Category: Daily Financial Times

A financial contribution of Rs. 50 million has been made by National Development Bank PLC to the ‘Rebuilding Sri Lanka’ Fund, which was established to restore the livelihoods of people affected by Cyclone Ditwah and to rebuild the country following the disaster.

The relevant cheque was handed over by NBD Deputy Chief Executive Officer K. V. Vinoj, to Secretary to the President, Dr. Nandika Sanath Kumanayake. Sanjaya Perera and C. L. B. Dasanayake from NDB were also present.

Over 14 years after the collapse of the Finance and Guarantee (F and G) group, thousands of depositors say they are once again being failed – this time by those entrusted with reviving the defunct companies under the direct supervision of Sri Lanka’s Supreme Court.

The F and G group, once part of the wider Ceylinco conglomerate, collapsed in 2009, leaving an estimated 7,000 depositors unable to recover more than Rs. 6 billion in savings. Although Court proceedings later acknowledged that the group’s assets exceeded its liabilities, liquidation and recovery efforts have dragged on for over a decade.

During this prolonged process, many depositors have died without seeing justice or restitution.

In recent years, depositors were offered renewed hope when new management was appointed under Court oversight to revive Finance and Guarantee Property Developers (F and G PDL) and its related entities. Acting on representations made to the Court, the Supreme Court approved a structured repayment plan and ordered partial repayments amounting to 51% of deposits, without interest, on the explicit understanding that depositor funds – including proceeds from asset disposals – would be safeguarded and applied strictly in accordance with the Court-approved settlement framework.

Depositors now allege that these assurances have been breached.

According to information shared with depositor associations, assets belonging to F and G have been disposed of in recent months, generating liquidity that depositors say should have been channelled towards scheduled repayments. Instead, depositors allege that portions of these funds were diverted away from the Court-approved repayment plan and utilised for purposes unrelated to depositor settlement.

Most notably, depositor representatives point to an alleged Rs. 200 million investment into a hotel property in Wadduwa.

The hotel, co-owned by a foreign investor and a local partner, had reportedly been struggling to service its loans with the Bank of Ceylon and was facing imminent auction proceedings. Depositors allege that monies drawn from F and G-controlled accounts were used both to partially settle the hotel’s bank liabilities and to acquire an approximately 11% equity stake, at a valuation they claim was significantly inflated.

Depositors further allege that these transactions were carried out while scheduled repayments to depositors – including a payment due in September 2025 under the Court-approved plan – were not honoured.

Depositor representatives say this sequence of events directly contradicts sworn undertakings previously given to the Supreme Court, in which the Court-appointed controllers of F and G pledged that depositor funds would remain unencumbered, would not be deployed in third-party or speculative investments, and would be prioritised for settlement in line with the approved repayment schedule.

‘These funds were never meant to be risk capital or discretionary spending,’ a senior member of the Depositors Association said. ‘They were meant to be protected, preserved, and returned in accordance with a Court-approved plan. Instead, depositors are now watching assets being sold, payments being missed, and funds allegedly being diverted elsewhere.’

In addition to the disputed hotel investment, depositors have raised concerns about other withdrawals from F and G-linked bank accounts which, they allege, were used for personal or non-core expenditures. Depositor representatives say details of these withdrawals have not been disclosed, despite repeated written requests for clarification.

Of particular concern to depositors is the continued silence of directors appointed to safeguard depositor interests. These directors have neither publicly clarified the disputed transactions nor responded substantively to repeated requests for explanations, fuelling fears that depositor protections exist largely on paper.

Many depositors say the situation is especially painful given the long history of court orders, affidavits, and administrative assurances that followed the original collapse of the F and G group. For families who lost retirement savings, insurance proceeds, and lifelong investments, the latest developments feel like a reopening of old wounds.

Legal advisers to the Depositors Association confirm that preparations are now underway to seek renewed intervention from the Supreme Court. Depositors are expected to argue that Court-sanctioned revival powers were exceeded, fiduciary duties were breached, scheduled repayments were not honoured, and depositor funds were misapplied in violation of explicit undertakings given to the Court.

