News
May Day should have been used to address economic crisis – DEW
by Shamindra Ferdinando
Former General Secretary of the Communist Party, Dew Gunasekera, yesterday (02) found fault with political parties, represented in Parliament, for failing to address the rapidly developing political-economic-social crisis at their May Day rallies.
The participation of genuine workers seemed to be almost nil, the former cabinet minister said, adding that May Day rallies, held in Colombo and Kandy, reflected further decay in the political party system.
Both the government and the Opposition should be ashamed of their pathetic response to the growing challenge, the former lawmaker declared, alleging main May Day speeches reflected the shoddy handling of the worst economic crisis by Parliament, regardless of its responsibility on public finance.
Almost a year after UNP leader Ranil Wickremesinghe accepted the premiership and subsequently the finance portfolio, the government was yet to address fundamental challenges, the former CP leader said.
Having first entered Parliament, in 2004, Gunasekera resigned from the post of CP General Secretary, in late August 2020.
The veteran politician said that political parties could have used this year’s May Day to emphasize the gravity of the situation thereby preparing the population to face the deepening crisis. Instead, all of them engaged in meaningless rhetoric, the ex-MP said, adding that he was quite surprised by how such useless propaganda received prime time television coverage as well as covered by Sinhala, Tamil and English print media.
Commenting on this year’s UNP’s May Day vow to achieve status as a developed country, by 2048, the former minister said that the public wouldn’t be deceived by such rhetoric, under present circumstances.
The UNP leadership should realize that the much touted export economy status hadn’t been achieved and the changing global order would make it impossible for us to reverse the situation with the latest IMF intervention, the former National List MP warned.
Referring to as much as USD 12 bn International Sovereign Bonds (ISBs), obtained during UNP-led Yahapalana administration (2015-2019), the UNP and the breakaway UNP faction, the Samagi Jana Balawegaya (SJB), couldn’t absolve themselves of the responsibility for the current crisis.
The former MP pointed out that of over USD 15 bn in ISBs obtained by Sri Lanka, USD 12.5 bn were taken at high interest rates.
Gunasekera noted that while President Wickremesinghe addressed the UNP meeting, at the Sugathadasa International Indoor Stadium, via zoom technology, Prime Minister Dinesh Gunawardena joined the SLPP rally held with the participation of former PM Mahinda Rajapaksa at Campbell Park, Borella. SLPP strategist Basil Rajapaksa, too, attended the rally.
The former CP General Secretary said that the Wickremesinghe-Rajapaksa government was yet to educate the public of the severity of the crisis. Instead, USD 2.9, promised by the IMF, over a period of 48 months, was being touted as a panacea for all our ills, the outspoken one-time COPE (Committee on Public Enterprises) Chairman said.
“At least after we accepted, officially, our inability to service international debt in April 2022, Parliament should have made a realistic re-assessment after consulting the Central Bank and the Monetary Board. Unfortunately, Parliament seems to have failed its primary responsibility,” the CP man said, urging the government to take remedial measures, without further delay, or face the consequences.
The political veteran said that Sri Lanka should take into consideration critically important global developments, such as Saudi Arabia-China opening a new chapter in their relationship, as US wanes in the Middle East. The recent Saudi involvement in the political and security bloc Shanghai Corporation, that includes both China and Russia, should be an eye opener for Sri Lanka decision-makers, the former Minister said.
The respected political analyst urged political parties, represented in Parliament, to study developments, pertaining to BRICS – a group of nations that depicted themselves as global south, and an alternative to G7.
The ex-lawmaker asserted that our political parties were kind of lost in global developments as countries realigned themselves against the backdrop of waning US influence and the continuing war in Ukraine. “I do not think our pundits at least bother to peruse reports on the continuing crisis in the US banking system. The recent seizure of First Republic Bank, by regulators, and the transferring of control to JP Morgan Chase, underscored the risks involved,” he said.
US media reported yesterday that the First Republic Bank failed to recover, in spite of receiving USD 30 bn lifeline from nearly a dozen banks. It is the third big US bank to collapse in recent weeks.
News
Probe into Sasheendra’s alleged involvement in Moneragala tank ‘treasure hunt’
An investigation would be launched to determine whether former State Minister of Water Supply and Irrigation Sasheendra Rajapaksa was involved in demolishing a tank bund in Monaragala in an alleged search for treasure, Deputy Irrigation Minister Aravinda Senarath told Parliament yesterday.
Responding to a question raised by Monaragala District NPP MP Sarath Kumara, Senarath said discussions had begun with relevant officials to initiate an investigation while steps were also being taken to resume and complete the long-delayed rehabilitation of the tank.
