Category: Daily Financial Times

Lavidu Premarathna (boys) and Kaya Daluwatte (girls) were in peak form at the 10th Sri Lanka Junior Match Play Golf Championship, played for the Rukmini Kodagoda Trophy, which concluded successfully at the Royal Colombo Golf Club (RCGC) on Thursday.

Kaya Daluwatte confirmed her status as one of the country’s brightest young prospects by producing another superb display to defeat Malaysia’s Deepika Nadesan 6 and 4 and capture the Girls Gold Division title.

The Boys Gold Division produced an exciting contest, with Lavidu Premarathna defeating Adhithya Weerasinghe 2 and 1 in a closely fought final.

Malaysia’s Adli Azemi claimed the Boys Silver Division crown with a convincing 4 and 2 victory over Udeera Bandara. In the Girls Silver Division, Genuli Weerakoon overcame Mushfira Muzammil by two holes after a competitive encounter.

The Bronze Division finals also produced quality golf. Dulkini Kangara defeated Hesandi Gayansa 5 and 4 in the Girls event, while Yuvan Rathiskanth caused an upset by beating Jaeden Sathasivam 2 up to secure the Boys title.

In the Copper Division, Dinara Perera emerged victorious over Kyra Cader in the Girls final. The Boys title went to Abiman Abeywardhana, who was in sensational form as he defeated Usara Nugegoda 4 and 3. [SJ]

Parliament’s Sectoral Oversight Committee on Infrastructure and Strategic Development on Wednesday ordered a comprehensive assessment of losses caused by 19 shipments of substandard coal supplied to Sri Lanka between January and July, widening the scope of an earlier estimate that put losses from nine shipments at Rs.8.5 billion.

Committee Chairman SJB MP S.M. Marrikkar this week said all 19 shipments received from the same South African supplier during the seven-month period had been found to be substandard. In March, Marrikkar disclosed that losses from nine shipments of substandard coal supplied by the company had amounted to Rs.8.5 billion.

The Committee has now instructed officials from the Public Utilities Commission of Sri Lanka, Lanka Coal Company, National System Operator and Lakvijaya Power Plant to form a committee headed by the Energy Ministry Secretary and prepare a comprehensive report quantifying the total losses.

The assessment is also expected to account for wear and tear caused to the Lakvijaya Power Plant from the use of substandard coal.

The Committee was informed that the South African supplier had been fined $ 36.5 million in penalties for the substandard coal, while an additional $ 611,000 had been invoiced as penalties for delayed deliveries.

Marrikkar also raised concerns over delays in obtaining Cabinet approval to call fresh tenders for coal required from October, with existing stocks expected to be exhausted by mid-September.

He urged the Energy Ministry Secretary to press the Minister to expedite the approval process to avoid delays in securing the next coal requirement.

The Government has moved to block access to 122 unauthorised online gambling and betting websites with immediate effect, widening regulatory action against unlicensed operators targeting users in Sri Lanka. This is a sharp increase from 24 blocked earlier this week.

The Gambling Regulatory Authority, which operates under the Finance, Planning and Economic Development Ministry, has taken action under the Gambling Regulatory Authority Act, No. 17 of 2025 against the 122 websites for providing online gambling and betting services without the required licences.

Accordingly, the Telecommunications Regulatory Commission of Sri Lanka (TRCSL), under the Digital Economy Ministry, has instructed all telecommunications service providers to prevent access to the identified websites from within Sri Lanka.

The Finance Ministry said operating or promoting online gambling services without valid licences required under Sections 15, 16 and 18 of the Act constitutes an offence and illegal activity under Section 44.

The Gambling Regulatory Authority also urged the public to refrain from engaging in or investing money through unauthorised online gambling platforms operating outside Sri Lanka’s legal framework.

The 122 websites identified for immediate restriction include multiple domains associated with 1xBet, Melbet, Betway, Unibet, Bet365, 1Win, Stake, Mostbet, Parimatch, Betwinner and other online betting platforms. The full list is contained in the Finance Ministry notice.

The Parliamentary Caucus for Persons with Disabilities has called for disability inclusion to be embedded across all sectors of the 2027 National Budget, following the official submission of a comprehensive set of recommendations developed through Sri Lanka’s first-ever national participatory Budget consultations with persons with disabilities.

