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Central Bank warns against unauthorised use of ‘Finance’ in business names

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The Central Bank of Sri Lanka (CBSL) has issued a warning against the use of the word ‘Finance’ in business names, stating that it is in violation of the Finance Business Act, No. 42 of 2011.

TheCBSL has emphasised that, under Section 10(2) of the Act, only licensed finance companies and certain specified institutions are permitted to use the terms ‘finance’, ‘financing’, or ‘financial’—either alone or in combination with another word, or in any derivative or transliteration—without prior written approval from the Central Bank.

The CBSL has further pointed out that any individual or entity found contravening this provision is guilty of an offence under Section 56 (4) of the Act.



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Easter attack victims receive Rs. 245 mn in compensation

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By AJA Abeynayake

The Attorney General informed the Supreme Court on Thursday (27) that Rs. 245 million from the funds obtained from the respondents, as per the verdict delivered on 12 January 2023 by a seven-judge bench led by the Chief Justice, had been paid as compensation to the victims of the Easter Sunday attacks. The case stemmed from fundamental rights petitions filed against the respondents’ failure to prevent the coordinated attacks. To monitor the disbursement of these funds, 13 related fundamental rights petitions were taken up on Thursday before a three-judge bench comprising Chief Justice Murdu Fernando, Justices S. Thurairaja, and A.H.M.D. Nawaz. Representing the Attorney General, Additional Solicitor General Viveka Siriwardena informed the court that Rs. 311 million had been allocated for compensation, of which Rs. 245 million had already been distributed among 412 individuals, including the families of 215 deceased victims.

She further stated that Rs. 65 million from the allocated funds was expected to be used for victims’ medical treatment and for the care of affected elderly individuals.

President’s Counsel Shamil Perera and Sanjeeva Jayawardena, appearing on behalf of Cardinal Malcolm Ranjith, Archbishop of Colombo, and the Bar Association of Sri Lanka, respectively, told the court that they had not yet received detailed reports on the compensation payments.

Chief Justice Fernando asked the Additional Solicitor General why those reports had not been provided to the relevant parties. The Additional Solicitor General responded that the proceedings were focused on monitoring the disbursement of compensation to victims.

The Chief Justice, however, noted that withholding those reports from the petitioners did not align with the objectives of the case. She ordered that the reports be immediately provided to the Cardinal and the other petitioners.The court scheduled the next hearing of the petitions for 21 May.

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SLPP-UNP govt. paid another Rs. 1.1 bn in compensation for houses destroyed in 2022

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…. Gnanakka also received Rs. 28 mn

Chief Government Whip Minister Nalinda Jayathissa said on Thursday that the Ranil Wickremesinghe government had spent an additional Rs. 1,125 million as compensation for individuals whose houses were destroyed in 2022.

That was in addition to the Rs. 1,221 million paid to politicians as compensation, Minister Jayatissa said, revealing that an astrologer called Gnanakka from Anuradhapura had received Rs. 28 million in compensation for her Devalaya destroyed by mobs in 2022. (SI)

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PM reveals foreign travel expenses of former Sri Lankan presidents

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By Saman Indrajith

During yesterday’s parliamentary session, Prime Minister Dr. Harini Amarasuriya disclosed the expenditure incurred by the state on foreign trips undertaken by Sri Lanka’s Presidents.

Mahinda Rajapaksa’s foreign trips between 2010 and 2014 cost Rs 3,572 million. His successor, Maithripala Sirisena spent Rs 384 million on overseas travel from 2015 to 2019. Gotabaya Rajapaksa spent Rs. 126 million from 2019 to 2022, while President Ranil Wickremesinghe’s foreign travel between 2023 and 2024 cost the state Rs 533 million.

In contrast, the current president, Anura Kumara Dissanayake, had spent only Rs 1.8 million on foreign travel since assuming office in September 2024, the PM said.

The Prime Minister highlighted that the most expensive year for presidential foreign travel during that period was 2013, when Mahinda Rajapaksa’s trips alone amounted to an unprecedented Rs 1,144 million.

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