‘This is no longer simply a case of delayed repayments,’ one legal observer noted. ‘The allegations, if established, raise serious questions about contempt of Court, fiduciary responsibility, and whether Court-supervised recovery processes are being implemented in good faith.’

As Sri Lanka continues to emphasise the importance of financial sector credibility and investor confidence, depositors argue that the handling of the F and G case carries implications far beyond a single failed finance company.

‘Justice delayed was painful,’ one depositor said. ‘Justice compromised would be unforgivable.’

At the time of publication, repeated requests for comment from F and G’s current management and entities connected to the disputed investment have not received a response.

The recently held annual session of the College of Cardiology, which took place at Cinnamon Life concluded on a high note with an impactful address by Dr. Sivathasan Cumaraswamy, Consultant of Cardiovascular and Thoracic Surgery at the Heart, Lung and Vascular Centre of Mount Elizabeth Medical Centre, who championed the importance of patient-centric care in transforming healthcare outcomes across Sri Lanka.

The event brought together senior cardiologists, registrars, and healthcare professionals from across the country. Dr. Sivathasan, speaking as the Guest of Honour, highlighted the urgent need to rethink care models, moving beyond traditional treatment protocols to embrace a holistic, patient-first approach.

‘Over the last few decades, research has significantly transformed our understanding of the heart from molecular markers and genetics to regenerative therapies and precision cardiology. But even the most groundbreaking research is of little value if it does not reach the patient’s bed side in a timely, accessible, and treatable manner. And that’s our challenge and our responsibility,’ said Dr. Sivathasan in his keynote. ‘Prevention and preventive cardiology must be integrated into our schools, workplaces, and homes. This is where evidence-based practices meet public health. We must champion lifetime interventions with the same urgency as we do for statics and studies. Let us also remember that access is a matter of justice. Rural populations, economically disadvantaged groups, and rural people often experience the burden of disease. There is access to care. Reaching the gap means advocating for policies that support universal cardiovascular health through screening, education, and accessible treatment.’

Dr. Sivathasan’s visit was supported by IHH Healthcare, one of the world’s largest integrated private healthcare providers, and the event marked collaborative efforts between local institutions and IHH Healthcare, aimed at enhancing training, research, and healthcare delivery models.

The post-event engagement reinforces Sri Lanka’s commitment to aligning with global best practices while prioritising the unique healthcare needs of its population. As IHH Healthcare continues to support such forums, the shared vision remains clear: a healthcare system built around trust, compassion, and measurable patient outcomes.

CR and FC produced a composed and ultimately emphatic performance to defeat Sri Lanka Police SC 46/22 in their Inter-Club Rugby League encounter worked off at Police Park last evening, overcoming a stern second-half challenge to seal a valuable bonus-point victory.

The Red Shirts ran in seven tries, added four conversions, and a penalty, while Police replied with two tries, a penalty try, a conversion, and a penalty.

At the short breather, the Reds led 17/3.

CR dominated the opening exchanges, asserting control through superior ball retention and territorial advantage. Their forwards laid a good foundation at the breakdown and set piece, allowing the backs to play with confidence and width as the visitors built early pressure into a steady flow of points.

CR’s ability to keep Police pinned inside their own half proved decisive in the first period, as the Red Shirts capitalised on space out wide and maintained discipline to carry a 14-point cushion into the interval. For CR, Chamod Muthunayake, Omalka Gunaratne, skipper Lasindu Karunathilake, and Viduna Amaneth played well.

Police, however, showed admirable resolve after the resumption and injected urgency into their play. The home side struck back with three quick tries, exploiting lapses in CR’s defensive structure to narrow the margin to just seven points and briefly swing momentum in their favour.

Faced with a genuine test, CR responded with maturity and composure. Drawing confidence from their first-half lead, the Red Shirts tightened their defensive lines, regained control at the breakdown, and punished Police indiscipline to wrest back command of the contest.

CR’s finishing proved the difference as the match wore on. Their ability to convert pressure into points saw them pull away decisively in the final quarter, securing a bonus point that underlined both their attacking depth and mental resilience under pressure.

