought it was a mistake for him to move to Finance. Many senior officials at the Treasury would later say that Mangala was one of the best Finance Ministers they had had the pleasure of working with.

With Mangala’s reluctant agreement, my fate at Lake House was sealed. It was an institution burdened with excess staff. When I mentioned this daunting challenge, Mangala readily admitted that it was largely his fault. ‘I am also largely responsible for where Lake House is today,’ Mangala said. During Chandrika Bandaranaike Kumaratunga’s presidency in the 1990s, he had sent ‘busloads’ of people to take up jobs at Lake House. Mangala not only accepted the blame but was also willing to give his full support to moves to reduce the staff, turn Lake House around and make it viable again.

He was my Minister not only at Lake House but also at Hotel Developers, where I was Chairman. The State-owned Hotel Developers, which owns the Hilton Colombo property, came under the Finance Ministry.

Mangala was not without faults. He could be stubborn, impatient and sometimes too opinionated. We disagreed a lot, even to the point of angry exchanges, but neither of us treated differences of opinion or angry words as disloyalty. Our friendship was never made conditional upon agreement. This is why I could argue with him throughout the night, laugh at the end of it all and go home with the assurance that the solid rock of friendship was intact and would remain so until death took him, leaving an enduring emptiness in his place. He stood by me when it truly mattered. I miss that strength, the come-what-may assurance and the humour that rearranged the world to its true dimensions. I miss his laughter, his counsel, our fights and the comfort of knowing that he would understand.

Mangala stopped tossing ‘Mister Cooray’ at me five years ago. The pain of losing him remains, but so does the profound gratitude that, for part of my life’s journey, Mangala and I walked together.

Govt. targets fresh $ 4.1 b investment into Port City over next five years

The Government is targeting a further $ 4.1 billion in investments into Port City Colombo over the next five years, on top of $ 2.1 billion in investments already confirmed, Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe said.

In a social media post, Abeysinghe identified several international companies with investments or operations linked to the Special Economic Zone (SEZ), as the Government steps up efforts to attract new investors.

These include Horizon Group USA for a global shared services centre, Ansell for global operations, IGT1 for BPO and BPM services, KPMG for offshore professional services, and GAC Services for logistics back-office services.

Abeysinghe said Port City was also presented as a key investment opportunity at an Australian investment summit held last week.

He said two major residential developments, three mixed-development projects, a hotel, and a convention centre were also under development at Port City.

The Deputy Minister said the Government had revised what he described as excessive tax concessions previously offered to Port City investors, seeking to bring the incentive framework closer to international standards while retaining the Zone’s competitiveness.

Under the revised framework, primary Businesses of Strategic Importance can qualify for corporate income tax holidays based on investment criteria, while secondary businesses are eligible for a concessionary corporate income tax rate of 7.5% for four years. The framework introduced in 2025 provides primary businesses with tax holidays of up to 15 years.

However, Abeysinghe said tax incentives alone were not the main attraction for international investors. He cited high-speed internet connectivity, Sri Lanka’s strategic location, and access to international markets, as well as a lower cost of living compared with hubs such as Dubai and Singapore, among the factors supporting investment.

The Colombo Port City Economic Commission has separately highlighted the Zone’s strategic location, investor protection framework, and fiscal and non-fiscal incentives as key features aimed at attracting foreign capital.

Abeysinghe stressed that investments attracted to Port City were additional to foreign investments entering Sri Lanka through the Board of Investment.

He said that with Sri Lanka moving towards greater economic stability and stronger growth, the Government’s investment targets for Port City should be within reach.

Ceylon Chamber strengthens business links with Qatar and Lebanon

The Ceylon Chamber of Commerce has strengthened its international business network with the signing of Memoranda of Understanding with the Qatar Sri Lanka Business Council (QSLBC), and the Chamber of Commerce, Industry and Agriculture of Beirut and Mount Lebanon (CCIA-BML)

The MoU with the Qatar Sri Lanka Business Council was signed at the Ceylon Chamber, while the agreement with CCIA-BML was signed virtually.

The signing with the QSLBC comes as Sri Lanka and Qatar mark 50 years of bilateral relations, providing an opportunity to further strengthen commercial ties and business-to-business engagement between the two countries.

Ceylon Chamber Chairperson Krishan Balendra welcomed the agreements and said the Chamber was pleased to support and cooperate with both organisations. He noted that the partnerships would help strengthen connections between the respective business communities and create opportunities for greater trade, investment and commercial engagement.

