Category: Daily Financial Times

A Fundamental Rights petition filed by former MP Manusha Nanayakkara seeking to prevent the Criminal Investigation Department (CID) from arresting him over investigations into the alleged E8 visa agreements with South Korea was withdrawn before the Supreme Court yesterday.

The former MP, through his counsel, sought the permission of the Supreme Court to withdraw the application.

A three-judge bench comprising Justice S. Thurairaja, Justice A.H.M.D. Nawaz, and Justice Priyantha Fernando granted permission to withdraw the application, and the matter was accordingly dismissed.

Meanwhile, Additional Solicitor General Lakmali Karunanayake, appearing for the Director of the CID, had filed limited objections challenging the maintainability of the application. In his petition, former Labour and Foreign Employment Minister Manusha Nanayakkara had named the Inspector General of Police (IGP), Director of the CID, Sri Lanka Bureau of Foreign Employment (SLBFE), Attorney General, and several others as respondents.

Saliya Pieris, PC, together with Danushka Rahubadda and Jagadeesha Ranasinghe, instructed by Praveen Premathilaka, appeared for the petitioner. Additional Solicitor General Karunanayake, PC, appeared for the respondents.

People for Equality and Relief in Lanka (PEARL) has released a new report and accompanying case study examining the Sri Lankan state’s ongoing project of Sinhalisation in the North-East, with a detailed focus on land dispossession and violence against Tamil dairy farmers in Mayilaththamadu-Madhavanai.

The report forms part of PEARL’s Sinhalisation series and builds on its 2022 publication, State-Sponsored Sinhalisation in the North-East. It defines Sinhalisation as the use of state power to assert Sinhala-Buddhist control over the North-East in order to erase its Tamil-speaking character. While these processes begin with land seizure, they extend to the coercive economic, cultural, and religious dispossession of Eelam Tamils, including the appropriation of livelihoods, resources, and sacred sites, which are subsequently re-inscribed as Sinhala-Buddhist property. The report documents how Sinhalisation operates as a form of ethno-national conquest, historically intertwined with ethnic cleansing and used by successive governments to obstruct Tamil demands for autonomy and self-rule.

Contrary to official narratives that frame these practices as ‘development,’ PEARL’s analysis demonstrates that Sinhalisation functions as an anti-development project. It actively destroys existing economic systems, prevents the emergence of new ones, and entrenches poverty in Tamil-speaking regions. The report finds that state-led irrigation, settlement, and land redistribution schemes associated with Sinhalisation have failed to generate economic returns, and wasted public resources.

The accompanying case study on Mayilaththamadu-Madhavanai illustrates these dynamics on the ground. Tamil dairy farmers have been violently displaced from productive agricultural land, while Sinhala settlers, supported by state officials, security forces, and Buddhist clergy, have acted with impunity. The loss of cattle, disruption of milk supply chains, and destruction of livelihoods have inflicted severe economic harm on the Tamil dairy farmers, The report highlights that the destruction of valuable livestock in a debt-stricken and resource-scarce country is economically irrational, deepening instability and exacerbating Sri Lanka’s broader economic crisis.

‘The Sinhalisation of Mayilaththamadu-Madhavanai exposes the reality behind the state’s development rhetoric,’ said PEARL. ‘Driven by Sinhala-Buddhist majoritarianism, Sinhalisation is a systematic project of land dispossession and demographic engineering that violates Tamil livelihoods, while producing economically destructive and destabilising outcomes. This highlights the urgent necessity of Tamil self-determination, so that Tamils can exercise genuine control over their land, resources, and economic and political future, free from coercive state-led domination.’

PEARL urges the international community, including UN member states, to recognise Sinhalisation as a systematic state policy, take urgent action to halt state-sponsored land grabs, advance meaningful international accountability mechanisms in the face of repeated domestic failures, and support Tamil calls for self-determination.

Opposition Leader Sajith Premadasa has rejected media reports claiming a deadlock between the Government and the Opposition over the appointment of three civil society representatives to the Constitutional Council.

In a post on ‘X,’ Premadasa said the report was false and without basis, describing it as a fabricated account that undermined journalistic standards.

The report had alleged that Prime Minister Dr. Harini Amarasuriya and the Opposition Leader had failed to reach agreement on the names of three civil society members to be appointed to the Constitutional Council. It further claimed that the Prime Minister had proposed seven names, while Premadasa had

submitted 10.