The Red Shirts’ tries came through Chamod Muthunayake and Viduna Amaneth, who both crossed twice, along with Pasindu Bandara, Omalka Gunaratne and Thenuka Nanayakkara. Nanayakkara was accurate with the boot, converting four tries and adding a penalty. For Police SC, Pasindu Tharuka and Rukshan Madushanka crossed for tries, with Tharuka also landing a conversion and a penalty.

Referee Raveen Alexander officiated the match.

Meanwhile at Welisara, CH and FC continued their unbeaten run with a hard-earned 29/13 victory over Sri Lanka Navy Sports Club. Leading 12/3 at half time, CH showed defensive discipline and clinical finishing to score five tries and collect a bonus-point win in a match refereed by Jeewaka Fonseka.

Sri Lanka came up with a spirited batting performance to notch up their highest total in Women’s T20Is – 191/6, before going down by 30 runs to India in the fourth match of the five-match series played at Thiruvananthapuram yesterday.

It was an excellent response from Sri Lanka after being kept down by totals of less than 130 in the first three WODIs. Although Sri Lanka lost, producing their highest-ever T20I total was in itself a big statement.

Hasini Perera gave Sri Lanka a flying start and skipper Chamari Athapaththu joined the charge, as they raced to 50 in just 3.3 overs, adding 59 for the opening wicket. Athapaththu carried on after Perera’s dismissal, bringing up her first fifty of the series and keeping Sri Lanka ahead of India’s score at the halfway stage. Every batter who came in showed intent, kept finding boundaries, and ensured the chase stayed alive for a long time.

But Sri Lanka couldn’t quite match India’s explosive second half and eventually finished on 191-6, with Athapaththu making a top score of 52 off 37 balls (3 fours, 3 sixes).

For India, this was the first real challenge of the series. The bowlers had to operate with a wet ball, the fielders weren’t at their sharpest, and they did struggle at times. Only Vaishnavi Sharma truly stood out, finishing with impressive figures of 2/24 in her four overs. Thankfully, India’s batters had put up a massive total and that cushion allowed them to extend their winning run.

After Sri Lanka won the toss and invited India to bat first, nothing went right for them from that point as India’s openers went on a tear. Shafali Verma continued her dream run, giving India a blazing start scoring 79 off 46 balls (12 fours, 1 six), while Player of the Match Smriti Mandhana (80 off 48 balls, 11 fours, 3 sixes), although slow to begin with, soon caught up and matched her stroke for stroke. The pair went on a rampage, stitching together a stunning 162-run opening stand, which was India’s highest for any wicket, before both fell in consecutive overs.

Sri Lanka sensed an opening, but Richa Ghosh slammed that door shut with a brutal 16-ball 40 (4 fours, 3 sixes), adding 53 alongside skipper Harmanpreet Kaur to ensure a powerful finish.

The fifth and final WODI will be played at the same venue tomorrow.

Havelock Sports Club underlined their title credentials with a dominant 41/12 victory over Army Sports Club to retain the Yenfoon Pakstun Challenge Trophy in their Inter-Club League encounter at Havelock Park last weekend.

The Park Club were in devastating form in the first half, racing to a 34/0 lead at the break and recording their fourth successive win to remain unbeaten and firmly in the League title race.

Havelock SC set the tone early, playing with pace, precision, and authority. Fullback Yehan Bulathsinhalage opened the scoring in the fourth minute, before no. 8 Chathura Dilshan stamped his authority with two powerful tries, both originating from forward dominance through a driving maul and a five-metre scrum.

The pressure continued relentlessly as hooker Azmir Fajudeen forced his way over from close range, followed by a moment of brilliance from winger Janidu Wijeratne, whose intercept try was awarded after TMO confirmation. Bulathsinhalage then completed an outstanding half with his second try, fly-half Stephan Sivaraj converting to hand Havies an unassailable 34/0 advantage.

Army SC showed greater resolve after the interval, with Vinod Kumar and Ijas Ahamed crossing for converted tries during a period when Havelock played with 14 men following a yellow card to Sivaraj.

However, Havelock SC had the final say, as Jayathu Rajaratne sealed the emphatic win with a spectacular 100-metre dash, with Sivaraj adding the extras. The victory strengthens Havies’ unbeaten march towards the League title, while Nabeel Yahiya marked his club debut in memorable fashion.