The Palekanda Tank, located in the Galgamuwa Grama Niladhari Division of the Medulla Divisional Secretariat Division in the Monaragala District, was scheduled for rehabilitation after the existing tank bund was demolished in May 2020, when the then government commenced the project.
The initial estimate for the rehabilitation was Rs. 82.2 million, but this was subsequently revised to Rs. 167.26 million. The government has so far spent Rs. 70.5 million on the project, Senarath said.
According to official records, 80 percent of the tank rehabilitation work has been completed. The Pitawana (surplus weir) is 95 percent complete, while the left sluice gate is 90 percent complete. The construction of the right sluice gate has not yet commenced, while work on the tank bund is estimated at 50 percent completion.
However, MP Sarath Kumara said a recent inspection of the site had revealed little work commensurate with the Rs. 70.5 million already spent on the project.
He said residents had alleged that the rehabilitation project was being used as a cover for treasure hunting allegedly linked to former State Minister Sasheendra Rajapaksa, and called for a formal investigation.
Hundreds of farming families, who depended on the tank for their livelihoods, have been adversely affected by the stalled project for nearly six years, Kumara said.
Senarath said the project had originally been scheduled for completion in 2022, but work had been abandoned due to the country’s economic crisis.
He said the new government would resume the project and complete the remaining work by the end of next year.
News
Ammunition cache found in old Kandy bungalow
By S.K. Samaranayake
Workers carrying out maintenance work at an old elite bungalow in Kahapathwela, within the Galagedara Police Division, unearthed a cache of 3,711 rounds of ammunition, including ammunition for various firearms, pistols and automatic weapons.
The workers made the discovery while excavating a concrete-sealed pit on the premises. Four weapon storage boxes were also found at the site.
The businessman, who owns the bungalow, subsequently informed the Galagedara Police, who inspected the cache and took the ammunition and storage boxes into police custody.
Police investigations have revealed that the bungalow was purchased in 2022 by a Kandy-based businessman from a member of an elite family that had formerly lived in Kandy.
The Galagedara Police are conducting further investigations into the origin and ownership of the ammunition and the circumstances in which it was concealed on the premises.
The police are also due to report the facts surrounding the discovery to the relevant court.
The investigation is being conducted under the supervision of Central Range Senior DIG Lalith Pathinayake, DIG Sudath Masinghe and SSP Anuruddha Bandara Hakmana.
News
Business council charts new SL–Canada trade drive
The Sri Lanka–Canada Business Council of The Ceylon Chamber of Commerce recently convened its 35th Annual General Meeting (AGM) at the Ceylon Chamber of Commerce, bringing together Council members, office bearers and distinguished stakeholders to review the Council’s activities during the past year and set its direction for the year ahead.
The AGM was attended by Isabelle Martin, High Commissioner of Canada to Sri Lanka and the Maldives, together with members of the Council, office bearers and distinguished invitees.
At the AGM, Mohamad Hameez, Managing Director of Spillburg Holdings (Pvt) Ltd., was re-elected as President of the Council for the 2026/2027 term. M. Irshad Razack, Managing Director of Global Academy of Further Education, was re-elected as Senior Vice President, while Pemith Paaris, Associate Vice President of Acentura Inc., was appointed Vice President. Hiran De Silva of the Asian Institute of Business and Science (Pvt) Ltd was re-elected as Treasurer.
The Executive Committee for 2026/2027 was also appointed, comprising representatives from Aitken Spence Travels (Pvt) Ltd, Aspect Trading (Pvt) Ltd, BOV Capital (Pvt) Ltd, ECD Holidays (Pvt) Ltd, Fab Foods (Pvt) Ltd, Hatton National Bank PLC, Maliban Biscuit Manufactories (Pvt) Ltd, Marlbo Trading Company, MWAY (Pvt) Ltd, and Ningbo Marketing Company (Pvt) Ltd.
In addition, a dedicated subcommittee was appointed to oversee initiatives relating to Membership Development, Women Entrepreneurship and Corporate Social Responsibility (CSR).
Recognising the valuable contributions made towards the Council’s activities, Lionel Silva and Jay Ong will continue to serve as Honorary Members of the Council. The Council also announced the appointment of Kala Amirthalingam as Honorary Goodwill Ambassador for Women & Child Development and Empowerment.
The post-business session featured an address by Isabelle Martin, who emphasised the importance of continued engagement and cooperation between the business communities of Sri Lanka and Canada.
A keynote presentation was delivered by Dr. George I.H. Cooke, Senior Lecturer, Department of International Studies, Faculty of Social Sciences, University of Kelaniya, on “Canada–Sri Lanka Economic Relations in a Changing Global Order: Opportunities for Business, Investment and Trade.” The presentation examined the evolving global economic landscape and highlighted potential opportunities for enhanced bilateral trade, investment and business cooperation between Sri Lanka and Canada.
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