Business
How ISMM could contribute towards the eradication of corruption
By Ranil Abeyesekera
The Institute of Supply and Materials Management (ISMM) in Sri Lanka holds a unique and important position in shaping the country’s supply chain and procurement practices. As the founder and government-recognized institute in the field, ISMM’s role extends beyond education and training to include consultancy and advocacy for best practices in supply chain management.
The pressing need for a robust procurement law in Sri Lanka to eradicate corruption presents a significant opportunity for ISMM to leverage its resources, expertise, and influence.
Sri Lanka’s procurement processes, particularly in the public sector, have long been marred by inefficiencies and corruption. The absence of stringent legal frameworks and oversight mechanisms has allowed corrupt practices to thrive, resulting in substantial financial losses and eroding public trust. The introduction of a comprehensive procurement law could address these issues by setting clear guidelines, establishing accountability, and creating a transparent system for managing public and private sector procurement.
One of the primary ways ISMM can contribute is through its extensive educational programs. By conducting classes for professionals up to graduate levels and offering workshops and seminars, ISMM can ensure that the principles of ethical procurement and the importance of a solid legal framework are instilled in the next generation of supply chain professionals.
ISMM can revise its curriculum to include modules specifically focused on procurement law, ethics, and anti-corruption measures. This would prepare graduates not only to adhere to best practices but also to advocate for and implement these practices within their organizations.
Through ongoing workshops and seminars, ISMM can keep current professionals updated on the latest developments in procurement laws and anti-corruption strategies. These sessions can also serve as platforms for discussing the practical challenges and solutions related to implementing procurement law.
ISMM’s close collaboration with key governmental bodies like the Industrial Development Board (IDB) and the Ministry of Industries places it in a strategic position to influence policy development.
As a consultancy service provider for both private and public organizations, ISMM can conduct comprehensive research to highlight the economic and social benefits of a procurement law. By presenting data-driven insights and case studies from other countries, ISMM can build a compelling case for legal reform.
Policy Recommendations
ISMM can draft and submit policy recommendations to the government. These recommendations can include frameworks for the proposed law, guidelines for implementation, and suggestions for monitoring and evaluation mechanisms.
Organizing forums and discussions involving key stakeholders such as government officials, industry leaders, and civil society can help in building consensus and gathering support for the procurement law. ISMM’s reputation and network can facilitate meaningful dialogue and collaboration.
The annual National Supply Chain Excellence Awards Ceremony, conducted by ISMM, can play a significant role in promoting best practices and recognizing excellence in procurement.
By establishing high standards for the awards, ISMM can highlight the importance of ethical procurement practices. Criteria for the awards can include adherence to transparency, accountability, and efficiency in procurement processes.
Recognizing organizations and individuals who exemplify best practices in procurement can serve as a powerful incentive for others. It also raises public awareness about the benefits of ethical procurement and the need for a strong legal framework.
Public awareness and support are crucial for the successful implementation of procurement law. ISMM can leverage its resources to educate the public on the importance of this law and how it can contribute to reducing corruption and improving economic efficiency.
ISMM can launch public awareness campaigns through various media channels to explain the benefits of procurement law. These campaigns can also demystify the procurement process and highlight the role of transparency and accountability in reducing corruption.
Working with journalists and media houses to publish articles, reports, and features on procurement issues can help in shaping public opinion and building pressure on policymakers to enact the law.
For a procurement law to be effective, it is essential that public sector employees are well-versed in its requirements and equipped to implement it.
The Institute of Supply and Materials Management (ISMM) has a critical role to play in advocating for and facilitating the implementation of a procurement law in Sri Lanka. Through education, policy advocacy, public awareness campaigns, and capacity building, ISMM can drive the adoption of a legal framework that promotes transparency, accountability, and efficiency in procurement processes. Such a framework is essential for eradicating corruption and fostering a healthy economic environment in Sri Lanka. By leveraging its unique position and resources, ISMM can make a substantial contribution to this vital national initiative.
Business
Ambeon Securities hosts exclusive investor forum on Sri Lanka’s economic and market outlook
Ambeon Securities recently hosted an exclusive investor forum, bringing together clients, investors, business leaders, and market professionals for an insightful discussion on Sri Lanka’s economic outlook and investment opportunities amidst a challenging global landscape.
The event was organized with the objective of providing investors with valuable insights to make better-informed investment decisions while further strengthening the firm’s engagement with its growing client base.
The forum featured Baqar Zaidi, Director and Chief Economist for Sri Lanka and India at Citi Research, as the keynote speaker. Sharing his perspectives on the evolving global macroeconomic environment, Mr. Zaidi discussed key themes influencing emerging and frontier markets, Sri Lanka’s economic trajectory, and the opportunities lie ahead.
The keynote address was followed by an engaging panel discussion comprising Baqar Zaidi, Aravinda De Silva, respected investor, entrepreneur, and the Chairman of Arcasia Holdings. Hasitha Premaratne, Group Managing Director of Brandix and Asanka Herath, Chief Executive Officer – Unit Trusts and Head of Equities at LYNEAR Wealth Management.
Moderated by Imran Furkan, the panel explored a range of topics including Sri Lanka’s macroeconomic outlook, the future of the Colombo Stock Exchange, sectoral opportunities, capital allocation strategies, investor confidence, and the role of policy reforms in attracting investment and supporting long-term growth.
