Asianet Pakistan Private Limited

Capital One has launched Donatello, introducing a dedicated Bespoke Private Wealth Management concept for High-Net-Worth (HNW) and Ultra-High-Net-Worth (UHNW) clients in Sri Lanka.

Donatello combines a dedicated lounge influenced by art and culture with Capital One’s expertise in investment banking and bespoke wealth management services. As a game changer in Sri Lanka’s private wealth management landscape, the concept is designed to provide private wealth clients with a setting that represents their interests in culture, collecting, and legacy in addition to an environment for personalised financial conversations.

Founder/Group Managing Director Veranga Vithanaarachchi said: ‘Wealth management is not only about managing what clients have today, but understanding what they want their wealth to achieve over time. By fusing art, culture, and the kind of access that meets the needs of our private wealth clients with our investment knowledge and personalised advisory approach, Donatello takes that discussion outside of the traditional banking environment.’

Capital One will give clients access to customised investment strategies, wealth planning, estate planning, and investment advisory services through its Bespoke Private Wealth Management offering. As part of client experience, Donatello will also provide concierge facilities.

A key component of the Donatello concept is art, which creates a setting where conversations about wealth coexist with Sri Lankan art and culture. The approach gives the lounge a unique identity within Capital One’s private wealth offering while acknowledging the relationship between wealth, collecting, cultural appreciation, and legacy.

The launch is an investment in a specific space and service offering for the HNW and UHNW segment, building on Capital One’s existing experience in relationship-led investment banking.

Donatello will open on 25 September, bringing Capital One’s investment expertise and bespoke wealth management services together in a space where wealth meets art and financial planning meets legacy.

Sri Lanka’s construction industry is entering a fundamentally different operating environment. The 2027 public-investment program has already been allocated approximately Rs. 2 trillion, making it one of the largest construction-related public investment programs in recent years. In addition, four highway projects have been allocated local funding. This is a major opportunity for the construction industry. But it also presents a critical question: Does the industry have the capacity to absorb, finance and successfully deliver this scale of work? The answer cannot be measured by the number of contractors, the value of tenders or the size of the government allocation alone.

The real test will be whether contractors can turn this investment into mobilised sites, sustained cash flow, productive employment, completed infrastructure and commercially viable businesses.

The Central Bank of Sri Lanka’s Construction PMI reached 61.4 in July 2026, confirming continued expansion in construction activity. At the same time, the sector continues to face constraints relating to skilled labour, materials, finance, supply chains and contractor capacity.

For contractors, therefore, 2027 should not be approached simply as another tendering year. It should be approached as a capacity-readiness year.

The opportunity is Rs. 2 trillion. The challenge is execution. A large capital allocation does not automatically translate into completed projects.

The CIOB’s construction-sector analysis identifies several barriers that can prevent public investment from becoming completed and operational assets: contractor cash-flow problems, limited access to working capital and guarantees, skilled-labour shortages, material and supply-chain disruption, distressed contractors, administrative delays, uneven work allocation and contract-related disputes.

This creates a different environment for contractors. In a period of limited construction activity, the key question is: Where is the work?

In a period of major public investment, the question becomes: Can we take on the work and deliver it without overstretching the company?

That distinction is crucial. A contractor that wins several contracts but cannot finance mobilisation, secure labour, procure materials or manage contractual risk may create greater financial pressure rather than greater profitability.

Know your capacity before you chase growth

The first step for every contractor should be a detailed assessment of its financial and operational capacity.

Before entering the 2027 tender cycle, contractors should assess: existing order book, outstanding receivables, certified but unpaid work, pending claims and variations, existing bank debt, working-capital facilities;, performance-bond capacity, advance-payment guarantees, equipment-financing capacity and projected cash requirements for new projects.

The CIOB proposal specifically identifies working capital, performance bonds, advance-payment guarantees, receivable-backed lending and appropriate debt restructuring as important components of contractor financial capacity.

The objective should be to establish financial headroom before tenders are awarded, rather than approaching banks after a contract is secured.

A strong contractor should know its maximum safe order-book value, maximum monthly cash requirement and maximum number of projects that it can realistically manage simultaneously.

Develop a professional bid/no-bid strategy

A major public-investment program will create opportunities across highways, roads, buildings, water, utilities, rehabilitation and other infrastructure.

But contractors should resist the temptation to pursue every available tender.

