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Another Lankan-born turns into a scammer in Australia
A Sri Lankan-born Melbourne financial planner, Terence Rio Rienzo Nugara, accused of pilfering about $10 million from the superannuation funds of vulnerable clients, pleaded guilty in the County Court last month to 37 charges of obtaining a financial advantage by deception and two of theft, Australia’s The Age news agency reported.
On September 26, he pleaded guilty in the County Court to 37 charges of obtaining a financial advantage by deception and two of theft. As a result of his deception, he stole a total of $10,152, 061 from 38 Australian victims.
With his millions, he took off overseas in 2019, living for three years between Mexico, Costa Rica, Panama, Nicaragua, Sri Lanka and Singapore. The money he stole funded an extravagant lifestyle.
“The money went on living expenses, lifestyle choices he made,” his barrister, Mark Sturges, told the court. “The money was spent on things such as his race cars, he was involved in race cars; a helicopter; boats; living expenses. It was offending, as it’s known in the courts, motivated by greed.”
In Mexico, Nugara sought new investors in an online gambling platform, but he was kidnapped in an extortion attempt. He sought help from the Australian embassy, where he learned about the warrant for his arrest.
The court heard he tied up affairs overseas and returned to Australia, to be handcuffed by police at Melbourne Airport last October.
Nugara encouraged investors to convert their superannuation to self-managed super funds, giving them flexibility to invest in his property deals.
Between September 2014 and January 2018, police said, he transferred money from the accounts of 38 victims into his own personal accounts to use for his personal gain.
He is currently incarcerated at the Ravenhall Correctional Centre and has served 336 days of pre-sentence detention. He did not have a previous criminal record.
Melbourne Magistrates’ Court heard in October last year that Terence Rio Rienzo Nugara allegedly used his position as representative of Financial Services Partners to convince friends and clients to transfer him millions of dollars, which he promised to invest in luxury serviced apartments.Nugara is to be sentenced in October.
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Chemmani mass graves: Govt to seek international forensic help
ECONOMYNEXT –International assistance for forensic analysis of the remains unearthed at the Chemmani mass grave will be sought when the need arises, Sri Lanka’s Minister of has Justice said after opposition legislators urged the government to seek help.
“We have spoken to embassies, we have made all the local finances necessary for excavation. But when it comes to DNA analysis, depending on the type and nature we will definitely have to go for internationally recognised places,” Harshana Nanayakkara said in response to a query in Parliament.
Nanayakkara said that request for international expertise is dependant on the direction the courts give on what needs to be done, after which they will decide which agency best suits the proceedings.
The minister also recognised that local expertise is lacking in the forensic department, and the need to train local staff with the help of international experts.
Opposition MPs argued that the present need is direct help in forensics from international entities, rather than the longer term need to train the staff on analysis.
Currently, the investigation is in the excavation and exhumation stage, conducted by archaeologist Raj Somadeva and his team.
The existence of the Chemmani mass grave was first brought to light in 1998, during the trial of the rape and murder of schoolgirl Krishanti Kumaraswamy.
In February 2025, construction workers found remains near the Sinthupathy Cemetery, and following investigations ordered by the Learned Magistrate, the mass grave was discovered.
412 bodies have been discovered, with 409 bodies recovered as of 23 June 2026. According to the Office on Missing Persons, this is the 17th recorded mass grave in Sri Lanka.
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ADB approves $57.4 million package to boost Lanka’s rooftop solar drive
The Asian Development Bank (ADB) has approved a $57.4 million financing package to help Sri Lanka expand access to affordable clean energy and reduce greenhouse gas emissions through a large-scale rooftop solar aggregation and virtual net metering programme.
The financing comprises a $35 million concessional loan, $16.9 million in grants from the European Union and $5.5 million from the Japan Fund for the Joint Crediting Mechanism. With additional contributions from implementing agencies, the total estimated cost of the project is $80.5 million.
Under the Rooftop Solar Aggregation and Virtual Net Metering Project, two state-owned utilities — Electricity Distribution Lanka (Private) Limited and Lanka Electricity Company (Private) Limited — will introduce a scalable model to collect electricity generated from large rooftop solar installations and allocate the benefits virtually among eligible consumers.
The initiative will allow consumers to access solar power benefits without having to install individual rooftop solar systems.
ADB Country Director for Sri Lanka Shannon Cowlin said the project would broaden access to affordable renewable energy while strengthening the resilience and inclusiveness of the country’s power sector.
She said the initiative would also support grid modernisation and digital transformation, while creating employment opportunities and encouraging greater participation of women and youth in the clean energy sector.
The project is expected to benefit micro, small and medium enterprises and community organisations that face financial or space constraints in installing their own rooftop solar systems. Through a social compensation mechanism, eligible groups will receive reductions in electricity costs under the virtual net metering system.
The programme will support around 25 megawatt-peak of rooftop solar capacity while strengthening distribution networks, improving digital capabilities and preparing the national grid to accommodate higher levels of distributed renewable energy.
A dedicated training facility will also be established under the project to develop green skills, enhance women’s participation in the sector and build technical expertise in advanced low-carbon technologies.
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Bond scam case against Mahendran, Ravi K fixed for July 22
The Colombo High Court on Friday ordered that proceedings in the case filed against 11 defendants, including former Central Bank Governor Arjuna Mahendran and former Finance Minister Ravi Karunanayake, over alleged irregularities in the Central Bank bond auction be taken up again on July 22.
The case was called before Colombo High Court Judge Manjula Thilakaratne, who informed court that the Trial-at-Bar bench appointed to hear the matter had not been properly constituted.
Accordingly, the judge directed that the case be recalled on July 22 for further proceedings.
The Attorney General has filed indictments under the Public Property Act against 11 accused, including Mahendran, Karunanayake, Perpetual Treasuries Limited and its directors Arjun Aloysius and Geoffrey Aloysius.
The accused have been charged over alleged irregularities connected to a Treasury bond auction conducted by the Central Bank in March 2016.
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