Business
CMTA and Sudath Perera Associates address legal action to combat fake spare parts
The Ceylon Motor Traders Association (CMTA), the most senior automotive association in South Asia, and Sudath Perera Associates, one of Sri Lanka’s most reputed legal firms, specializing in intellectual property rights, recently held a highly informative briefing for members of the CMTA at the Ceylon Chamber of Commerce to address the growing market of counterfeit parts in the country.
During the session, Sudath Perera Associates provided CMTA members with valuable insights and a detailed overview of the legal measures available to combat the spread of counterfeit products. It also emphasised the importance of collaboration between industry stakeholders and law enforcement authorities to protect consumers and the broader economy.
Counterfeit parts are difficult to identify as they utilise replicated logos and packaging to appear genuine. This issue is particularly concerning where safety-critical parts such as brake pads for vehicles, trucks and motorcycles are concerned. More often than not, these counterfeit parts fail to meet the required safety standards, which puts consumers and road users in danger.
Virann de Zoysa, Chairman of the Ceylon Motor Traders Association said, “We collaborated with Sudath Perera Associates to set up this initiative after hearing of the great work initiated by Toyota and Honda and the recent action they have taken against the illicit sale of parts. It is essential that we collaborate and do everything we can in terms of legal action to mitigate the sale of these illegal parts and ensure the safety of consumers as well.”
Sudath Perera, Founder and Managing Partner of Sudath Perera Associates, stated “The sale of counterfeit goods is problem that exists on a large scale in retail, pharmaceuticals, sports goods, automotive and everything in between. It is imperative that legal action is taken against these sellers of illicit goods. In terms of the automotive industry, we are pleased to be able to partner up with the CMTA and its members in the action they are taking to seize the sale of these goods.”
From an economic perspective, the illegal trade of counterfeit components drains extremely valuable forex revenue from the country. These parts are illegally brought into the country, avoid proper customs processes, and are taxed by their weight rather than their actual value. This results in the government losing significant amounts of revenue that should ideally be collected from the legitimate imports of parts. This issue needs to be addressed as a national priority.
The CMTA, which represents over 30 globally reputed automative brands in Sri Lanka, has been closely monitoring this issue, and are committed to ensuring that Sri Lankan consumers have access to genuine, high-quality parts that adhere to international standards. In response to these violations global automotive brands have already begun to take legal action.
Honda and Toyota have recently led efforts to mitigate the counterfeit market by conducting raids on shops who sell counterfeit parts. These operations have resulted in counterfeit goods being seized and destroyed, and several shop owners being arrested and charged with serious offences. This serves as a warning to all those engaging in illicit practices, that both manufacturers and authorities are determined to protect consumers and uphold the integrity of genuine products.
As the battle against the sale of counterfeit parts moves forward, the CMTA encourages all consumers to be cautious and ensure that all parts are purchased from authorised distributors. A collaborative effort is imperative to safeguard the market from dangerous and damaging products.
At its 2026 Social Sustainability Programme Kick-Off, the UN Global Compact Network Sri Lanka convened business leaders to advance the translation of global ambition into practical corporate action on inclusion, integrity and human rights.
On 24 February 2026, the UN Global Compact Network Sri Lanka (Network Sri Lanka) convened business leaders at Barefoot Garden Café for its 2026 Social Sustainability Programme Kick-Off, delivered in collaboration with Good Life X.
The gathering did more than introduce a calendar of events. It positioned Sri Lanka’s corporate community within the broader direction of the UN Global Compact’s 2026–2030 global strategy — a strategy anchored in three imperatives: equipping companies to act, catalyzing collective action, and advancing the business case for responsible leadership.
At its core, the 2026 Social Sustainability agenda is designed to move companies from commitment to capability.
Within the Diversity & Inclusion Working Group, this means building practical pathways toward equal pay for equal work and strengthening male allyship as a governance issue rather than a cultural afterthought. It means examining sexual and reproductive health, disability inclusion, and mental health not as employee benefits, but as structural determinants of productivity and retention. It means sharpening strategic communications so inclusion is embedded in brand integrity. It also means applying science-based behavioural change approaches to shift organizational culture in measurable ways.
Across the Business & Human Rights Working Group, equipping companies takes the form of deepened engagement on decent work and living wage implementation, strengthening human rights due diligence processes, and addressing emerging risk areas such as AI and digital rights. It extends to reinforcing business integrity and anti-corruption frameworks, understanding the social dimensions of a just transition, and recognizing the link between child rights, nutrition, and workforce productivity.
Union Bank of Colombo PLC announced its proposed Debenture Issue 2026, a strategic move aimed at raising up to LKR 3 billion. This issue is designed to bolster the Bank’s Tier II capital base and provide a robust financial foundation for its upcoming growth initiatives.
The offering consists of Basel III compliant, listed, rated, unsecured, subordinated, redeemable high-yield debentures with Non-Viability Conversion. The instrument has been assigned a rating of BB (lka) by Fitch Ratings (Lanka) Ltd, reflecting the bank’s creditworthiness and the structured nature of the subordinated debt.
Investors can choose from three distinct interest structures starting from a high-yield 13% fixed rate per annum (Type A). This option is paid annually, while Type B offers a 12.5% fixed rate paid semi-annually (12.89% AER). For those seeking market-linked returns, Type C provides a floating rate of the 182-days Treasury Bill rate plus a 400-basis point margin, also paid semi-annually.
The debentures are priced at LKR 100 per unit with a 5-year tenure (2026–2031). The initial issue size is set at 20,000,000 debentures with an option to raise 10,000,000 at the discretion of the Bank and is scheduled to open on 10 March 2026.
Shanka Abeywardene, Chief Financial Officer of Union Bank stated “This debenture issue marks a significant step in the Bank’s journey towards enhanced financial stability. By strengthening its capital adequacy, Union Bank is well-positioned to navigate evolving market conditions while fuelling its long-term strategic objectives for sustainable growth”
WindForce PLC announced the appointment of Sanjay Kulatunga as an Independent, Non-Executive Director to its Board with effect from 03rd March 2026, following the resignation of Dilshan Hettiaratchi. The appointment further strengthens the Company’s governance framework, strategic oversight, and long-term decision-making capabilities.
Kulatunga brings an established track record as a founder, entrepreneur, and senior executive across financial services and export-oriented industries. He is the Chief Executive Officer and Co-Founder of LYNEAR Wealth Management, a boutique investment firm established in 2013, which has since grown to become one of Sri Lanka’s largest private wealth management institutions, serving high-net-worth individuals as well as local and international institutional clients.
Prior to founding LYNEAR, Kulatunga played a pivotal role in the establishment of Amba Research, an investment research offshoring firm rooted in Sri Lanka and now operating as part of Acuity Analytics.
Over the years, he has contributed extensively to several key national institutions. His previous appointments include serving on the Financial Sector Stability Consultative Committee of the Central Bank of Sri Lanka, as well as the Board of Investment of Sri Lanka and the Securities and Exchange Commission of Sri Lanka.
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