A high-level Sri Lankan business delegation recently concluded a highly productive visit to MEDICA 2025, a leading trade fair for the global medical industry, held in Dsseldorf, Germany.

The delegation, organised by AHK Sri Lanka, comprised key decision-makers from leading Sri Lankan healthcare companies including Dimo Lifelines, Hayleys Lifesciences, Technomedics, A J Medichem International, and Hemas Hospitals.

The program was graced by the presence of Sri Lankan Ambassador to Germany Varuni Muthukumarana, who engaged in discussions with German authorities, industry leaders, and business multipliers, strengthening bilateral collaboration in the healthcare and medical sectors.

Key highlights of the visit included:

Meetings with Messe Dsseldorf to explore global trade fair trends and business opportunities.

Engagements with the Robert Koch Institute (RKI) on regulatory standards and medical innovation.

Knowledge-sharing sessions with the German Health Alliance (GHA) and Medicare Asia, focusing on emerging market strategies and healthcare solutions.

A site visit to a state-of-the-art hospital in Germany, offering first-hand exposure to advanced healthcare infrastructure and hospital operations.

The delegation returned to Sri Lanka with actionable insights and practical knowledge to support the continued growth and innovation of the country’s health and medical sector. This initiative is expected to enhance Sri Lanka’s capabilities in medical technologies, hospital management, and healthcare services.

AHK Sri Lanka Head of Corporate Affairs and Export Promotion, Malintha Gajanayake said: ‘It is vital for Sri Lankan medical industry stakeholders to participate in international exhibitions like MEDICA, not only to gain valuable insights into global industry trends but also to build strong, lasting relationships with international partners. Such exposure is key to driving growth and innovation in Sri Lanka’s healthcare sector.’

Technomedics Managing Director Linus Jeganathan said: ‘We were extremely happy with the entire experience. The opportunity to visit such an advanced hospital and learn directly from their expertise was truly invaluable. The shared knowledge and experiences have left a positive and lasting impact on all participants.’

Hemas Hospitals Managing Director Dr. Lakith Peiris said: ‘We made many connections at the exhibition, and we will follow through. It was excellent learning on how healthcare and digital health are evolving. The hospital guided tour provided a wonderful exposure to learn both the similarities and differences between the healthcare systems of Germany and Sri Lanka. One of the best hospital tours I have had.’

AHK Sri Lanka said the visit reflects Sri Lanka’s ongoing commitment to global engagement in the medical sector and highlights the growing potential for collaboration between Sri Lankan and German healthcare stakeholders.

International R and B star Ne-Yo yesterday issued a personal apology to his Sri Lankan fans following the postponement of his scheduled concert in Colombo.

In a post shared via Instagram, the Grammy-winning singer said he was deeply disappointed about not being able to perform as planned, citing unforeseen circumstances beyond his control.

‘To my lovely Sri Lanka fanbase. as much as I was looking forward to rocking out with you all, due to unforeseen circumstances, we’re gonna have to do this another time,’ Ne-Yo said.

He expressed regret over the postponement and reassured fans that he intends to return. ‘My deepest apologies. Know that I will see you soon. Can’t wait,’ he added.

The concert, which was scheduled to be held in Colombo on 28 December, was postponed by the organisers on 24 December midnight, who said refunds would be processed through the designated ticketing platform.

Ne-Yo’s message has since been widely shared by local fans, many of whom expressed appreciation for his direct outreach and reassurance of a future performance in Sri Lanka.

Following centuries from Lasith Croospulle and Kamindu Mendis on the opening day, CCC’s middle order batsmen made full use of a good batting track at the P. Sara Oval to notch up the highest total in the ongoing tournament – 595/6 declared on the second day of their Major Club 3-Day League match against Colts yesterday.

Test Captain Dhananjaya de Silva (88 off 124 balls, 10 fours), Pavan Rathnayake (77 off 141 balls, 9 fours), skipper Sonal Dinusha (55* off 50 balls, 1 four, 1 six), and Sahan Kosala (81 off 55 balls, 7 fours, 5 sixes) all struck half-centuries as they joined the run parade. de Silva and Rathnayake shared a fourth wicket stand of 163, and Dinusha and Kosala an entertaining partnership of 134 off 96 balls for the sixth wicket, before the brakes were finally applied. Colts began well, with openers Ravindu Rasantha (47) and Sangeeth Cooray (50 off 112 balls, 5 fours) posting 96, but collapsed to 119-4 by the close to trail by 476 runs.

