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HNB ushers in new era with Damith Pallewatte at the helm as Acting CEO

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Damith Pallewatte, Acting CEO – HNB

Sri Lanka’s largest private sector retail bank, HNB PLC announced the appointment of Damith Pallewatte as Acting CEO, effective from 6th April 2024, subject to approval of his fit & propriety from Central Bank of Sri Lanka. The strategic appointment comes as part of a planned leadership transition first announced in May 2023.

A qualified Banking and Risk Management Professional with over 27 years of experience including more than 14 years in Senior and Corporate Management positions, Pallewatte brings a wealth of diverse experience to his new role. His career has spanned the full spectrum of banking operations, including Strategy and Risk Management, Credit, Branch Banking and Operations, before his most recent tenure as Deputy General Manager of HNB’s Wholesale Banking Group.

“As a result of the fundamental realignment that has taken place at HNB over the past decade, we are ideally positioned to play a transformative role in the national economy. Our goal is to continue building on this legacy of strength, stability and innovation.

“Leveraging best in class customer service, emerging technologies, and unmatched network capabilities, we aim to facilitate Sri Lankan enterprises of all sizes to connect to global opportunities, while engaging with critical sectors and new markets to enable a true economic resurgence,” HNB Acting CEO, Damith Pallewatte said.

Pallewatte brings to his role as Acting CEO of HNB an extensive portfolio of leadership positions and directorships within and beyond Sri Lanka. Since November 2021, he has served as Chairman/Director of Lanka Ventures PLC and LVL Energy Fund PLC, both listed on the Colombo Stock Exchange, showcasing his expertise in venture capital and renewable energy investments across Sri Lanka, Bangladesh, and Nepal.

Further enriching his profile, Pallewatte holds directorships at Acuity Partners (Pvt) Ltd, Acuity Securities Limited and Lanka Financial Services Bureau Limited. Further, he was recently appointed as Vice President/Director of the International Chamber of Commerce in Sri Lanka.

Pallewatte holds a Master of Business Administration (MBA) degree from the Postgraduate Institute of Management, University of Sri Jayewardenepura and a Bachelor of Science in Management from the University of London, London School of Economics.

He is also a Certified Financial Risk Manager (FRM) by the Global Association of Risk Professionals (GARP), an ACI Operations Certificate holder of Financial Markets Association – France, a Fellow Member of the Chartered Institute of Management Accountants (CIMA), UK and holds a Sustainability and Climate Risk Certificate (SCR) from GARP, underscoring his dedication to advancing financial, social and environmental sustainability practices.

Pallewatte’s influence extends into professional accounting and risk management communities as evidenced by his appointments to the MESANA (Middle East, South Asia and North Africa) Regional Advisory and Engagement Panels by the Association of International Certified Professional Accountants (AICPA) and CIMA, and his leadership roles within the CIMA Country Network Committee in Sri Lanka and as the Chairman of South Asia Area Committee covering India, Bangladesh and Sri Lanka.

His tenure as past president of the Association of Banking Sector Risk Professionals, also known as the CRO Forum, and his significant contributions as the Chairman of the Technical Committee for the Credit Information Bureau of Sri Lanka (CRIB), underscore his commitment to enhancing financial systems and technologies for the broader economic benefit. Before joining HNB he had stints with Sampath Bank PLC and Nations Trust Bank PLC.

With 256 customer centres, HNB stands as one of Sri Lanka’s largest and most technologically innovative private banks. Having been recognized as the Best Retail Bank in Sri Lanka for the 14th consecutive year at the Asian Banker Global Excellence in Retail Financial Services Awards 2024, HNB continues to solidify its reputation in the sector. Additionally, the bank has been honored with prestigious awards, including Best Market Leader in Trade Financial Services at the renowned Euromoney Awards for Excellence in 2024, highlighting its excellence in service, market leadership, and commitment to sustainable banking practices.



