Business

ComBank partners with National Science Foundation to enhance STEM education

Published

4 years ago

2023/01/22

The Commercial Bank of Ceylon has announced a partnership with the National Science Foundation (NSF) to further enhance the Bank’s science, technology, engineering, and mathematics (STEM) education projects and the delivery of STEM education to selected underperforming schools in Sri Lanka, the bank said in a news release.

“This initiative in collaboration with the Ministry of Education comes a year after the Bank supported the establishment of 100 STEM smart classrooms island-wide to deliver digitised educational content. Under the MoU signed with NSF, the Bank’s CSR Trust will provide a list of schools to implement STEM projects and deliver logistical support to launch the STEM programme and carry out impact assessments,” it said.

“Recognising the rapid advancements in technology globally and the increasing demand for skilled professionals in the STEM fields, the Bank said its CSR Trust chose to implement this project to prioritise STEM education in the local education system. “

It added that for its part, the NSF will recommend schools deserving of STEM education support, assist the Bank in selecting and evaluating education projects which would yield impact at national level, assist the Bank to design the training programme, and perform impact assessments after the implementation of the STEM programme.Both parties will identify and implement interventions to address specific requirements of selected schools chosen for the programme, among their other responsibilities listed in the agreement.

Commenting on this latest STEM education programme, Commercial Bank Chief Financial Officer Mr Nandika Buddhipala said: “The Bank decided to expand its efforts in the field of STEM education because this will help prepare students for the jobs of the future. Many of the fastest-growing and highest-paying jobs in the modern economy are in STEM fields such as computer science, engineering, and data analysis. By providing students with a strong foundation in these subjects, we can ensure that the next generation of Sri Lanka is well-equipped to succeed in careers that are in demand.”

He added that by partnering with a reputed government institution such as the NSF which is mandated to serve and strengthen the science and technology sectors in Sri Lanka, the Bank will be able to benefit from the expertise it offers to further develop its STEM projects for the benefit of a larger group.

STEM education helps foster critical thinking and problem-solving skills. By teaching students how to analyse data, design experiments, and solve complex problems, STEM education helps to equip them with the skills necessary to succeed in any field. In addition to preparing students for future careers and fostering critical thinking skills, the STEM education programme can also help promote innovation and drive economic growth in the country, the Bank said.

Commercial Bank’s largest commitment in the sphere of corporate social responsibility is to digital technology education in Sri Lanka. In September 2022, the Bank donated its 250th IT lab under its flagship community initiative to take digital literacy to even the most rural towns in the country. It was also a key partner in the national Smart Schools initiative where 165 schools were equipped with digital learning facilities. The Bank’s “Sipnena” online portal contains digitized school curriculum content, complete with practical videos and presentations to facilitate easy learning for students.

The National Science Foundation of Sri Lanka was established in 1998 as the successor to the Natural Resources Energy & Science Authority (NARESA) of Sri Lanka established in 1981. It facilitates research, development and innovation to create a knowledge economy. NSF is also engaged in capacity building, infrastructure development, technology transfer, knowledge creation and sharing in all fields of science and technology to improve the quality of life.

Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 269 branches and 943 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.

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Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

2 hours ago

2026/09/30

Sahan Weerasooriya

The Lakvijaya power plant in Norochcholai.

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

Published

2 hours ago

2026/09/30

Sahan Weerasooriya

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

Published

2 hours ago

2026/09/30

Sahan Weerasooriya

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.