Media reports also stated that discussions were continuing following the expiry of the terms of three outgoing civil society members, Anula Wijesundere, Prathap Ramanujan, and Dinesha Samararatne, last week.

Under the Constitution, the appointment of civil society representatives to the Constitutional Council requires the concurrence of both the Prime Minister and the Leader of the Opposition.

The St. Peter’s College 1st XV rugby outfit will be led by cracking no. 8 and fourth year player Shenuka Perera. Shenuka will have Revon Perera and Senuth Dinsara as his two Vice Captains of the outfit.

The Bamba outfit will be once again coached by Rajeev Perera. They are expecting to return to the winning formula in the League and Knockout this year. They have accounted for a number of wins in both these tournaments in the last two decades.

Rugby Captain:

Shenuka Perera

Vice Captains:

Revon Perera and Senuth Dinsara

Coaching staff:

Rajeev Perera – Head Coach

Amila Chathuranga – Forwards Coach

Surath Randima – Backs Coach

Ransilu Jayathilake – Senior trainer

Rohan Fernando – Trainer

Gayantha Iddamalgoda – Kicking Coach

Rukshan Perera – Manager

Dr. Pradeep Kiriella – Team Doctor

Rukantha Silva – Physio

Noel Cooray – Master in charge

LOLC General Insurance has reinforced its commitment to policyholders by delivering on its promises in the aftermath of recent natural disasters, setting new benchmarks for customer excellence within Sri Lanka’s insurance industry.

As part of a synergistic collaboration with Browns EV, LOLC General Insurance has initiated the replacement of brand-new EV vehicles for its policyholders whose Browns EVs were declared a total loss due to the recent unprecedented disaster caused by Cyclone Ditwah.

This step reflects the company’s customer-first philosophy, ensuring continuity of lifestyle, minimising financial disruption, and providing timely support, reassurance, and peace of mind during challenging times. It forms part of a broader set of measures proactively implemented by the company to assist policyholders and maintain a seamless and transparent claims experience following the disaster.

LOLC General Insurance PLC Chairman Kithsiri Gunawardena said: ‘At LOLC General Insurance, our promise goes beyond policy wording. It is about standing by our customers during their most challenging moments. Building on our strong financial position and the backing of the LOLC Group, this initiative, carried out in collaboration with Browns EV, demonstrates our commitment to turning promises into action and delivering real value to our policyholders when it matters most. I also extend my sincere appreciation to Browns EV for their collaboration and support during this critical initiative.’

Chief Operating Officer Udaya Kumara said: ‘Guided by our core values of integrity and service excellence, this initiative is a clear demonstration of how the company takes decisive action at the right time and in the right way, fulfilling the promises made to stand by policyholders during critical moments. Through these measures, LOLC General Insurance provides customers with confidence and peace of mind throughout their insurance journey, reflecting its commitment to act responsibly, efficiently, and in the best interests of policyholders.’

‘In response to the recent calamities, the company has already settled a substantial number of claims reported after the catastrophe and is expediting the processing of all remaining general insurance claims. By ensuring prompt compensation and a seamless claims experience, LOLC General Insurance reaffirms its commitment to policyholders, providing reassurance at every stage of their insurance journey,’ he added.

Recognised both locally and internationally, LOLC General Insurance continues its journey toward becoming the insurer of choice by delivering comprehensive and differentiated risk management solutions. Backed by globally renowned reinsurers, an island-wide branch network, and a team of highly experienced operational and sales professionals, the company remains committed to providing reliable protection, long-term value, and peace of mind. Through this unwavering focus, LOLC General Insurance continues to strengthen its position as one of Sri Lanka’s most trusted, sustainably growing, and customer-centric insurers.

The Government has accelerated its digital transformation drive with a series of high-level initiatives spanning research collaboration, public service digitisation, export promotion, and education sector reforms, underscoring its ambition to position the country as a regional technology hub.

A special discussion was held at the Parliament Complex with representatives from the University of Oulu in Finland and the Indian Institute of Technology (IIT) Madras, aimed at strengthening Sri Lanka’s digital research ecosystem.

The meeting, attended by Prime Minister Dr. Harini Amarasuriya and Digital Economy Deputy Minister Eng. Eranga Weeraratne, focused on plans to establish a technology research and development institute in Sri Lanka and to position the country as a regional centre for advanced technologies, including next-generation 6G communications.