Before bidding, each project should be assessed against 6 fundamental questions: Financial: Can we finance it? Technical: Do we have the required experience and capability? People: Can we provide the necessary engineers, managers and skilled workers? Plant: Do we have access to the required equipment? Commercial: Are the contract and payment conditions acceptable? Capacity: Can we add this project without damaging our existing projects?

This should become a formal Bid/No-Bid system, rather than an informal management decision. CIOB also recommends project-readiness screening before projects proceed to tender, including adequate land, design, approvals, financing, cost estimates and procurement strategy. Not every available project is necessarily the right project for every contractor.

Secure finance and guarantees before you need them

One of the greatest constraints during a construction expansion can be the gap between winning a contract and having the financial capacity to mobilise it.

Contractors should meet their banks now and prepare a clear 12-24 month funding plan covering: performance bonds, bid bonds, advance-payment guarantees, working-capital facilities, equipment financing, and overdrafts, receivable-backed financing; and contingency facilities.

The discussion with the bank should not begin with: ‘We have just won a project. Can you finance us?’

It should begin with: ‘This is our expected 2027 project pipeline, this is our current order book, these are our projected cash requirements and this is the financial capacity we need.’

That is a much more strategic approach to bankability.

Labour will become a competitive issue

CIOB recommends a national construction labour force mechanism, apprenticeships, certification and skills development. Contractors should therefore start workforce planning now.

Each company should maintain a reliable database of: engineers, quantity surveyors, planning engineers, project managers, foremen, skilled masons; carpenters, steel fixers, welders, electricians, plant operators, mechanics, HSE personnel and QA/QC staff.

Contractors should also strengthen links with vocational and technical training institutions and develop apprenticeship and in-house training programs.

The winning contractor in a large program will not necessarily be the company with the most equipment. It may be the company that can mobilise the right people fastest and retain them throughout the project.

Secure materials and suppliers early

The industry should also prepare for increased pressure on construction inputs.

CIOB identifies material price volatility, long lead times and tender uncertainty as major supply-chain concerns, and proposes greater transparency on prices, availability, lead times and supplier capacity.

Every contractor should identify its critical materials and establish: Primary supplier, Backup supplier, Lead time, Current price, Credit terms, Availability, Price risk.

This is particularly important for highway construction, where large volumes of aggregates, bitumen, asphalt, cement, steel, fuel and heavy equipment may be required.

A contractor should never discover a critical material shortage after mobilisation.

Audit your plant and equipment

A larger project pipeline will also increase competition for construction machinery.

Contractors should undertake a complete plant audit before the program accelerates: What do we own? What is currently used? What is approaching replacement? What do we need for the projects we are targeting?

What should be purchased, leased or hired?

For some contractors, leasing, equipment hire, specialist subcontracting or joint ventures may provide greater flexibility and reduce capital tied up in underutilised machinery.

The objective should be: Project-ready equipment without unnecessary capital overexposure.

Prepare before the tender arrives

Sri Lanka now has a rare opportunity to convert public allocations into procurement, physical progress, completed assets and measurable public outcomes, while addressing contractor liquidity, labour, supply chains, contract management and implementation bottlenecks.

For contractors, that means 2027 preparation should begin now. Prepare the banks. Prepare the workforce. Prepare the plant. Prepare the suppliers. Because when the tenders arrive, it will be too late to start building capacity.

The recent commissioning of the ‘Diyajanani’ 5-Megawatt floating solar power plant on the Ibbankatuwa Reservoir has generated justifiable excitement across Sri Lanka’s energy and business sectors. Emerging from the waters of Dambulla, the 10.5-acre floating array represents a milestone in local engineering capability. Spearheaded by WindForce PLC with local technical teams, the project promises to generate roughly 9 gigawatt-hours of clean electricity annually, offsetting 2.5 million litres of imported diesel, saving nearly $3 million in foreign exchange, and reducing carbon emissions by over 6,400 metric tons every year.

On paper, the narrative is flawless: sun meets water, diesel imports shrink, and carbon footprints drop. Yet, as a nation standing at the crossroads of a historic energy transition and severe economic restructuring, we must look beyond the immediate gloss of photo opportunities.

The central question facing Sri Lanka’s policymakers is not whether floating solar technology works-it clearly does-but whether placing utility-scale solar farms on agricultural irrigation reservoirs is the right strategy when vast expanses of rooftops, degraded land, and industrial surfaces remain entirely untapped. Are we rushing into living water bodies simply because they seem easy to lease, setting a troubling precedent for our 3,500-year-old hydraulic civilisation?