Led by the Parliamentary Caucus for Persons with Disabilities Chair Sugath Wasantha de Silva, MP, alongside participating Members of Parliament from the Caucus, the consultations were held on 25 and 27 May 2026, bringing together persons with disabilities and representatives from across the country to identify national Budget priorities. The process resulted in 234 Budget proposals covering government ministries and independent commissions, together with six overarching policy recommendations aligned with the Government’s ‘Leaving No One Behind’ National Policy Framework.

The recommendations were officially handed over to Secretary to the President Dr. Nandika Sanath Kumanayake, on 16 July 2026, and subsequently submitted to Secretary to the Treasury and Finance Ministry Dr. Harshana Suriyapperuma on 23 July 2026, for consideration during the formulation of the 2027 National Budget.

The six priority recommendations call for:

Speaking on the initiative, MP Sugath Wasantha de Silva emphasised that equal opportunities for persons with disabilities are fundamental to inclusive national development.

‘Empowering persons with disabilities through equal opportunities is essential to ensuring their full participation in society. These recommendations seek to translate the Government’s policy commitments into practical action through the national Budget.’

Receiving the proposals, Secretary to the President and Secretary to the Treasury and Finance Ministry, reaffirmed the Government’s commitment to advancing disability inclusion and noted that several policy decisions had already been taken to strengthen the equal participation of persons with disabilities in national development.

The Parliamentary Caucus highlighted that the recommendations represent one of the most comprehensive disability-focused Budget submissions made in Sri Lanka and demonstrate the importance of directly engaging persons with disabilities in national decision-making processes. By incorporating these proposals into the 2027 National Budget, the Government would take a significant step toward ensuring that public investments are accessible, inclusive, and responsive to the needs of all citizens.

The initiative was supported by the International Foundation for Electoral Systems (IFES) Sri Lanka with funding from the Australian Government as part of ongoing efforts to strengthen disability inclusion in public policy and governance.

United Nations of Sri Lanka (UNA-Sri Lanka) Secretary – General and Sri Lankan Candidate for contesting Post of Vice President to the World Federation of United Nations Associations (WFUNA) Dr. M.M.M. Rushanudeen will represent Sri Lanka and Head of Delegates to World Congress and 44th Plenary Assembly at World Health Organisation Headquarters, Geneva from 23 to 30 August 2026.

Over 100 countries participate in WFUNA participating in the assembly and 7 countries contesting for the post of Vice President among them are Sri Lanka, Somalia, Iceland, Colombia, USA, Tanzania and Pakistan.

For the last 76 years of history of the United Nations Association of Sri Lanka, first Sri Lankan Candidate contesting the post of Vice President and proposed by UNA Sri Lanka and seconded by People’s Republic of China.

UNA- Sri Lanka founded on 19 August 1950 under Patronage by Ceylon (Sri Lanka) First Prime Minister and first Foreign Affairs Minister of Ceylon D. S. Senanayake MP and UNA – Sri Lanka affiliated with WFUNA in 1951.

In 1946 after the founding of the United Nations, WFUNA, the People’s Movement for the United Nations, was created, inspired by the UN Charter’s opening words: ‘We the peoples.’ For 80 years, WFUNA, together with over 100 United Nations Associations have worked to strengthen public understanding of the UN, defend its values, and connect global institutions with the people they serve.

Since 1946, this movement has helped ensure that peace, human rights, solidarity, and multilateral action are carried forward by citizens, educators, youth, civil society, and communities across the world.

Sri Lanka needs to win 2/3 Majority Votes from among Members Countries around the world by Election day at WFUNA 44th Plenary Assembly in Geneva.

UNA – Sri Lanka other members in delegation are National Executive Committee Chairman Dharmadasa Vitharanage, Vice Chairman M. D. Lalith Peris and National Executive Committee Member M. J. M. Irshad.