As part of efforts to digitise public services, the Ministry has also moved to modernise public transport payments. A new system enabling bus fare payments through bank cards is being introduced in the Uva Province, with an awareness program conducted in Badulla for bus owners and banking sector representatives. Bus operators in the province have agreed to roll out the digital payment facility across all buses within the coming months, marking a significant step towards cashless public transport.

In parallel, Sri Lanka Expo 2026, a flagship exhibition aimed at showcasing the country’s export potential and investment opportunities to global markets, was officially announced.

The launch event, chaired by Industry and Entrepreneurship Development Minister Sunil Handunneththi, also saw the unveiling of the exhibition’s official website, www.srilankaexpo.lk. Scheduled for June 2026, the Expo is expected to play a key role in promoting Sri Lanka’s digital, manufacturing and innovation-driven industries.

The Government has also taken steps to digitise the education sector through a project to provide computers and smart boards to schools, funded under a grant from the Chinese Government. In addition, a special progress review meeting was held to assess the status of major digital initiatives currently being implemented under the Digital Economy Ministry.

Together, these initiatives reflect a coordinated push to strengthen Sri Lanka’s technological infrastructure, deepen international partnerships and improve the efficiency of public services. The Digital Economy Ministry, working closely with other State institutions, said it remains committed to accelerating the digital economy, fostering innovation and reinforcing Sri Lanka’s presence in the global digital and manufacturing landscape.

KPMG Sri Lanka will conduct a webinar titled ‘Directors’ Liability in Sri Lanka – Understanding Tax Risks’ on 22 January from 3:00 p.m. to 4:30 p.m. via Microsoft Teams.

The session will help company directors gain clarity on their legal duties, responsibilities, and personal exposure under relevant statutes, especially in view of recent amendments to the Companies Act. The speakers will further outline key risk mitigation measures to support better governance and compliance.

The webinar will feature a keynote address by Dr. K. Kanag-Isvaran, President’s Counsel, followed by presentations from KPMG Sri Lanka Principal – Head of Tax and Regulatory Suresh R. I. Perera, and Principal – Tax and Regulatory Rifka Ziyard.

This session is highly relevant for directors, CFOs, governance professionals, and senior finance and compliance leaders, offering practical insights to navigate an increasingly complex regulatory landscape.

Assetline Finance Director and CEO Ashan Nissanka (left) receives the certificate from Deputy Environment Minister Anton Jayakodi in the presence of senior Government officials and other stakeholders

Assetline Finance Ltd., (AFL), the financial services arm of the David Pieris Group, achieved a significant sustainability milestone by obtaining independent verification of its Greenhouse Gas (GHG) emissions inventory in accordance with ISO 14064-1:2018.

The verification covers Scope 1, Scope 2, and Scope 3 emissions, including financed emissions. The certification was formally presented at a ceremony held at the Ministry of Environment, Battaramulla, recently.

While upholding AFL’s sustainability credentials at a national level, ISO 14064-1:2018 certification confirms that AFL’s greenhouse gas emissions have been independently quantified and verified in accordance with internationally recognised standard for GHG accounting and reporting.

The verification covers Scope 1 – Direct emissions from owned and controlled sources, Scope 2 – Indirect emissions from purchased electricity and energy consumption and Scope 3 – Indirect emissions across the value chain, including employee commuting, waste disposal etc.

Assetline Finance Ltd., Director and CEO Ashan Nissanka said: ‘This milestone positions AFL as a forward-looking financial institution that proactively aligns its sustainability practices with the CBSL Roadmap and globally accepted standards. It also contributes meaningfully to Sri Lanka’s transition towards a low-carbon and sustainable economy, supporting the nation’s ambition to achieve net zero carbon emissions by 2050.’

This achievement marks a significant milestone in AFL’s sustainability journey and demonstrates strong alignment with the Central Bank of Sri Lanka’s (CBSL) Roadmap for Sustainable Finance.

The verified GHG statement, issued by the Sri Lanka Climate Fund under the Ministry of Environment, confirms AFL’s total emissions for the assessment period from April 1, 2024, to March 31, 2025. The verification was conducted in accordance with ISO 14064-1:2018, covering AFL’s head office and 61 branches.