Kamil Mishara hit an aggressive 91 off 100 balls (12 fours) and skipper Sahan Arachchige scored 64 off 85 balls (5 fours) to help NCC recover from a bad start – 14-2 – and post 301-9 declared in reply to Kurunegala YCC’s first innings of 217 in their match continued at the Mahinda Rajapaksa Cricket Stadium, Sooriyawewa. By the close, Kurunegala YCC, trailing by 84 runs, had made 40-1 in their second innings.

Moors SC’s middle order came to their rescue helping them gain a first innings lead of 84 against Ace Capital CC at the Colts Grounds.

Sohan de Livera made a forceful 82 off 80 balls (10 fours) and there were contributions of 48, 39, and 62 (off 128 balls, 8 fours) from Pasindu Sooriyabandara, Sithara Gimhan, and Captain Ramesh Mendis, respectively that enabled Moors SC to recover from 61-3 and finish on 336-7 in reply to Ace Capital CC’s 252.

Defending champions Bloomfield gained a handy first innings lead of 49 runs when they dismissed Nugegoda SWC for 271 at the CCC Grounds.

Madhuka Liyanapathiranage (60 off 125 balls, 9 fours), Kevin Perera (54 off 96 balls, 6 fours), and Rahul Gunasekara (73 off 111 balls, 5 fours, 1 six) all made fifties but it was not sufficient to get them past Bloomfield’s first innings of 320. Left-arm spinner Duvindu Tillakaratne took 4/53. By the close, Bloomfield had scored 35-1 to lead by 84.

Chilaw Marians CC and Panadura SC were involved in a close tussle for first innings points at the NCC Grounds.

Kasun Vidura missed out on a century by two runs (98 off 230 balls, 8 fours) as Chilaw Marians CC resumed their first innings reaching 322. By the close, Panadura SC, inspired by former Cambrian Vishva Chathuranga’s century (111 off 164 balls, 13 fours), replied with 225-5 to trail by 97 runs.

A 93-run stand for the seventh wicket between Vinura Dulsara (56 off 148 balls, 3 fours) and Captain Alankara Asanka (59 off 180 balls, 4 fours) helped Badureliya SC recover from 138-6 and post a decent total of 290 against BRC at the Welagedara Stadium, Kurunegala.

Pacie Mohamed Shiraz was the pick of the BRC bowlers with 5/76. By the close, BRC were in a wobble at 99-4, still 191 runs in arrears.

All the matches will continue on its third and final day today.

Sri Lanka Tourism marked yet another milestone with the arrival of an important flight from Kazakhstan – a pleasant Christmas surprise, as the aircraft landed on 25 December itself. The special flight was operated by Air Astana, the national carrier of Kazakhstan, in collaboration with LSR as the ground handler.

This inaugural flight for the 2025/2026 winter season carried 166 passengers aboard an Airbus A321. Air Astana will continue operations until March 2026, with two weekly flights (Monday and Thursday) connecting Almaty, the capital of Kazakhstan, to Bandaranaike International Airport, Colombo.

The arrival was celebrated with a traditional water salute, with the passengers greeted warmly and escorted through a vibrant cultural dance troupe, which showcased the island’s rich traditions and colorful heritage. Souvenirs were presented to mark the occasion, leaving visitors with a lasting impression of Sri Lanka as a welcoming paradise.

Sri Lanka Tourism emphasised that the country offers a 365-day destination experience, where diverse travel opportunities can be enjoyed within a single day’s journey. This accessibility and variety provide exceptional value for international visitors.

Kazakhstan, as part of the East European region, is now recognised as an emerging market for Sri Lanka. Arrivals such as these will help spread Sri Lanka’s uniqueness as a premier travel destination across the region, beyond its traditional source markets.

From 1 January to 25 December, Sri Lanka recorded 2,298,987 tourist arrivals, underscoring the strong recovery and superb impact of tourism on the nation’s economy.