Dr. Rushanudeen is live wire of UNA – Sri Lanka a very senior member of the UNA-Sri Lanka, having joined as a Volunteer since in 1985 and a Student Member and later obtained a Life Membership in 1990. He has been one of the most active members of the National Executive Committee of the UNA Sri Lanka and in recognition of services, from time to time he has been conferred the honour of Honorary Member, Life Patron and also the Most Outstanding Volunteer of the Year. He has also served as Chairperson on many important and vibrant Sub-Committees of the UNA Sri Lanka.

Sri Lanka women’s cricket captain Chamari Athapaththu swept the board at the Dialog Sri Lanka Cricket annual awards 2025 held at Cinnamon Life on Thursday evening to recognise and honour the outstanding performers on the cricket field.

Athapaththu won the prestigious Women’s Cricketer of the Year award in addition to bagging five other awards – Best Batter and Best All-rounder (in Women’s T20Is), Best Bowler and Best All-rounder (in Women’s ODIs), and Most Valuable Player (in Major Club Women’s 50-over).

Pathum Nissanka who won the celebrated Men’s Cricketer of the Year award collected two other awards as Best Batter in the Men’s T20I and Test Cricket categories.

Awards were presented to leading performers in the men’s and women’s cricket, while several distinguished individuals were also recognized for their longstanding contributions to Sri Lankan cricket and sports journalism.

At the prestigious awards night, Pathum Nissanka was crowned ‘Men’s Cricketer of the Year’,

Minister of Sports and Youth Affairs Sunil Kumara Gamage attended the event as the Chief Guest while Aruna Bandara, Secretary to the Ministry of Sports and Youth Affairs, Eran Wickramaratne, Chairman of the Sri Lanka Cricket Transformation Committee, along with Cricket Transformation Committee members Sidath Wettimuny and Roshan Mahanama, Ashley de Silva, CEO of Sri Lanka Cricket, Supun Weerasinghe, Director and Group Chief Executive of Dialog Axiata PLC and Gihan de Silva, Chairman of Sri Lanka Rupavahini Corporation were also present.

Domestic Cricket Awards

Major Club Women’s 50 Over Tournament

Best Bowler – Inoka Ranaweera, Best Batter – Harshitha Samarawickrama, Most Valuable Player – Chamari Athapaththu

Runner-Up – Chilaw Marians Cricket Club, Champions – Navy Sports Club

Major Club Men’s T20 Tournament

Best Bowler – Sampath Nishshanka, Best Batter – Vishen Halambage, Best All-Rounder – Dushan Hemantha, Most Valuable Player – Vishen Halambage

Runner-Up – Panadura Sports Club, Champions – Colombo Cricket Club

Major Club Men’s 50 Over Tournament

Best Bowler – Movin Subasinghe, Best Batter – Sangeeth Cooray, Best All-Rounder – Thanuka Dabare, Most Valuable Player – Nishan Madushka

Runner-Up – Police Sports Club, Champions – Colombo Cricket Club

Major Club 3-Day Tournament

Best Bowler – Dilum Sudeera, Best Batter – Lahiru Udara, Most Valuable Player – Wanuja Sahan

Runner-Up – Ace Capital Cricket Club, Champions – Colts Cricket Club

Match Officials Award

Umpire of the Year – Ravindra Kottahachchi

+Lifetime Achievement Awards

Lifetime Achievement Award in Journalism – Reemus Fernando, Kelum Srimal

Special Lifetime Achievement Award – Michael Tissera, Anura Tennekoon

International Cricket Awards

Women’s T20 International

Best Bowler – Kaveesha Dilhari, Best Batter – Chamari Athapaththu, Best All-Rounder – Chamari Athapaththu

Women’s One Day International

Best Bowler – Chamari Athapaththu, Best Batter – Harshitha Samarawickrama, Best All-Rounder – Chamari Athapaththu

Men’s T20 International

Best Bowler – Dushmantha Chameera, Best Batter – Pathum Nissanka, Best All-Rounder – Dasun Shanaka

Men’s One Day International

Best Bowler – Asitha Fernando, Best Batter – Charith Asalanka, Best All-Rounder – Wanindu Hasaranga

Test Cricket

Best Bowler – Prabath Jayasuriya, Best Batter – Pathum Nissanka, Best All-Rounder – Dhananjaya de Silva

Emerging Players of the Year

Women’s Emerging Player of the Year – Imesha Dulani, Men’s Emerging Player of the Year – Kamil Mishara

Cricketers of the Year

Women’s Cricketer of the Year – Chamari Athapaththu, Men’s Cricketer of the Year – Pathum Nissanka

Sri Lanka hosted its first fashion show focused entirely on activewear recently as Luxe Active Edit 2026 brought nine local and international brands to the runway at Cinnamon Life, City of Dreams.

