Business
George Steuart & Co turns 190 this year
From colonial beginnings to global aspirations, a story of resilience, growth and community impact
George Steuart & Co Ltd., Sri Lanka’s oldest mercantile establishment celebrates its 190th anniversary in 2025 – an extraordinary milestone for Sri Lanka. To mark this historic moment, the George Steuart Group has planned a series of community focussed activities in line with its values encompassing its seven sectors, culminating on its Founder’s Day on 14th August 2025.
The legacy of the company goes back to Captain James Steuart who initiated business as Merchant Bankers in 1835. By 1860, with the advent of his brothers George and Joseph, the business evolved to an Agency House that managed coffee plantations. Their commercial endeavours were intertwined with serving the needs of the community. This spirit is best captured in the Will of the founder James Steuart who bequeathed his vast fortune of land and money to the Bishop of Colombo by way of a Trust.
Over almost two centuries, George Steuart has witnessed local and global challenges including world wars, civil wars, terrorism, insurgencies, tsunamis, pandemics, socio-political uprisings and economic turbulence. Some challenges, however, have been unique to the legacy of the company. In 1870, Ceylon’s coffee plantations were destroyed by blight. This major setback prompted George Steuart to be at the forefront of the country’s transformation from coffee to tea, earning a reputation as “the original Ceylon tea people”. A century later, the company faced a bigger impediment, when plantations were nationalised in 1975 with no compensation for loss of business to the Agency Houses. At this time, the company had the largest acreage under its Agency, which was its Principal line of business. Thus, George Steuart earnestly began diversification into new lines of business. Another major setback occurred in January 1996, when the company’s iconic head office building on Janadipathi Mawatha was ravaged by a terrorist bomb targeting the Central Bank. The damage was extensive, including the heart-breaking loss of lives. The company’s strength of character was demonstrated by its Travel Arm that operated out of decentralised offices and successfully organised an infamous turnaround charter flight on Sri Lankan Airlines for the ICC Cricket World Cup Final within two months of the tragedy.
Today George Steuart & Co. stands as the genesis of Sri Lanka’s private sector. It was one of the founding members of the Ceylon Chamber of Commerce, 185 years ago. Duminda Hulangamuwa, Chairman of the Ceylon Chamber of Commerce commenting on this milestone, said “The story of George Steuart is a historical monument of how colonial commerce in Ceylon evolved to become the corporate Sri Lanka of today. Its journey of 190 years stands as a testament to the incredible resilience and adaptability of the Sri Lankan private sector.”
Business
Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe
By Ifham Nizam
A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.
The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.
The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.
The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.
One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.
A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.
A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.
The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.
That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.
Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.
The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.
The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.
When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.
The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.
Business
Sri Lanka Food Processors Association holds 29th Annual General Meeting
The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.
At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.
President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.
1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.
2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.
Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.
Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.
Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.
Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:
Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited
Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.
Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.
Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.
Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.
Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC
The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.
The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.
Business
Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black
New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel
Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.
The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.
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