News
New investment company will be established to manage state assets – President
President Ranil Wickremesinghe announced plans to establish a new investment company that will manage state assets, ensuring that the rights of the people are protected. He also stated that new laws would be introduced to support this initiative. Additionally, the President highlighted the potential for new investments that will generate assets and help create a structured retirement planning system.
These remarks were made during a ceremony in Colombo today (02), where the President participated in the launch of a new retirement insurance system for the elderly through the SANASA Movement. During the event, President Wickremesinghe also symbolically handed over six new insurance policies for senior citizens.
The President noted that he took control of the country during an economic collapse, made difficult decisions to rebuild it, and emphasized that without the people’s patience, Sri Lanka could have faced a fate similar to Bangladesh today.
President Wickremesinghe further elaborated;
The United National Party government, appointed in 1977, opened the country’s economy, prompting various groups to establish new institutions and businesses. It was during this time that Mr. P.A. Kirivandeniya initiated the SANASA Movement, leading to the constitutionalization of the program. The proposal for the equitable distribution of production and resources among all citizens, initially suggested by Dudley Senanayake and J.R. Jayewardene in 1962, was also incorporated into the constitution, encouraging organizations like the SANASA Movement to flourish and significantly contribute to the Sri Lankan economy.
In the 21st century, the economy expanded differently from the 20th century, with the rise of small businesses, particularly in the three-wheeler industry and the tourism sector. However, in 2022, Sri Lanka’s economy collapsed. I assumed leadership during this time of economic instability, and without the patience of the people, the country could have descended into chaos.
If people had taken to the streets to govern the country, Sri Lanka could have faced the same fate as Bangladesh today. Rebuilding the economy required making difficult and unpopular decisions, including necessary steps in consultation with the International Monetary Fund (IMF). At one point, buying a vehicle, a house, or modern appliances seemed like an unattainable dream for many. However, we have overcome those challenging times, and with the economy now stabilized, the people’s purchasing power has increased, which in turn is expected to fuel the growth of small businesses and attract investors.
We have also initiated a program to grant “rights” to the people, starting with the decision to issue freehold deeds to secure land rights. As part of this effort, two million freehold deeds are being distributed. Additionally, we have launched a program to provide Colombo urban flats to people free of charge, and plans are in place to create estate villages in the upcountry, offering each family a plot of seven perches. This process of transferring “rights” to the people is progressing rapidly.
Additionally, there is a focus on providing subsidized housing loans to low-income earners. Traditionally, the funds from the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF) were used to purchase bonds. However, under our current program, government spending has been reduced, and plans are in place to increase state revenues. As revenues grow, the need to use provident fund money for bond purchases will diminish. We are in discussions to redirect these funds towards investment opportunities, and we intend to consult with trade unions and employers on this matter.
There are also plans to establish a National Wealth Fund using government assets, similar to investment companies created by countries like Norway, Qatar, and Singapore, where profits from government revenues are used for public welfare. This initiative will help secure the “rights” of the people.
The SANASA Movement is already engaged in such a social investment program, and various service cooperative societies are also implementing similar methods. To support these efforts, new laws will be required, drawing inspiration from existing legislation in countries like Denmark and Sweden. These laws will also address investments and retirement plans.
Young entrepreneurs entering the new digital economy should explore opportunities in the entertainment industry. By modernizing agriculture and fishing, we can drive effective economic growth. However, before anything else, I want to emphasize that the SANASA Movement is a steadfast partner in this journey. It serves as a protective umbrella in the rain and a roof over your head. We are committed to continuing our support for this movement.
News
SLPP MP killing: 12 Aragalaya activists sentenced to death
… ex-Public Security Minister says lives of MP and bodyguard could have been saved
The Gampaha High Court Trial-at-Bar yesterday (11) sentenced 12 persons to death by hanging over the May 9, 2022, killing of former Polonnaruwa District SLPP MP Amarakeerthi Athukorala and his police bodyguard. They were among altogether 39 persons tried by the High Court for the double murder. Of the remaining accused, four persons were handed six-month sentences, suspended for five years, and 23 others acquitted by the Gampaha High Court Trial-at-Bar, consisting of High Court Judges Sahan Mapa Bandara Rashmi Singappuli and A.D. Ruwan Pathirana.
Of the 12 sentenced to death, one continues to evade the law.
The verdict was to be announced on January 14.
Sri Lanka suspended implementation of the death penalty in 1976. The EU has repeatedly warned that resumption of judicial executions would result in consequences.
The new entrant to Parliament, and his bodyguard, were lynched by a ‘Aragalaya’ mob, in broad daylight. They were on their way back to Polonnaruwa when the gang intercepted the MP’s car, in the Nittambuwa town, during violence unleashed in the aftermath of SLPP goons’ attack on those camping at the Gotagohome site at Galle Face.
Footage secured from a nearby CCTV camera showed MP Amarakeerthi Athukorala fleeing the scene with his security officer, who was armed with a gun. Dozens of suspects had been subsequently arrested on several occasions on suspicion of involvement in the MP’s murder. The MP and police officer were killed in a garment store where they took refuge.