The show was organised by FITCON, in partnership with Fit.lk and Haut Monde Event Management.

Previously, sportswear in Sri Lanka appeared only as segments within broader fashion events. Luxe Active Edit bridged this gap by providing a standalone platform for the first time. The event was led by Haut Monde Event Management Founder Treshan Weerasooriya Pereira, alongside Fit.lk Co-founders Natasha Fonseka and Isuru Fonseka.

Speaking about the concept of the event, Pereira mentioned it emerged from FITCON, the larger fitness convention managed by the team. ‘We recognised the need for a dedicated platform that celebrates this growing movement, which inspired us to launch Luxe Active Edit as a standalone fashion showcase. Our vision is to continue growing this platform and establish it as an annual event that brings together fashion, fitness and lifestyle in a meaningful way.’

The lineup featured nine brands. Ministry of Brands, Club Tropikai, and Rough Premium Sportswear participated, while Victory Shoes showcased its latest footwear range. F10, founded by former Sri Lanka rugby captain Fazil Marija, presented a performance-focused collection, and lingerie and lifestyle brand Amante displayed its recent athleisure line. International brands included ASICS, presented by DSI International Brands, and PUMA, alongside TRU Activewear, which featured a collection made from eco-friendly fabrics.

Commenting on the event, Fonseka said, ‘the response to the inaugural edition exceeded expectations. Athleisure has transformed the way people approach fashion, proving that comfort and confidence go hand in hand. Beyond fashion, this platform represents strength, resilience and inclusivity. We hope Luxe Active Edit continues to inspire greater innovation in activewear while encouraging brands to create products that support individuals across all sports, fitness levels and lifestyles, particularly in areas that remain underrepresented.’

The event’s main feature was a pop-up retail section showcasing the collections from the participating local designers, emerging labels, and international brands. By dedicating a runway exclusively to activewear, Luxe Active Edit 2026 establishes a new path within the Sri Lankan fashion industry.

Nearly 29% minority stake of Commercial Credit and Finance PLC traded yesterday for a staggering Rs. 9 billion.

The seller was Group Lease Holdings Pte Ltd., (in liquidation), which, as at 30 June 2026, held 95.4 million shares or 29.99% stake.

Group Lease Holdings is a Singapore-registered investment and holding company and a subsidiary of Thailand-based Group Lease PCL. The company was ordered into compulsory liquidation by a Singapore court on 4 March 2024 following a massive unpaid judgement debt owed to J Trust Asia.

Commercial Credit overall saw 93.04 million shares change hands via 2,008 trades, generating a turnover of Rs. 9.39 billion before closing at Rs. 107.50, up by Rs. 1.75. Of that, 89 million shares were done via 98 crossings at Rs. 100.50 per share. Net assets per share as at 30 June 2026 was Rs. 116.85.

In the June 2026 quarter, the highest share price of Commercial Credit was Rs. 137 and the lowest was Rs. 108.75 before closing at Rs. 120.

Deals on Commercial Credit boosted the turnover at the Colombo Stock Exchange (CSE) to Rs. 12.2 billion, the second highest since the 8 January 2026 figure of Rs. 12.33 billion.

The shareholder with ownership and management control is B.G. Investments Ltd., and related parties who have a collective stake of over 51%. Public shareholding of Commercial Credit was 19% held by 7,541 shareholders.

Buyers included Phantom Investments of electronic media baron Rayynor Silva, funds managed by Lynear Wealth and Asia Securities.

The selling broker was Asia Securities, which said the block was acquired by a consortium of investors.

‘This transaction represents two major milestones for the CSE,’ Asia Securities added.

It was the largest book-built trade in CSE history, setting a new benchmark for structured institutional transactions and it was also the largest single trade on the CSE in 2026, delivering a major injection of investor confidence and liquidity amid recent market volatility driven by Middle East geopolitical tensions.