Speaking at the event, Charith Kamaladasa, Chief Executive Officer of Ambeon Securities, reaffirmed the company’s commitment to facilitate quality insights, informed perspectives, and meaningful dialogue to support their clients while building lasting relationships with them. He noted that in an environment where uncertainty has become the new normal, equipping investors with timely information and expert perspectives is essential for successful wealth creation.
The event was well attended by a distinguished gathering of institutional investors, high-net-worth investors, and business leaders. Among those present were members of the Ambeon Group Board, including Group Chairman Sujeewa Mudalige, Group CEO Dr. Sajeeva Narangoda, and Chairman of Ambeon Securities Mangala Boyagoda. Their presence, together with the participation of Ambeon Group shareholders and valued clients, enriched the discussions and contributed to a vibrant networking session, fostering meaningful dialogue and stronger connections within the investment community.
Through initiatives such as this, Ambeon Securities continues to reinforce its commitment to helping clients navigate evolving market conditions, make informed investment decisions, and achieve their long-term financial goals.
Business
Tata Group leads humanitarian education support initiative with DIMO and ChildFund
The Tata Group, in partnership with ChildFund and DIMO, has successfully implemented a humanitarian education support initiative for disaster-affected schoolchildren in Sri Lanka, reaffirming its commitment to helping communities recover from the impacts of Cyclone Ditwah and the subsequent floods.
Following a formal request for support from Sri Lanka, an on-ground assessment was conducted in December 2025. Recognizing the urgent need, several Tata companies joined forces to implement the response program.
As part of this initiative, the ‘Hope in a Backpack’ programme, which provides disaster-affected children with essential educational supplies, was launched by the Tata Group at Taj Samudra, Colombo, in the presence of the Chief Guest, Hon. Prime Minister Dr. Harini Amarasuriya; the Guest of Honour, Hon. Indian High Commissioner Santhosh Jha; Ranjith Pandithage, Chairman of DIMO; Chacko Thomas, Group Chief Sustainability Officer, Tata Sons; and Aditi Ghosh, Country Director, ChildFund.
This initiative is part of DIMO’s Social and Community Pillar, under the project theme ‘Lassana Hetak,’ which focuses on giving the future generation a helping hand towards a better future.
This collective effort was further strengthened by volunteers from Tata and DIMO, who actively mobilized on the ground to pack, distribute, and support affected communities. During the proceedings, specially invited schoolchildren received the backpacks with essential supplies as well.
Commenting on the partnership, Ranjith Pandithage, Chairman of DIMO, said: “DIMO is proud to collaborate on this meaningful initiative alongside the Tata Group and ChildFund as the local implementation and logistics partner. Our relationship with Tata spans more than six decades and has been built on a shared commitment to ethical business practices, trust, and creating lasting value for the communities we serve. These values have shaped our partnership over the years, extending beyond business to initiatives that make a meaningful difference in people’s lives.”
Business
NovaNest Properties launches Rainbow Apartments in Ratmalana
NovaNest Properties (Pvt) Ltd has officially launched Rainbow Apartments, a new residential development in Ratmalana. The announcement was made at an official launch event held at the Shangri-La Hotel, Colombo, marking the company’s latest addition to Sri Lanka’s growing apartment market.
The development is designed to cater to homebuyers seeking modern urban living, as well as investors looking for long-term value. Rainbow Apartments is located in Ratmalana, an area of increasing residential interest, and benefits from the suburb’s established social infrastructure, proximity to major transportation links, and accessibility to Colombo.
The project reflects NovaNest Properties’ commitment to delivering quality residential developments that combine contemporary design with practical living. Intended to satisfy the evolving lifestyle demands of today’s homeowners, Rainbow Apartments features thoughtfully designed living spaces supported by modern amenities. These include two infinity pools, a gym, fully functional workspaces, a mini theatre, stylish cafés, a mini-mart, and a children’s daycare. Additionally, it features a full time medical centre backed by Nawaloka Hospitals PLC Colombo, with a 24-hour ambulance service.
Commenting on the launch, the Chief Executive Officer of NovaNest Properties (Pvt) Ltd, Samitha Waidyasekera, said, “Today’s buyers are looking beyond square footage. In addition to providing long-term value, they want homes that are close to the places where they work, learn, and spend their time. With that shift in mind, Rainbow Apartments was created to bring together a strategic location, thoughtful design, and quality construction in a way that will continue to meet buyers’ needs for years to come. Through our promise of ‘Luxury Beyond Expectations,’ we are committed to delivering an elevated lifestyle experience that combines comfort, convenience, and modern living.
-
Features5 days agoPrison riots and politics: NPP’s biggest challenge and Sri Lanka’s biggest opportunity
-
Editorial6 days agoWhat’s the world coming to?
-
Features2 days agoDirty Money
-
Editorial5 days agoMuch ado about crime: Fish or cut bait
-
Features5 days agoMore on Saudi Arabia: ARAMCO and beyond
-
Latest News3 days agoOil prices hit 1-month high as US-Iran attacks dim Strait of Hormuz outlook
-
Midweek Review2 days agoThe sordid tale of theft and tragedy at Finance Ministry
-
Features4 days agoDeepening Democracy – Constitutions and Constitutionalism
