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MIT expert warns of catastrophic consequences of USD 2.5 mn Treasury heist

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Prof. Anuradhi

Prof. Anuradhi Hapuarachchi, DBA in AI, has warned of catastrophic consequences unless remedial measures were taken urgently to deal with the theft of USD 2.5 mn from the Treasury.

The academic with the Massachusetts Institute of Technology asserted the possibility of even the fiscal policy being manipulated, thereby causing a major threat to the national economy.

The warning was issued in a recent interview with the Finance and Economic Editor of Divaina, Shyam Nuwan Ganewatta, on ITV.

On the basis that the Treasury had been targeted from overseas, Prof. Hapuarachchi explained the extreme difficulty in recovering the stolen funds.

Although various interested parties repeatedly assured that the issue wouldn’t cause problems, Prof. Hapuarachchi explained how the loss of precious funds could cause increase in taxes, delay in payments, public servants salary, as well as pensions. The Treasury issue could have had an impact on the entire digital payment structure, she said while underscoring the responsibility on the part of all stakeholders to restore public confidence in the system.

Comparing the growing threats posed by undesirable elements to digital payments structures at global level, Prof. Hapuarachchi said that there hadn’t been a previous instance of such theft of funds from the Treasury in any part of the world.

She briefly discussed the Bangladesh Bank cyber heist, in 2016, when an attempt was made to steal close to USD 1 bn from the Federal Reserve Bank of New York account of the Bangladesh Bank. But, that illegal operation was detected and money transfers stopped after the hackers stole USD 101 mn and moved funds to the Philippines and Sri Lanka. International investigation led to the recovery of USD 20 mn sent to Sri Lanka whereas only USD 15 mn out of USD 81 mn moved to the Philippines could be recovered so far.

Prof. Hapuarachchi urged swift action to dispel fears among the public as the country couldn’t afford to cause uncertainty, particularly against the backdrop of President Anura Kumara Dissanayake holding the Finance portfolio. Prof. Hapuarachchi emphasised the need to safeguard public interests by shielding the banking system from hostile actions.

Responding to a query, she explained the failure on the part of those responsible to ensure protection of the banking system to handing over the keys of a house to thieves after having set up a costly around the house.

By Shamindra Ferdinando



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Joint programme between President’s Fund and Janashakthi Foundation to expand healthcare facilities for children

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(Pic PMD)

A special collaboration between the Presidents’s Fund and the Janashakthi Foundation, aimed at expanding healthcare facilities available to children under the age of 18, was launched on Wednesday (06) morning.

Implemented under the theme “Building a Healthier Today for a Winning Tomorrow”, this national initiative has been introduced through the joint efforts of the President’s Fund and the Janashakthi Foundation with the objective of reducing the financial barriers associated with children’s healthcare.

Under the President’s Fund, only a portion of the medical expenses incurred by a patient is generally covered. However, under this new collaboration, the Janashakthi Foundation will provide either an equivalent amount or the remaining balance of the treatment cost, whichever is lower.

Speaking on the occasion, Secretary to the President’s Fund and Senior Additional Secretary to the President,  Roshan Gamage, stated that the present Government had taken steps to decentralise and digitalise the operations of the President’s Fund, thereby transforming it into a truly people-centric fund. He noted that this had reinforced public confidence in the Fund’s transparency, accountability and effectiveness and added that the collaboration with the Janashakthi Foundation had further strengthened this process.

Gamage further stated that close and meaningful coordination with the private sector would help enhance healthcare assistance provided to children and minimise the gap between the financial aid available and the actual cost of essential medical treatment.

Also addressing the gathering, Managing Director and Group Chief Executive Officer of the Janashakthi Group, Ramesh Schaffter, stated that difficulties in accessing medical treatment constitute a major obstacle preventing children from progressing towards a better future.

He further stated that the collaboration seeks to reduce that obstacle by extending support to children who are in urgent need of assistance, thereby laying the foundation for future generations to face tomorrow with greater confidence.

Under this programme, applicants seeking additional financial assistance are required, when applying to the President’s Fund, to duly complete and submit a consent form authorising the secure sharing of their information with the Janashakthi Foundation.

The identification of children requiring financial assistance, verification of their information and approval of funds will continue to be carried out by the President’s Fund.

Under this initiative, payments will generally be made to the guardians of children following the completion of treatment. However, in cases involving emergency treatment and treatment conducted overseas, payments will be made in advance.

Applicants submitting medical assistance applications to the President’s Fund from 15 May 2026 onwards will be eligible to apply for additional funding from the Janashakthi Foundation.

The event, held at the Hilton Colombo, was attended by J.M. Wijebandara, Director General of Legal Affairs at the Presidential Secretariat and Advisor to the President (Legal Affairs); C.T.A. Schaffter, Founder and Chairman Emeritus of the Janashakthi Group; Gamika De Silva, Group Chief Marketing Officer; Dilshan Wirasekara, Deputy Chief Executive Officer of the Janashakthi Group; as well as officials of the President’s Fund and the Janashakthi Foundation.

President’s Media Division (PMD)

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Maldivian President concludes state visit to Sri Lanka

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The President of the Republic of Maldives, Dr. Mohamed Muizzu, departed Sri Lanka on Wednesday morning (06) from the Bandaranaike International Airport, Katunayake, concluding a successful state visit to the country.

The visit by the Maldivian President and his delegation further strengthened the longstanding friendship and cooperation between the Maldives and Sri Lanka, while delivering a range of mutual benefits to the peoples of both nations.

This marked President Muizzu’s first state visit to Sri Lanka, during which several mutually beneficial areas of cooperation were agreed upon, underscoring the success of the visit.

Minister of Science and Technology, Krishantha Abeysena, Minister of Youth Affairs and Sports , Sunil Kumara Gamage, Member of Parliament Oshani Umanga, along with senior officials of the Ministry of Foreign Affairs, were present at the airport to bid farewell to the Maldivian President, the First Lady and the accompanying delegation.

(President’s Media Division)

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Govt. draws flak over Rs. 500 mn excess Aswesuma payments

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Close on the heels of the USD 2.5 mn theft from the Treasury, the Welfare Benefits Board has reported payment of nearly Rs 500 mn in excess to Aswesuma beneficiaries.

Public action group ‘Free Lawyers’ has raised the latest fiasco to come to light with Speaker Dr. Jagath Wickramaratne, while requesting that the Parliament, in line with its constitutional obligations, initiate an inquiry.

The letter, dated 06 May, signed by Maithree Gunaratne, PC, Attorney-at-Law Athula de Silva, and Rajith Keerthi Tennakoon, on behalf of ‘Free Lawyers’, has alleged that some of the Aswesuma beneficiaries have been paid twice while others received the additional/extra payment.

Responding to The Island queries, Tennakoon said that sheer negligence on the part of those responsible for public finance was shocking.

Alleging that the NPP government seemed to be operating outside basic rules and regulations pertaining to public finances, the former Governor asked the Speaker whether the wrongful Aswesuma payments had been made due to political appointments made at the expense of the experienced and competent staff. (SF)

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