The lure and limits of floating solar

To evaluate floating solar objectively, one must acknowledge its legitimate engineering merits. Photovoltaic (PV) panels lose efficiency as operational temperatures rise. When mounted over water, the natural evaporative cooling effect can boost power generation efficiency by 5% to 15% compared to conventional ground-mounted installations. Furthermore, shading a portion of the water surface reduces thermal evaporation-a seemingly ideal benefit for drought-prone dry zone reservoirs.

However, these engineering advantages must be weighed against the unique ecological, agricultural, and socio-economic realities of Sri Lanka’s water management systems.

Unlike artificial industrial ponds or land-constrained urban nations like Singapore or South Korea, Sri Lanka’s reservoirs are not isolated, static bodies of water. They are the arteries of a complex, interconnected hydraulic cascade system designed over millennia to sustain food security, replenish groundwater tables, and nurture regional ecosystems. Converting these living agricultural assets into energy generation hubs introduces long-term vulnerabilities that demand rigorous national scrutiny.

These are not ‘Dead’ water bodies

A foundational mistake in energy spatial planning is treating agricultural tanks as idle real estate. While the Ibbankatuwa Reservoir is a relatively modern multi-purpose reservoir built under the Mahaweli Development Programme in the 1980s, much of Sri Lanka’s dry zone relies on ancient cascades-such as the Parakrama Samudra, Kala Wewa, Tissa Wewa, and Minneriya.

Deploying floating arrays on active agricultural tanks presents several critical operational and ecological risks:

1. Seasonal drawdowns and anchoring hazards

Sri Lanka’s irrigation tanks experience dramatic seasonal water level fluctuations. During the dry Yala season, water levels drop significantly as sluice gates open to feed downstream paddy fields. When water levels plummet, floating solar structures risk grounding on exposed mudbeds, straining mooring cables, damaging anchoring systems, and potentially obstructing irrigation intake structures.

2. Disruption to aquatic ecosystems and inland fisheries

Covering large surface areas with opaque solar arrays blocks natural sunlight penetration. This alters the photic zone, suppressing phytoplankton growth-the foundation of the aquatic food chain. Reduced photosynthesis leads to lower dissolved oxygen levels, threatening freshwater fish populations. For thousands of rural families reliant on inland fisheries for protein and livelihood, widespread coverage of water bodies poses a direct threat to community food security.

3. Maintenance and water quality risks

Solar panels in tropical environments accumulate bird droppings, dust, and algae. Cleaning these vast floating arrays requires regular maintenance. If chemical detergents or non-purified water systems are utilised, chemical run-off directly contaminates irrigation water used for food crops and domestic consumption downstream.

A clear hierarchy: Rooftops and degraded lands first

Sri Lanka is not land-starved in a way that forces an immediate, uncritical retreat onto active agricultural waters. A rational national renewable energy policy must enforce a strict spatial prioritisation hierarchy, ensuring low-risk, high-yield assets are fully developed before touching sensitive natural ecosystems.

Tapping the unused roof canopy

The low-hanging fruit of Sri Lanka’s solar transition lies overhead. Hundreds of thousands of square meters of roof space across industrial zones, apparel factories, warehouses, government complexes, schools, and university campuses remain unutilised. Placing solar panels on industrial rooftops places generation directly at the point of heaviest demand, eliminating costly grid transmission losses and requiring zero environmental clearing or water leasing.

Mobilising marginal and degraded lands

Before converting active water bodies, Sri Lanka must inventory its brownfield sites. Closed rock quarries, degraded non-arable soil patches, railway corridors, and highway buffer zones represent ideal locations for utility-scale ground-mounted solar. Ground-mounted systems feature lower capital expenditure (CAPEX) compared to floating infrastructure, translating to lower generation costs for the Ceylon Electricity Board (CEB) and consumers.

Offshore and industrial alternatives

If floating solar technology is to be scaled as part of Sri Lanka’s long-term strategy, development should focus on water bodies carrying zero agricultural or biodiversity risk:

Closed-Loop Industrial Lagoons: Wastewater treatment basins, ash ponds, and industrial cooling reservoirs near manufacturing hubs offer ideal platforms. They benefit from proximity to industrial grid infrastructure while posing zero risk to food systems.

Offshore and Marine Systems: As marine solar engineering matures, utilising sheltered coastal bays, lagoons, and salt-pan peripheries can unlock significant floating capacity without encroaching on inland freshwater reserves.