Achieving certification across all three emission scopes reflects AFL’s robust governance framework and its integrated approach to sustainability, risk management, and operational oversight. This initiative supports CBSL’s guidance for financial institutions to identify, measure, monitor, and manage climate-related and environmental risks within business models.

Obtaining ISO 14064-1:2018 verification will be a strategic enabler that strengthens transparency, data integrity, and climate resilience. It also reinforces AFL’s commitment towards consistent environmental stewardship, and long-term value creation with sustainability as a core factor, adds Nissanka added.

The Association of Professional Bankers Sri Lanka (APB) is acknowledging the strong support extended by DFCC Bank, Bank of Ceylon, and Hatton National Bank as Platinum Sponsors of the upcoming APB Convention, reflecting the banking sector’s continued commitment to professional excellence and industry advancement.

Stating that this year’s convention marks an important milestone for APB Sri Lanka President Anton Arumugam noted that the event signifies APB’s strategic move to take Sri Lankan banking professionals onto the global stage, fostering collaboration with international professional associations. With the participation of distinguished foreign delegates, the convention will provide a high-powered platform for global networking, cross-border knowledge sharing, and industry leadership.

APB Sri Lanka said it looks forward to delivering a high-impact convention that adds lasting value to the financial services industry.

Permia Sensing, a precision agriculture company using AI, bioacoustics sensing and aerial image to protect and increase yields in coconut, oil palm and dates, has been named a winner of the UAE FoodTech Challenge 2026 at Abu Dhabi Sustainability Week held recently.

Permia Sensing was selected from an initial pool of 1,215 submissions across 113 countries, progressing through the Challenge’s competitive stages to reach the final round, where 10 finalists presented live pitches to an international judging panel. Each of the four winning companies receives $ 500,000

as part of a $ 2 million prize package, alongside support to pilot and scale solutions in the UAE and across priority markets in the Global South.

Permia Sensing CTO and Co-founder Dr. Hasitha Wegiriya said: ‘Winning this Challenge is gratifying, but it’s also a responsibility. Across the Global South, farming systems are under real pressure from climate volatility, water constraints, and fragile supply chains. At Permia, we focus on sensing that works in the real world, at scale, in harsh environments, with messy data and imperfect connectivity. The prize helps us move faster on implementation, more field trials, faster iteration, stronger on-the-ground support, and partnerships that turn insights into action. The goal is straightforward, make food production more resilient, more efficient, and ultimately more affordable, without pretending one size fits all.’

This win has special significance in Sri Lanka, where Permia has operational teams on the ground and where two of the company’s co-founders are Sri Lankan. The company’s Sri Lanka work has helped transform local research and field experience into practical, exportable technology designed for the realities of the Global South.

Permia’s platform focuses on detecting pest, disease, and water or nutrient stress early, before visible symptoms appear. In its FoodTech Challenge winner profile, the organisers highlighted Permia’s use of AI, bioacoustics sensors and drone imaging to monitor tree health, and noted deployment at scale in Sri Lanka.

Permia’s operations in Sri Lanka create 21st-century jobs across agronomy, field operations, drone and sensor deployment, data annotation, machine learning, and customer success, helping build a modern agricultural technology workforce locally.

The company also creates wealth in Sri Lanka by improving the productivity and resilience of coconut and oil palm plantations through: Saving trees via earlier detection of pests and diseases; Reducing coconut yield loss by helping strengthen trees to avoid losing coconut flower buds; Increasing efficiency of nutrient and water application through data-driven recommendations and Improving workforce management through better visibility of field conditions and priorities.

Today, Permia covers approximately 10,000 hectares of coconut and oil palm plantations in Sri Lanka, and this footprint continues to grow. In FoodTech Challenge communications, Permia’s coverage in Sri Lanka was described at even larger scale across palm plantations.

Building on this recognition, Permia is expanding internationally, with planned growth across India, the Middle East, West Africa, and Southeast Asia, markets where coconut, date, and oil palm are strategic crops and where early detection and resource efficiency can protect livelihoods and food security at scale. The FoodTech Challenge announcement also described plans to localise and scale Permia’s solution across the Middle East.

The UAE FoodTech Challenge is a global competition designed to identify and scale high-potential agri-food technologies for hot, arid, and climate-stressed environments, where food security is most at risk. The 2026 winners were announced during Abu Dhabi Sustainability Week (11 to 15 January 2026).