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Prez: Cumbersome investment laws to be revised to make country attractive to investors

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Laws introduced under the Greater Colombo Economic Commission (GCEC) would be revised to replace the existing laws to encourage foreign investment, President Ranil Wickremesinghe said on Thursday at the Mireka Tower Opening Ceremony, at Havelock City.The President said that he had already appointed a committee to bring the Board of Investment (BOI), the Export Development Board (EDB) and the Sri Lanka Export Credit Insurance Corporation (SLECIC) together and establish one investment promotion agency to encourage foreign investment.Sri Lanka needed to be made an investor-friendly country to attract investments, to get out of the vicious cycle of foreign borrowing.

“We must become an export-oriented economy, and we have to keep increasing our foreign investments. Now, if we are to keep attracting foreign investments, we must have an outward-looking economy. So, now as the economic stabilization is taking place, and the discussions are on among Japan, China and India, about the main creditors, on how to restructure the debt, we are also looking at how we can now revive growth,” he said.One of the biggest issues the country has is the number of government agencies that investors have to pass through.

“You go through BOI, Tourist Board, or some other ministry, then you go to Port City and then you come back to where you started. Then you do a second round. After about ten years, you can get the investment through. This just won’t work. When we came in 1977, we started the Greater Colombo Economic Commission (GCEC). There, the decisions were taken quickly and really in ten years, we got four zones going that is Katunayake, Biyagama, Koggala and Seethawaka. Then there was Pallekele which President Wijethunga wanted. Thereafter, what are the big investment zones that we have started?” he asked. Wickremesinghe said he appointed a committee which is now looking at streamlining investment authorization.

“What this committee is recommending and working on is that the BOI the EDB and Sri Lanka Export Credit Insurance Corporation (SLECIC) are brought together as one investment promotion agency. Secondly, the industrial estates and investment zones will be broken off. I think Katunayake and Biyagama are the best zones in South Asia. We are now looking at thousand-acre zones and initiating them from Bingiriya, then Hambantota and Trincomalee. A separate corporation will handle these,” he said.The President said that a number of professionals are leaving the country. It is impossible for the government to stop that.

“We must train more people. We are modernizing the education system. So that’s what we are working on while we are looking at stabilization measures which we are working on with the IMF. Another area of interest is going to be modernized agriculture. There’s so much land available. I thought I’d share with you what we are now working on because by the end of the year will be able to announce many of the measures that will be implemented by early next year to get the legislation enacted,” he said.



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Ex-SriLankan CEO’s death: Controversy surrounds execution of bail bond

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Kapila Chandrasena

Prof. Prathibha Mahanamahewa has emphasised the need to examine the circumstances under which the court staff executed the bail bond, and the release process, in respect of the late Kapila Chandrasena, former Chief Executive Officer of SriLankan Airlines.

Chandrasena’s body was found in a house at Pedris Road, Colombo 03.

In case of any doubt regarding bail condition/s or any other matter (insufficient surety, identity issues, suspicious documents and unclear order), the Registrar had to get in touch with the relevant Magistrate, Mahanamahewa said.

Mahanamahewa was responding to The Island query regarding the acceptance of two Muslims as sureties. Had they followed the time-tested procedure, court registry/registrar staff would never have accepted sureties as blood relatives of Chandrasena, Mahanamahewa said, alleging a major defect in the execution of the bail bond.

They were arrested by police and remanded by the Colombo Magistrate’s court, till 13 May, pending further investigations.

Colombo Chief Magistrate Asanga S. Bodharagama, on 5 May, granted to Chandrasena cash bail of Rs. 500,000 and three surety bails of Rs. 10 million each. But soon after Chandrasena received bail, the court was told that two of the Rs. 10 million sureties had been produced, after payment of Rs. 15,000 each, were made to those two individuals to act as guarantors.

The bail application had been submitted by Rienzie Arsecularatne, PC, appearing on behalf of Kapila Chandrasena, when the case was earlier taken up, on 28 April.