The path forward: Responsible innovation

Acknowledging these risks does not mean opposing projects like ‘Diyajanani’ or rejecting floating solar technology entirely. Local engineering firms like WindForce PLC have demonstrated commendable technical capability, and the community contributions-such as smart classrooms for local schools and support for fishing associations-show positive corporate social responsibility.

However, one successful pilot project on a modern 1980s reservoir must not trigger an unregulated rush to cover Sri Lanka’s historic agricultural tanks.

To safeguard national interests, the Ministry of Power and Energy, the Sustainable Energy Authority (SLSEA), and the Irrigation Department must establish clear policy guardrails:

A legal ban on heritage and sanctuary tanks: Ancient cultural tanks (such as Parakrama Samudra and Tissa Wewa) and reservoirs located within National Parks or bird sanctuaries must be legally exempted from floating energy development.

Strict surface area caps: On modern, multi-purpose reservoirs where floating solar is deemed viable, coverage must be capped at a maximum of 5% of total surface area to protect aquatic ecology and irrigation functions.

Mandatory comprehensive EIAs: Floating solar proposals must undergo independent Environmental Impact Assessments (EIAs) evaluating seasonal water drawdowns, fish breeding cycles, and long-term water quality impact.

Sustainable development is not merely about generating clean units of electricity; it is about harmony between technology, community, and ecology. Sri Lanka can achieve 70% renewable energy target by 2030 without sacrificing its agricultural heritage. By prioritising rooftops, degraded land, and industrial surfaces first, we can build a resilient, green energy future while preserving the ancient waters that have sustained our nation for centuries.

Building on the culinary reputation established by their first venture, Autarch at Dutch Hospital, the team behind the restaurant is bringing a new dining experience to Madiwela with the opening of Kohomba by Autarch.

Bringing together authentic Thai, Chinese and Japanese cuisine, Kohomba introduces a distinctive Asian culinary experience to a neighbourhood increasingly finding its place on Colombo’s dining map. The restaurant builds on the experience and credibility of Autarch while establishing an identity of its own, rooted in culinary exploration, cultural connections and a distinctly Sri Lankan sense of place.

At the heart of the restaurant’s identity is its name. Kohomba, the Sinhala word for the margosa or neem tree, carries a strong connection to Sri Lankan heritage and the natural world. The name provides a meaningful foundation for a restaurant that brings Asian culinary traditions together in a setting shaped by its local surroundings.

The restaurant’s culinary offering spans three celebrated Asian cuisines, each with its own traditions, techniques and flavour profiles. Thai cuisine brings its characteristic interplay of aromatic ingredients and contrasting flavours, while Chinese cuisine draws on a rich diversity of regional influences and culinary traditions. Japanese cuisine contributes its emphasis on balance, precision and the appreciation of ingredients.

Together, the three cuisines create an opportunity for diners to explore different culinary traditions around one table, without losing sight of the individual character of each.

For the owners, Janaka Dias and Upeksha Senevirathne, Kohomba represents the natural evolution of a journey that began with Autarch at Dutch Hospital, where the team established its presence in one of Colombo’s recognised dining destinations. Their latest venture takes that experience beyond the city’s traditional restaurant districts, responding to Madiwela’s growing relevance as a lifestyle and dining neighbourhood.

‘Autarch at Dutch Hospital has been an important part of our journey, and Kohomba gives us the opportunity to build on that experience while creating something with its own identity. We wanted to bring together the culinary traditions of Thailand, China and Japan, while giving the name Kohomba and its Sri Lankan heritage a meaningful place in the experience. We are excited to introduce this new chapter to Madiwela and welcome diners to discover it with us.’

With its combination of Asian culinary traditions, Sri Lankan heritage and the experience behind Autarch, Kohomba by Autarch adds a new dimension to Madiwela’s evolving dining landscape, inviting diners to discover a different expression of the region’s growing food culture.

The Cabinet has approved Gazetting amendments to the 109-year-old Trust Ordinance and submitting them to Parliament, in a move to make the ownership of trusts more transparent and bring the law in line with global anti-money laundering standards, Cabinet Spokesperson and Minister Dr. Nalinda Jayatissa said yesterday.

Briefing the media on decisions taken at the Cabinet meeting held on Monday, Dr. Jayatissa said the Attorney General had cleared the Trust (Amendment) Bill drafted by the Legal Draftsman. The Cabinet approved a resolution by the Minister of Justice and National Integration to publish the Bill in the Government Gazette and present it to Parliament.