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Foreign Minister defends India pacts, sidesteps transparency demand

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The press conference held at the Foreign Ministry in Colombo yesterday. From left:Arun Hemachandra, Deputy Minister of Foreign Affairs, Vijitha Herath, Minister of Foreign Affairs and Tourism and Prof. Ruwan Ranasinghe, Deputy Minister of Tourism

In a press conference marked by both clarity and pointed omission, Foreign Affairs and Tourism Minister Vijitha Herath, yesterday offered a robust defence of two controversial bilateral agreements with India but conspicuously avoided committing to tabling their full texts in Parliament.

The minister’s appearance, billed as a year-opening briefing, took a sharp turn when questioned on the strategic implications of the India-Sri Lanka Defence Cooperation Agreement and Sri Lanka’s acceptance of the Indian Pharmacopoeia.

“No Indian military camps on our soil”

Responding in Sinhala to a question posed in English, Minister Herath moved first to allay what he suggested were widespread misapprehensions about the defence pact.

“This agreement is especially for data and information exchange purposes regarding drug trafficking, drug mafias, human trafficking, and any terrorist activities that could threaten regional security and peace,” Herath stated.

He emphasised that it would also facilitate “various support related to the defence sector.”

In his most definitive assertion, aimed at quieting a persistent national anxiety, the Minister declared: “We must clearly say that there is no plan or possibility of setting up Indian defence camps on Sri Lankan soil.” He categorised the pact not as a “defence agreement” but a “defence cooperation agreement in its real sense,” claiming it creates an “advantageous position” for Sri Lanka.

He linked recent post-‘Ditwah’ cyclone disaster support from India, as well as U.S. aerial support during recovery efforts, to the frameworks established by such cooperation agreements, arguing they have proven beneficial.

Indian Pharmacopoeia: A reputation-based advantage

On the equally contentious acceptance of the Indian Pharmacopoeia – a standard synopsis for drug manufacturing – Minister Herath framed it as a logical step that formalises existing practice.

“We already import a significant share of medicines from India,” he noted. The agreement, he explained, signifies the acceptance of medicines exported by a “reputed Indian pharmaceutical company” approved by its national regulators.

He assured the public that Sri Lanka’s National Medicine Regulatory Authority (NMRA) will continue to remain the monitor. “By entering into this, no disadvantage will happen to us. Only an advantage will happen… it will only be beneficial to us,” he emphasised.

The unanswered question

Despite the detailed assurances, the Minister pointedly ignored the final and arguably most critical part of the question posed by The Island Financial Review : whether the government would table the full text of the two agreements in Parliament for transparent debate and discussion.

This omission is likely to fuel further controversy, as opposition parties, civil society groups, and independent analysts have repeatedly demanded full parliamentary scrutiny, arguing that agreements touching on sovereignty and public health mandate the highest level of public transparency.

Tourism Pride

Shifting to his tourism portfolio, Minister Herath struck an optimistic note, citing record tourist arrivals and foreign remittances in 2025 as a sign of resilient recovery post-Ditwah.

The conference also touched on global affairs. When asked about the U.S. arrest of Venezuelan President Nicolás Maduro, Herath presented a nuanced governmental position. He stated that while his party, the JVP, condemns the action, the government’s official stance is to urge respect for national sovereignty in line with the UN Charter – a reflection of the coalition’s delicate balancing act between ideological roots and diplomatic pragmatism once in governance.

Minister Herath’s explanations provide the government’s clearest public rationale yet for the India agreements, directly confronting fears over militarisation and pharmaceutical quality. However, the deliberate sidestepping of the transparency query left a communication deficit at the heart of the press conference.

High-stakes diplomacy

It reflected a perception that while the administration is willing to defend its policy outcomes, it remains reluctant to subject the processes of high-stakes diplomacy to the full glare of parliamentary and public scrutiny. As these agreements continue to shape Sri Lanka’s strategic and health landscape, the call for their full disclosure is now accompanied by a louder question about the government’s commitment to open governance.

by Sanath Nanayakkare

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‘Vehicle-Testing Can Save Lives’

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Dharmasiri Gamage, Director, Presidential Secretariat, (4th from left), receiving the proposal from Prasanna De Zoysa (2nd from left), AAC Sectoral Chairman, Road Safety and Devapriya Hettiarachchi (3rd from left), Secretary, AAC at the Presidential Secretariat.