Apart from investor interest on Commercial Credit, the market also remained positive, with ASPI up over 102 points or 0.49% and the active S and P SL20 by 26 points.

Separately, Asia Securities said the market’s upward momentum was supported by CFIN (+4.5%), CTHR (+3.7%), DOCK (+2.4%), KHL (+2.3%), COCR (+1.7%), COMBN (+1.2%), DIAL (+0.5%), and MELS (+0.5%). CFIN (+14 points), COMBN (+13 points), CARG (+10 points), and CTHR (+8 points) closed the session as top positive contributors to the ASPI, while market breadth remained positive with 135 positive contributors and 79 negative contributors.

First Capital said the Diversified Financials sector dominated turnover with an 82% share, followed by the Retailing and Capital Goods sectors, which collectively contributed 11%. Meanwhile, foreign investors remained net sellers, recording a net outflow of Rs. 7.9 billion.

NDB Securities said high net worth and institutional investor participation was noted in Commercial Credit and Finance, Lanka Milk Foods and Dialog Axiata. Mixed interest was observed in Sampath Bank, John Keells Holdings and Sierra Cables whilst retail interest was noted in SMB Leasing, Waskaduwa Beach Resort and HNB Finance.

The share price of Mercantile Investments and Finance moved down by Rs. 1.50 (6.38%) to Rs. 22.

Retailing sector was the second highest contributor to the market turnover (due to United Motors Lanka) whilst the sector index increased by 1.32%. The share price of United Motors Lanka closed flat at Rs. 26.50.

Sampath Bank and John Keells Holdings were also included amongst the top turnover contributors. The share price of Sampath Bank recorded a loss of 25 cents to Rs. 136.25. The share price of John Keells Holdings closed flat at Rs. 20.

The Non-Governmental Organisations (Registration and Supervision) bill (L.D.-O. 6/2026) seeks to repeal and replace the Voluntary Social Services (Registration and Supervision) Act, No. 31 of 1980. It will extend government supervision beyond ‘voluntary social service activity’ namely ‘any activity intended or carried out for the purpose of providing relief or for the welfare of physically, mentally or socially handicapped persons, including the destitutes, the displaced, the disabled and the unemployables’ to ‘non-profit oriented activity,’ defined as ‘any activity other than a voluntary social service activity, carried out for charitable or socially beneficial purposes, not intending profit generation and includes advocacy.’

Its stated objective is ‘to make provision to register and supervise all non-governmental organisations, including Voluntary Social Service Organisations, under one authority for the purposes of more effective facilitation, coordination and regulation of the activities of such organisations.’ No justification is provided beyond this assertion in the preamble.

Why control?

It is reasonable to ask why a Government that cannot exert effective control over its prisons and foreign-debt repayments (both core activities of the state) wants to control the activities of those providing social services without the use of taxpayer funds (the rationale for current VSSO Act). If the Government is giving taxpayer money to a social service organisation, conditions may be imposed on the grant without going to all this trouble. And what is the rationale for wanting to supervise CSR activities of for-profit entities if they are not specifically mentioned in the Articles of Association (section 2(3))?

To the best of my knowledge, there has been no performance audit of the NGO Secretariat that has been functioning for over four decades. It is illogical to create a Competent Authority (CA) that evokes emergency rule and add more powers to the NGO Secretariat and expand its scope absent such as assessment. The bill should be withdrawn until the completion of a performance audit of the NGO Secretariat under the current VSSO Act. This would be the basis for the formulation of legislation that will provide an effective solution to a real need.

It may be inferred that the motivation for the legislation lies in the need to ‘develop appropriate methodology to identify, assess and understand money laundering, terrorist financing and financing of proliferation of weapons of mass destruction risks of non-governmental organisations, and conduct monitoring of non-governmental organisations on a risk-based approach’ (section 4(1)(j)). If this is indeed the objective, It is unclear why the Government believes the CA and the NGO Secretariat, constrained by Government pay scales and rules, will possess the expertise that is now being developed at the far-better-endowed Financial Intelligence Unit (FIU), the Central Bank of Sri Lanka (CBSL) and the FCID. Finding evidence of money laundering etc. is not a simple matter. It requires specialised skills and access to information within banks. The CA and the NGO Secretariat possess neither of these attributes. The FIU, the CBSL, and the FCID do to varying degrees.