The Cabinet had approved amending the Trust Ordinance No. 9 of 1917 on 18 December, 2024, based on observations by the Task Force on Prevention of Money Laundering and Financing for Terrorism. The amendments include changes proposed by the Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka.

The proposed changes would require the ultimate beneficial owners, settlors, trustees and beneficiaries of express trusts to be identified and registered. Ultimate beneficial owners are the individuals who ultimately own or control an asset, even when it is held in another name, while an express trust is one deliberately set up by a settlor, usually in writing.

Trustees would be obliged to obtain and hold accurate basic and beneficial ownership information, and to provide it to financial institutions when they carry out customer due diligence, the checks banks run to verify who their customers are. The amendments would also strengthen the legal registration of trusts and allow information-sharing among the FIU, law enforcement and tax authorities.

The Financial Action Task Force (FATF), the global anti-money laundering and counter-terrorism financing watchdog, has placed heavy emphasis on the transparency of legal arrangements such as trusts, which can be abused to hide illicit gains, conceal true ownership and facilitate tax evasion or money laundering. Sri Lanka has committed to the FATF to align its trust laws with international standards, so that authorities have timely access to accurate information on trust creators, trustees and beneficiaries.

The move comes as Sri Lanka undergoes a periodic mutual evaluation by the Asia Pacific Group on Money Laundering (APG), the FATF’s regional body. A poor outcome could lead to Sri Lanka being placed on the FATF’s grey list of jurisdictions under increased monitoring, which can hurt access to international banking, credit ratings and foreign trade.

India has informed Sri Lankan investigators that illicit funds were used in the Krrish construction project in Colombo, the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) told the Colombo Chief Magistrate’s Court.

The information came through a mutual legal assistance communication, a formal channel through which governments exchange evidence and information for criminal investigations and prosecutions.

CIABOC Assistant Legal Director Ama Wijesinghe said the communication was held by the Criminal Investigation Department (CID), which is conducting a joint investigation into the project with the Commission.

The Commission told the Court

that Namal Rajapaksa allegedly received Rs. 70 million through Nimal Perera to facilitate the lease of a Colombo Fort property owned by the Urban Development Authority (UDA) to Krrish Transworks Colombo Ltd. Wijesinghe said investigators had found that State agencies

processed the approvals unusually quickly.

The allegations were presented as the court took up the case against Rajapaksa. His lawyer challenged the validity of a certificate filed under the Anti-Corruption Act, arguing that the charges had been brought under the previous Bribery Act.

The Court directed that a bail application be made at the next hearing and remanded Rajapaksa until 13 October.

Sri Lanka opener Pathum Nissanka is doubtful for the Pakistan tour after suffering a strain in his right leg while fielding in the third ODI against Sri Lanka at the Oval on Sunday.

Nissanka was expected to go for a scan yesterday and the severity of the injury can only be assessed by the reports.

It is suspected to be a hamstring and Nissanka it is understood has complained of pain in his injured leg.

Nevertheless, Nissanka is certain to be out of the three-match T20I series against Pakistan which commences at Rawalpindi on 9 October.

His availability for the rest of the tour which includes a three-match ODI series starting on 18 October in Rawalpindi will depend on the extent of his injury.

Nissanka, a prolific scorer in white ball cricket had a rather lean tour of England with scores of 12, 37, 36, 27, 25 and 1 in the T20I and ODI series both of which Sri Lanka lost by 3-0 and 2-1 margins respectively. (ST)

The Cabinet has awarded a Rs. 2.89 billion contract to Maga Engineering Ltd., for the third phase of the Baseline Road Extension Project, Cabinet Spokesperson and Minister Dr. Nalinda Jayatissa said yesterday.

Briefing the media on decisions taken at the Cabinet meeting held on Monday, Dr. Jayatissa said the phase would upgrade a 0.86 km section of the Colombo-Horana Road, from Kirulapone Junction to Dutugemunu Street, into a six-lane road.

The works will also include an underpass, signal-controlled intersections, pedestrian facilities and improvements to the drainage system.

Bids were invited under the National Competitive Bidding procedure, and seven bids were received and evaluated. The High-Level Procurement Committee recommended Maga Engineering, which submitted the lowest substantially responsive bid, meaning the cheapest bid that met all the tender’s essential requirements.

The contract value excludes Value Added Tax (VAT). The award was approved on a proposal by the Transport, Highways and Urban Development Ministry