QSLBC Secretary B.A.W.C. Gunasekara welcomed the agreement, noting its potential to further strengthen business relations between Sri Lanka and Qatar and facilitate greater interaction between companies in both markets.

At the virtual signing of the MOU with the CCIA-BML in the presence of the Ambassador of Sri Lanka to the Lebanese Republic, Anura Withanage, CCIA-BML Chairman Mohamed Choucair also welcomed the partnership, noting the scope for closer cooperation between the two chambers and greater business engagement between Sri Lanka and Lebanon.

The two MoUs provide a framework for the Chambers to exchange business and economic information, facilitate contacts between their respective business communities and identify opportunities for trade, investment and commercial cooperation.

The agreements add to the Ceylon Chamber’s international network of chamber and business organisation partnerships, supporting its efforts to connect Sri Lankan businesses with overseas markets, partners and investment opportunities.

Dayasiri challenges 22nd Amendment in Supreme Court over judges’ retirement age

Opposition MP and Attorney-at-Law Dayasiri Jayasekera has filed a constitutional petition before the Supreme Court challenging the proposed 22nd Amendment to the Constitution, arguing that its move to extend the retirement age of superior court judges could affect judicial independence, security of tenure and ultimately the sovereignty of the People.

The petition takes particular aim at Clause 2 of the Bill, which proposes to amend Article 107(5) to raise the retirement age of Supreme Court judges from 65 to 67 and Court of Appeal judges from 63 to 65.

At the heart of the challenge is whether the new retirement ages could apply to judges already serving on the superior courts. Jayasekera argues that the Bill contains no transitional provision expressly excluding incumbent judges, potentially allowing their tenure to be extended after appointment.

The petitioner contends that such an extension cannot be viewed simply as an administrative change to retirement ages, but must be examined against the constitutional guarantees underpinning judicial independence and the separation of powers.

Relying principally on Article 3 read with Article 4(c), the petition argues that judicial power is exercised on behalf of the People and that the independence and security of tenure necessary for judges to exercise that power form part of the constitutional protection of the sovereignty of the people.

The challenge therefore raises a potentially significant question over whether the proposed amendment requires more than the two-thirds parliamentary majority normally required for constitutional amendments.

Jayasekera asks the Supreme Court to determine whether the proposed amendment, either as a whole or specifically Clause 2, affects matters protected by Article 83 and therefore requires approval at a referendum in addition to the prescribed parliamentary majority.

The petition comes amid an increasingly contentious debate over the Government’s proposed changes to the judicial system, with the administration maintaining that the reforms are aimed at strengthening judicial capacity and addressing long-standing delays rather than benefiting particular judges.

President Anura Kumara Dissanayake, in a discussion with the Bar Association of Sri Lanka (BASL) on earlier this week, rejected allegations that the proposed reforms were designed around particular individuals, insisting that the Government was pursuing a broader ‘systemic change’ in the judiciary.

Jayasekera’s petition, however, puts the focus on whether changing the tenure of serving judges could itself undermine the constitutional principle of judicial independence.

The petitioner also invokes a range of international and Commonwealth standards on judicial independence, including the International Covenant on Civil and Political Rights, the UN Basic Principles on the Independence of the Judiciary, the Bangalore Principles of Judicial Conduct, the Latimer House Principles and the Commonwealth Charter.

A further issue raised concerns Article 78(3) and the possibility of amendments being introduced during the Committee Stage to clarify whether the new retirement ages would apply to incumbent judges.

The petition argues that if such a provision were introduced at Committee Stage and substantively altered the operation of the Bill, rather than merely correcting a technical or consequential matter, questions could arise over its constitutional validity.

It also raises the legal principle nemo judex in causa sua, that no person should be a judge in their own cause, arguing that the proposed amendment creates an unusual constitutional situation because the Supreme Court could be called upon to determine legislation directly affecting the tenure, rights and privileges of members of the Judiciary.

Jayasekera is seeking a determination that the proposed 22nd Amendment is inconsistent with Article 3, either independently or read with Article 4(c), and therefore requires both a two-thirds majority in Parliament and approval by the People at a referendum.

Alternatively, he is seeking the same determination in relation to Clause 2 concerning the retirement ages of superior court judges.

The case could consequently test a much broader constitutional proposition than whether judges should retire at 65 or 67: whether Parliament can alter the tenure of serving superior court judges without triggering the constitutional protections attached to the sovereignty of the People and judicial independence.