News
National assets in the power sector
The Yugadhanavi Power Plant in Kerawalapitiya is much in the news at present. There is an allegation that 40% of the shares of this national asset are to be sold to an American Company and there are those who insist that this National Asset must not be sold to the private sector.
It is interesting to examine the facts first as to how the Yugadhanavi Power Plant became a National Asset.
In 2005, when the new government was elected to office, it was apparent that a serious power crisis was looming, and that immediate action was required. The government decided to call for proposals from a subsidiary of Lanka Transformers Ltd, Lakdhanavi Ltd which had already constructed two power plants at that time in the country. The CEB owns 63% of the shares of Lanka Transformers Ltd.
Lakdhanavi Ltd gave a proposal to build and hand over a 300MW Combined Cycle Power Plant at Kerawalapitiya. Two related companies from Japan and China also gave similar proposals.
A CANC was appointed to evaluate the proposals and the CANC was divided on the matter. Lakdhanavi Ltd had given the cheaper offer, but had not done a similar project before.
After the intervention of the then Secretary, Ministry of Power, sanity prevailed, and the government took a decision to award the contract to the local party.
Thus, the present Yugadhanavi Power Plant was designed and built by local engineers of Lakdhanavi Ltd, in less than three years, proving their capability. If not for the intervention of the then Secretary to the Ministry of Power, this Sri Lankan Asset would have been a Chinese Asset.
In 2016, tenders were called for the construction of a 350MW Combined Cycle Power Plant at Kerawalapitiya and the lowest evaluated tender was from Lakdhanavi Ltd.
Then the Secretary of The Ministry of Power at that time, with the support of the minister, decided to award the contract to a Chinese company who had submitted the second highest bid. Lakdhanavi had to battle this matter in the Courts for 04 years. Unfortunately, persons who are now raising several issues about the disposal of National Assets were silent at that critical time.
Again in 2020, on the intervention of Gotabaya Rajapakse the contract was awarded to Lakdhanavi Ltd. Now Lakdhanavi Ltd is in the process of building the power plant. Thus, for the second time, a Sri Lankan Asset is being created instead of a Chinese one – history is repeating itself!
LTL Holdings (PVT) Ltd Staff Union
The Royal Navy of Oman Ship ‘AL SEEB’ concluded a logistics replenishment visit to Sri Lanka and departed the Port of Colombo on 24 Jan 26.
In accordance with naval tradition, the Sri Lanka Navy extended a customary farewell to the departing ship.
The price of gold has risen above $5,000 (£3,659) an ounce for the first time, extending a historic rally that saw the precious metal jump by more than 60% in 2025.
It comes as tensions between the US and NATO over Greenland have added to growing concerns about financial and geopolitical uncertainty.
US President Donald Trump’s trade policies have also worried markets. On Saturday he threatened to impose a 100% tariff on Canada if it strikes a trade deal with China.
Gold and other precious metals are seen as a so-called safe-haven assets that investors buy in times of uncertainty.
Demand for gold has also been driven by a range of other factors including higher-than-usual inflation, the weak US dollar, buying by central banks around the world and as the US Federal Reserve is expected to cut interest rates again this year.
Wars in Ukraine and Gaza, as well as Washington seizing Venezuelan President Nicolás Maduro, have also helped push up the price of gold.
On Friday, silver topped $100 an ounce for the first time, building on its almost 150% rise last year.
[BBC]
SJB Working Committee member and ex-SLPP lawmaker Charitha Herath says that all eyes are on the newly constituted Constitutional Council (CC) as to how it will handle the dispute between President Anura Kumara Dissanayake, and the previous CC, over the appointment of Auditor General (AG).
The former parliamentarian said so in response to The Island query yesterday (25). In terms of the Constitution, Prime Minister Dr. Harini Amarasuriya and Opposition Leader Sajith Premadasa last week agreed on the appointment of former civil servant Austin Fernando, Professor Wasantha Seneviratne and Ranjith Ariyaratne as non-MP members of the CC.
They replaced former Ministry Secretary Dr. Prathap Ramanujam, former Chairperson of the Sri Lanka Medical Association Dr. Dilkushi Anula Wijesundere and Dr. Dinesha Samararatne of the University of Colombo. Pointing out that they rejected the President’s nominees for the AG’s post on several occasions, Herath emphasised the pivotal importance of the appointment of a person with impeccable credentials.
The other CC members are the Prime Minister, Speaker Dr. Jagath Wickremaratne (Chairman), the Opposition Leader, the President’s nominee Bimal Rathnayake and five persons appointed by the President, upon being nominated as follows: one MP nominated by agreement of the majority of the MPs representing the Government (Aboobucker Athambawa, MP), one MP nominated by agreement of the majority of the Members of Parliament of the political party, or independent group, to which the Leader of the Opposition belongs (Ajith P. Perera, MP), and one MP nominated by agreement of the Members of Parliament other than those representing the Government and those belonging to the political party or independent group to which the Leader of the Opposition belongs, and appointed by the President ( Sivagnanam Shritharan, MP.)
The present CC was established on October 31, 2022 in terms of the 21st Amendment to the Constitution. The Attorney General heads the National Audit Office (NAO). One-time COPE Chief said that it would be the responsibility of the government to ensure the integrity of the NAO.
Chulantha Wickramaratne, who served as AG for a period of six years, retired in April 2025. Following his retirement, President Dissanayake nominated H.T.P. Chandana, an audit officer at the Ceylon Petroleum Corporation as the AG. The CC rejected that nomination. Subsequently, President Dissanayake appointed the next senior-most official at the NAO Dharmapala Gammanpila as Acting Auditor General for a period of six months. Then, the President nominated Senior Deputy Auditor General L.S.I. Jayarathne to serve in an acting capacity, but her nomination, too, was also rejected. Many an eyebrow was raised when the President nominated O.R. Rajasinghe, the Internal Audit Director of the Sri Lanka Army for the top post. That nomination too was rejected. As a result, the vital position remains vacant since 07 December, 2025.
Herath said that the government was in a bind over the Auditor General’s appointment and the disgraceful campaign launched against Attorney General Parinda Ranasinghe, Jr, PC.
The ex-lawmaker said that JVP/NPP loyalists masquerading as journalists and civil activists had launched the protest against the Attorney General. Herath said that the decision to send Deputy Secretary General of Parliament Chaminda Kularatne, on compulsory leave, too, was a matter of serious concern.
Herath said: “This is the same government that campaigned strongly on non-interference, institutional independence, and respect for the rule of law—principles they used to criticise every previous administration. Now, they appear to be doing exactly what they once opposed, only more openly. If this pattern continues, these undemocratic actions will eventually lead to their own downfall.”
BASL in late December, 2025 urged President Dissanayake and others, including the Opposition Leader, to consult civil society and professional bodies, including them, before the appointment of civil society representatives.
Herath said that the newly constituted CC would face its first acid test when it addressed the Auditor General issue.
by Shamindra Ferdinando
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