Automobile Association of Ceylon (AAC), in collaboration with the Federation Internationale de L’ Automobile (FIA) and under the UN Decade of Action for Road Safety has been consistently engaging in road safety enhancement programs for all citizens of Sri Lanka.

Current data indicates that while over 08 million vehicles are registered in the country, only heavy vehicles (less than 20% of the vehicle population) are subjected to compulsory road-worthiness tests.

Fatal accidents due to technical failures in vehicles are on the rise and the damage to lives and property is severe.

We also understand that there is a death every three hours and eight deaths per day in road accidents. This amounts to nearly 3000 deaths in road accidents per year.

AA of Ceylon has launched the “Vehicle Testing can Save Lives” project with the advice and support given to execute our campaign by the Minister of Transport, chairman, National Council for Road Safety (NCRC), Deputy Inspector General of Police (Traffic Division), Dr. Indika Jagoda, Deputy Director (Accident Service), National Hospital, president, Lions Club of Boralasgamuwa, Metro(Lions Club International – District 306 D 2) and other stake-holders to find a workable, low / cost solution for mandatory vehicle testing in Sri Lanka.

Therefore, this project aims to educate the public on the necessity of checking essential safety features in all vehicles and the benefits of same to all road users.

AAC has therefore respectfully requested Anura Kumara Dissanayake, President of the Democratic Socialist Republic of Sri Lanka, to consider implementing the proposal we have submitted to him, to minimize fatal accidents, injuries to people and damage to vehicles and property due to road accidents and to also implement a rule to have compulsorily road-worthiness checking of all vehicles. (AAC)

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INSEE Lanka appoints new Chief Executive Officer

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Eng. Thusith C. Gunawarnasuriya

Siam City Cement (Lanka) Limited (INSEE Lanka) has announced the appointment of Eng. Thusith C. Gunawarnasuriya as its new Chief Executive Officer, effective 01 January 2026. He succeeds Nandana Ekanayake, who will continue to serve as Chairman, ensuring leadership continuity and strategic stability for the organisation.

A long-standing contributor to INSEE’s journey, Thusith has worked with the company through its evolution under Holcim (Lanka) Ltd, LafargeHolcim and INSEE, playing pivotal roles that influenced both operational progress and strategic direction.

Rejoining INSEE Lanka in January 2025 as Chief Operating Officer, he has since demonstrated exceptional leadership, driving topline growth, improving EBITDA performance, and strengthening talent development initiatives that enhanced organisational capability and business outcomes.

His expertise in business strategy, operations excellence, and supply chain transformation is well-recognised, supported by over 25 years of multi-industry and multi-country leadership experience. His career includes senior positions at Lion Brewery (Ceylon) PLC, Hemas Manufacturing, Fonterra Brands Lanka, GlaxoSmithKline, MAS Active, and DMS Software Engineering. His international exposure spans India, Bangladesh, and Thailand.

Thusith is a proud alumnus of Dharmaraja College, Kandy, and holds a BSc (Hons) in Electrical & Electronic Engineering from the University of Peradeniya, an MBA from the University of Colombo, and an MSc in Business & Organizational Psychology from Coventry University, UK. He has completed executive leadership programs at IMD (Switzerland) and the National University of Singapore. He is also a member of IEEE (US), CILT (UK), ISMM (Sri Lanka), and IESL (Sri Lanka).

Chairman’s Quote – Nandana Ekanayake:

“Thusith’s deep understanding of our business, strong operational mindset, and proven leadership make him the ideal successor to lead INSEE Lanka into the next phase of growth. His experience within INSEE and across multiple industries, positions him well to deliver on our long-term ambitions and uphold the values that define the organisation.”

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