The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) arrested former Beliatta Pradeshiya Sabha Chairman Cyril Munasinghe on Dec. 12 in connection with an ongoing investigation into alleged financial misconduct during his tenure. According to the Bribery Commission, the arrest is related to suspected misappropriation of Rs. 36,001,344.94 between Jan. 1 and Dec. 31, 2012. The arrest was made under Section 23(a) of the Bribery Act, the Bribery Commission said in a statement. Officials from the Commission took Munasinghe into custody at approximately this morning. The suspect is scheduled to be produced before the Colombo Chief Magistrate’s Court. (Newswire)…
The Sri Lankan Report
More than 700,000 driver’s licences are currently pending printing, Deputy Minister Prasanna Gunasena said. He said printing has now resumed after two new printing machines were purchased, with efforts underway to clear the backlog within less than six months. (Newswire) The post Printing resumes as over 700,000 driver’s licences remain pending appeared first on Newswire.
Deputy Minister of Defence Maj. Gen. Aruna Jayasekara (Retd) inspected the National Disaster Relief Services Centre (NDRSC) warehouse complex in Orugodawatta today as the newly established High Level Committee for Foreign Relief Aid (Supplies) Coordination (HL-FRAC) began operations. The Deputy Minister reviewed logistics operations at the warehouse, monitored the dispatch of essential supplies to disaster-affected areas, and directed officials to enhance accuracy and efficiency in aid handling. He instructed that all incoming relief stocks be checked, counted, and sealed at both the point of arrival, airport or port, and again at the storage facility. Security measures were also addressed during…
ECONOMYNEXT – Global economic uncertainty complicates central banking, the governor of the Central Bank of Sri Lanka has said, urging for greater research and collaboration. “The world is now navigating a landscape shaped by overlapping and multiple shocks from escalating geopolitical tensions, rising protectionism, leading to geoeconomic fragmentation and rapidly evolving patterns of trade and finance,” Nandalal Weerasinghe told the 14th Annual International Research Conference. “For central bankers, navigating this environment has become especially challenging: inflation forecasting is increasingly complicated by recurrent supply-side shocks, while climate-related risks must now be integrated into macroeconomic modelling, monetary policy formulation, and financial sector…
The Chief Executive Officer of Continental Insurance Lanka Limited has been arrested by the Commission to Investigate Allegations of Bribery or Corruption. The suspect, identified as Mailanarachchilage Don Wenceslaus Gerald Lazarus Gunadasa is accused of aiding and abetting a bribery offense involving the payment of Rs. 6,415,050 to a former official of the Government Analyst’s Department. The alleged recipient, D.H.L.W. Jayamanna, a former senior assistant government analyst, and another former top official of the insurance company had previously been arrested in connection with the same case. The Bribery Commission said the bribe resulted in an undue financial benefit to Continental…
ECONOMYNEXT – Sri Lanka’s rupee closed at 309.05/15 to the US dollar in the spot market Friday, stronger from 308.80/90 the previous day, dealers said, while bond yields closed down. The rupee has depreciated week on week; when it was quoted at 308.55/65 last Friday. A bond maturing on 15.12.2026 closed flat at 8.30/40 percent. A bond maturing on 15.02.2028 closed at 8.95/9.00 percent, down from 9.05/10 percent. A bond maturing on 15.12.2029 closed at 9.42/47 percent, down from 9.50/55 percent. A bond maturing on 15.10.2032 closed at 10.22/23 percent. A bond maturing on 01.11.2033 closed at 10.35/42 percent, down…
Sri Lanka Police have issued an official statement regarding a road accident involving National People’s Power (NPP) Member of Parliament Ashoka Sapumal Ranwala in the Sapugaskanda Police area on Thursday night. According to the police, the accident occurred at around 7.40 p.m. on December 11 near the Denimulla junction on the road stretching from Galvala Junction to Power House Junction. A jeep driven by MP Ranwala collided with a motorcycle travelling ahead of it, police said. Police said that while attempting to steer the jeep to the right following the initial collision, the vehicle also struck a car travelling on…
ECONOMYNEXT – Colombo Stock Exchange (CSE) ended 0.22 percent higher on Friday despite continued volatility in the market, data on its site showed. The market rose 4.7 percent, or 1 011.18 points, from a week ago. On Friday, the broader All Share Price Index closed 48.98 points up at 22,508.26. Meanwhile the more liquid S&P SL20 index climbed 0.04 percent, or 2.51 points higher to 6,097.66. Market turnover fell from 5.5 billion rupees to 3.02 billion rupees. Colombo Dockyard, Tokyo Cement Company (Lanka) – non-voting, and Swisstek (Ceylon) contributed to the turnover. A crossing on Tokyo Cement Company (Lanka) non-voting…