Optimal solution

Problems caused by money laundering and associated actions are better addressed by mandating each organisation considered as being potentially engaged in these activities to maintain audited accounts and submit them to their respective registering authorities. This obligation currently applies to all entities incorporated under the Companies Act, No. 7 of 2007. The Societies Ordinance, No. 16 of 1891 as amended, also has this requirement. If there are any others, such as political parties or entities created by Private Member’s Motions approved by Parliament, the requirement may be added through amendments to the relevant statutes. If the objective is legislation that can be shown as evidence of responsiveness to Financial Action Task Force (FATF) recommendations, this can take the form of a new Act.

The audited accounts may be published online by the relevant government authorities allowing any member of the public or any organisation to flag suspicious transactions for the attention of the FIU, CBSL or the FCID. If state institutions possess the capability, they may also use AI to proactively detect anomalies in the published accounts and initiate investigations.

This would make the proposed Bill (except for section 24(1) which repeals the VSSO Act) redundant.

Second-best solution

In the event the Government does not accept, for whatever political reason, the above solution to the problems of money laundering, etc. and insists on proceeding with this pernicious bill, the harm caused to fundamental rights as enunciated in Article 14(1) of the Constitution may be alleviated by a few amendments.

The duties set out in section 15 of the Bill, especially the duties to ‘Align with the policies of the Government’ and ‘Not induce or cause to induce any public disorder which affect safety and interests of the general public,’ may be made less offensive to democratic values. In many instances it is unclear what the Government policy on a specific matter is.

For example, the Department responsible for the implementation of the National Physical Plan has objected in writing to the extension of the Central Expressway to Galagedara and to the Ruwanpura Expressway. But the government has allocated funds for both and is proceeding with their construction. What is the policy NGOs must align with, and which can they protest?

What is the duty to ‘align’? Who decides whether the alignment is adequate? And why should every organisation in the country (other than those exempted) align with the policies of governments?

The broad sweep of the law subjects to intrusive government regulation the basic democratic right to advocate for changes in legislation (such as the present bill) and public policies. Take the case of a company advocating for legislative or policy changes, such as those affecting the mushrooming online betting industry. Would they be exempt if they claim that such actions are intended to bolster their profits (likely to blunt the power of their lobbying, but feasible)? But a not-for-profit organisation that is engaged in similar (but opposed) lobbying to regulate or ban online betting on the basis of the public interest be subject to censure or worse by the CA because it lacks a profit motivation. Policy making and legislative processes will be diminished by reducing the permitted voices to those of profit-motivated entities.

Who defines what the interests of the general public are? How does one differentiate between ‘peaceful assembly’ guaranteed by the Constitution and ‘public disorder’? The drafters are directed to the Janaghosha decision (Amaratunga v. Sirimal and others (1993) 1 Sri L.R. 264. SC APPLICATION NO. 468/92)

It would be necessary to radically reduce the draconian powers granted to the CA by section 5, 15, 16, and 17 by ensuring that court orders are sought for any intrusions into the functioning of entities created by citizens in the course of operationalising their rights under the Constitution, including but not limited to Article 14(c ) the freedom of association, and Article 14(f) freedom to enjoy and promote his own culture.

It is only reasonable that the CA, even if left with diminished powers as proposed above, be shielded from political direction and influence. This would necessitate amending the current bill to require the CA (ideally a differently named collegial body) to be appointed with the concurrence of the Constitutional Council as the Attorney General conceded in the case of the Online Safety Bill. The appropriate provisions for reappointment, remuneration, term and removal may be taken from prior legislation.

Nairobi Senator Edwin Sifuna on Tuesday called for a Senate probe into the plight of more than 3,000 Hela Intimates EPZ Ltd., workers over delayed salaries, unremitted statutory deductions, and unpaid terminal benefits.

According to media reports and videos of the Senate proceedings, Sifuna sought a statement from the Senate Labour and Social Welfare Committee, calling for investigations and measures to protect workers and suppliers when companies shut down without settling their obligations.