Earlier, the case caused major controversy over the Gampaha High Court Trial-at-Bar granting bail to all suspects. The Attorney General appealed to the Supreme Court (SC) to cancel the bail granted by the High Court Trial-at-Bar. The AG argued that releasing the accused on bail would impede a fair trial. The AG asked that the SC cancel the bail order and requested that the accused be placed in remand custody till the conclusion of the trial.
One-time Law and Order Minister Rear Admiral (retd) Sarath Weerasekera told The Island that the lives of the parliamentarian and his police bodyguard could have been saved if the military swiftly responded to the then developing situation. Former Colombo District MP said that he told Parliament that the Army, in spite of having troops at Nittambuwa, didn’t intervene. The powers that be never inquired into the lapses on the part of those responsible for maintaining law and order, the ex-Minister said, alleging that successive governments conveniently neglected that responsibility.
by Shamindra Ferdinando
News
Over one million Lankan devotees venerate sacred relics
The Devnimori Relics of Lord Buddha, brought to Sri Lanka on February 04, 2026, departed for India on February 11, 2026, after the successful conclusion of the Exposition at the Gangaramaya Temple in Colombo. The Relics were accompanied by the Governor of Madhya Pradesh Mangubhai C. Patel, and Deputy Chief Minister of Arunachal Pradesh, Chowna Mein, on their return journey.
At the ceremonial departure, at the Bandaranaike International Airport, Minister of Buddhasasana, Religious and Cultural Affairs (Dr.) Hiniduma Sunil Senevi, Deputy Minister of Buddhasasana, Religious and Cultural Affairs Gamagedara Dissanayake, and High Commissioner of India Santosh Jha, were present to see off the Buddha Relics.
IHC spokesperson: ” During the visit, the delegation led by Governor of Madhya Pradesh, and Deputy Chief Minister of Arunachal Pradesh met Minister of Foreign Affairs, Foreign Employment and Tourism Vijitha Herath, Deputy Minister of Environment Anton Jayakody, and Governor of North Western Province Tissa Kumarasiri Warnasuriya. In addition, the dignitaries interacted with members of the Indian-origin community in Sri Lanka.
The Exposition was inaugurated by President Anura Kumara Dissanayaka from the Sri Lankan side, and Governor of Gujarat Acharya Devvrat, and Deputy Chief Minister of Gujarat Harsh Sanghavi from the Indian side, in the presence of the Chief Incumbent of the Gangaramaya Temple Ven. Dr. Kirinde Assaji Thera at the Gangaramaya Temple, Colombo, on February 04, 2026. The week-long Exposition saw over a million devotees paying their respects. Prime Minister of Sri Lanka (Dr.) Harini Amarasuriya and several Cabinet Ministers, as well as the Speaker, the Leader of Opposition, former Presidents and numerous other Members of Parliament paid their respects during the course of the Exposition.
The Exposition marked the first public veneration of these Holy Relics outside of India. Complementing the exposition, two exhibitions titled “Unearthing the Sacred Piprahwa” and “Sacred Relic and Cultural Engagement of Contemporary India” were also held to showcase the shared Buddhist heritage of India and Sri Lanka.
The Exposition was announced by Prime Minister Narendra Modi during his State Visit to Sri Lanka in April 2025. The Exposition further reinforced the spiritual and cultural linkages between the two civilizational partners. India remains committed to deepening the linkages between both countries through continued bilateral initiatives and regular exchanges between the monastic and scholarly communities.”
News
Flooded Chemmani mass grave cleared amidst persistent rain
Action was taken on Monday (9) to drain rainwater from the Chemmani mass graves as preparations continued for the next phase of excavation, Tamil Guardian has reported.
During the first and second phases of excavation at Chemmani, a total of 240 sets of human skeletal remains were identified. Of these, 239 sets have so far been exhumed under court supervision.
Although funds had already been allocated and preliminary arrangements were in place to begin the third phase of excavation, persistent heavy rainfall, in Jaffna, since November last year, resulted in rainwater stagnating within the burial site, bringing the process to a halt.
In response, steps were taken on Monday to remove the accumulated water with the assistance of the Nallur Pradeshiya Sabha. However, despite the drainage, the site remains heavily waterlogged and muddy, making immediate excavation unsafe, Tamil Guardian reported.
As a result, it has been decided that a determination on when the next phase of excavation can commence will be made on 16 March, when the case is due to be taken up again. The matter has been adjourned to that date.
The drainage operation was inspected on site by a team that included Jaffna Magistrate S. Lenin Kumar, Judicial Medical Officer Sellaiyah Pranavan, and Attorneys-at-Law Niranjan and G. Rajitha.
Tamil Guardian disclosed that funds allocated last year by the Ministry of Justice for the third phase of excavation have lapsed and been returned, as the work could not proceed within the allocated timeframe. As a result, a fresh budget proposal must now be submitted for the current year in order to secure the necessary funding.
The Judicial Medical Officer has taken steps to submit a new cost estimate to the court, so that the excavation process can resume once conditions at the site permit.
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