ECONOMYNEXT – The Insurance Regulatory Commission of Sri Lanka has suspended the registration granted to Sanasa Life Insurance Co PLC to carry on long-term insurance businesses, the company said in a stock exchange filing. The reasons for the suspension are: – Conducting business in a manner which could be detrimental to the interest of the policy holders/insurance industry and national interest. – Not being able to meet the solvency margin specified by the regulator. – Has failed to follow the provisions of the Regulation of Insurance Industry Act and the order s/rules and conditions made by the regulator under the…
Minister K. D. Lal Kantha has called for scientific and practical proposals to address access issues in areas affected by Cyclone Ditwah, particularly the Meemure area. Responding to criticism over a proposal to open an old route through the Knuckles Reserve, the Minister questioned whether the protection of World Heritage status should take precedence over immediate humanitarian needs. “Now the World Heritage is in pieces. The flood destroyed the barrier built by the King, which was also a World Heritage site, but no one is talking about that,” he said. The Minister noted that due to the damage caused by…
ECONOMYNEXT – Sri Lanka’s cabinet has approved a proposal to offer loans at 3 percent interest and with a 6-month grace period to disaster-affected micro, small and medium enterprises, and also consolidate previous loan schemes, minister Nalinda Jayatissa said. “A new loan scheme called RE-MSME PLUS will be implemented from 2026, to revive the MSME sector affected by the disaster,” Jayatissa told reporters. “It will provide immediate and medium-term financial relief to about 130,000 entrepreneurs.” The 3-year loan, at an interest rate of 3 percent a year, will have a maximum grace period of 6 months, he said. Micro enterprises…
Blue Skies Aviation Solutions (Pvt) Ltd, one of Sri Lanka’s leading aviation service providers, has extended vital support to national relief efforts by donating aviation lubricants worth Rs. 5 million to the Sri Lanka Air Force (SLAF).
Photo courtesy of AFP This article examines the government’s relief and compensation mechanisms for the Malaiyaha Tamil community in the wake of Cyclone Ditwah from the historical context of their precarious land tenure. As the line rooms traditionally occupied by plantation workers lack legal documentation, the families are unable to meet the administrative requirements for proving home ownership. Consequently, affected families face obstacles in accessing essential assistance such as full house damage compensation, resettlement grants and loan schemes. This challenge exposes the connection between losses triggered by climate change and historical socio-economic oppression. There must be an immediate relaxation of…
Thailand has dissolved parliament after nearly a week of fresh clashes along its border with Cambodia, with a general election to be called within 45 to 60 days.
American rapper Snoop Dogg has been named an ’honorary coach’ for Team USA at next year’s Winter Olympics.
Supporters hoping to attend next year’s World Cup final face paying thousands of pounds for the cheapest ticket.
ECONOMYNEXT – Sri Lanka has sold 120.87 billion rupees in 2030, 2032 and 2035 bonds, data from the public debt management office showed. 20.87 billion rupees of 01 March 2030 (LKB00530C017) bonds, of an offered 43 billion, were sold at an average yield of 9.55 percent. All 30 billion rupees of 01 October 2032 (LKB02032J017) bonds were sold at an average yield of 10.29 percent. All 70 billion rupees of 15 June 2035 (LKB01035F159) bonds were sold at an average yield of 10.67 percent. The 2032 and 2035 bonds are available on tap. (Colombo/Dec12/2025)
ECONOMYNEXT – Sri Lanka has enough seed paddy to re-cultivate paddy fields damaged by Cyclone Ditwah, a government statement said. Farmers and the Paddy Marketing Board had sufficient seed paddy to re-cultivate damaged fields, officials have told a meeting at the Ministry of Agriculture. Sri Lanka farmers were planning to cultivate 869,622 hectares in the Maha season. By the time the cyclone hit, 620,136 hectares were cultivated. Of that 106,293 was destroyed. About 95,000 or 90 percent of the fields can be sowed again. Around 249,486 hectares was yet to be sowed when Cyclone Ditwah hit. Of that, 2,039 hectares…
Photo courtesy of Al Jazeera In the wake of cyclone Ditwah, one of the worst environmental disasters in Sri Lanka directly affecting 2.3 million people across the country, recovery remains a long and arduous process. State authorities with a great deal of support from local communities, charitable organizations, foreign governments and others continue to provide the essentials including food, shelter and basic utilities to affected communities. Later stages would involve other complicated processes including rehousing displaced groups and preparing communities to more effectively face similar disasters in the future. The latter is essential given that extreme weather events are more…
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