Police also arrested an elderly person who arranged for the two persons who hadn’t even seen Chandrasena, even once, to offer themselves as sureties.

As soon as the police revealed the fraudulent manner Chandrasena obtained bail, Chief Magistrate Bodharagama issued an order to arrest and produce him before the court. This order was issued consequent to a request made by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), on the grounds that the defendant had violated bail conditions. The CIABOC wanted Chandrasena held pending the conclusion of the case.

Sources familiar with the execution of bail bond said that the moment the suspects had submitted their National Identity Cards and letters from Grama Sevakas, the court registry/registrar staff should have rejected them. In a such high-profile case, the failure on the part of the lawyers, representing Chandrasena, to check the gsureties’ relationship with Chandrasena, was another glaring shortcoming, sources said, pointing out that after having submitted bail application on 28 April, the defence team should have come prepared to put forward genuine guarantors.

The Island contacted the Bar Association of Sri Lanka for comment on the manner in which the court staff had handled bail for Chandrasena, but there was no response.

Sri Lanka’s former Ambassador to Moscow, accredited to Kiev, Udayanga Weeratunga, said that a thorough investigation should be conducted to ascertain facts about the execution of the bail bond. Asked whether he had been in touch with Chandrasena, Weeratunga said that he spent his first day at Welikada with Chandrasena and Ranjan Ramanayake in one cell. “That happened on 14 February, 2020. I was arrested when I returned to the country, from the UAE, and produced before the then Magistrate Ranga Dissanayake, the incumbent Director General of CIABOC,” Weeratunga said.

Weeratunga said that a couple of months after the change of government in 2024, the US State Department imposed a travel ban on him and Chandrasena and their families over what the US termed as significant corruption.

Weeratunga said that altogether the US designated 14 persons and, of them, two were Sri Lankan, who happened to be him and Chandrasena, accused of corruption in respect of acquisition of MiG 27s from Ukraine and the Airbus deal, during President Mahinda Rajapaksa’s tenure as the President.

SLPP sources said that Chandrasena’s demise shouldn’t prevent proper investigation on his affidavit that claimed pressure brought on him to name Mahinda Rajapaksa as a recipient of the Airbus bribe.

By Shamindra Ferdinando

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Law applies to all, regardless of power or influence – Prez

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President Anura

President Anura Kumara Dissanayake emphasised yesterday (12) that the law would be enforced equally and no one was allowed to be above the law.

Addressing the Matale District Coordinating Committee meeting, at the Matale District Secretariat, President Dissanayake said, “Do not be afraid to work, but be afraid to engage in irregularities. Everyone must first be subject to the law and secondly, must fear the law. This applies to everyone, from the President down to the Grama Niladhari.”

“If we are to usher in a new era, we must submit to the rule of law. No one can be above it, he said, adding that previous Presidents had even violated the Constitution with impunity.

The President said that if there were any instances of selective law enforcement, they should be brought to his attention for action. Everyone was required to cooperate, if called upon to make statements in an investigation, he said.

By S.K. Samaranayake

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Sri Lanka and Belarus to sign several MoUs

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Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath, is on an official visit to Belarus, from yesterday to Friday (15), on the invitation of the Foreign Minister of the Republic of Belarus, Maxim Ryzhenkov.

The text of the Foreign Ministry release: “This visit will mark a milestone in the bilateral partnership as the two countries commemorated the 25th Anniversary of the establishment of Diplomatic Relations last year.

During his visit to Minsk, Minister Herath will call on Belarus President Alexander Lukashenko and will hold bilateral discussions with the Minister of Foreign Affairs of Belarus. Minister Herath is also scheduled to meet the Belarus Ministers of Education and Health. Several MoUs and agreements across sectors are envisaged to be signed with the Republic of Belarus during the visit.

In Minsk, Minister Herath will address a business and tourism roundtable, organised by the National Export Centre of Belarus. He is also scheduled to meet Sri Lankan students studying in Belarus.”

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