News
Presidential aide acknowledges need to probe alleged sugar duty scam
‘2017 Foreign Exchange Act must be repealed’
By Shamindra Ferdinando
President Ranil Wickremesinghe’s Director General on Trade unions Saman Ratnapriya yesterday (08) denied what he called the Opposition’s unsubstantiated claim that sugar importers had benefited from the latest increase in the Special Commodity Levy from 25 cents per kg of sugar to Rs 50 per kg with effect from midnight Nov 1.
Addressing the media at his office located at Lake House, the former UNP National List MP maintained that contrary to Opposition’s exaggerated claims, only 520 tonnes of white sugar had been imported immediately before the upward revision of the levy. The civil society activist dismissed what he termed Opposition rhetoric as being meant to cause an issue. Therefore, it was not an issue that should receive so much attention, the ex-MP said.
When The Island pointed out that Cabinet Minister Manusha Nanayakkara (SJB) has endorsed the Opposition accusations as regards the latest scam in Special Commodity Levy, Ratnapriya said that the government was duty bound to investigate the allegations. If investigations proved allegations to be true, appropriate legal measures should be taken, Ratnapriya said, reiterating that stocks that had been received in Colombo after the increase in duty were negligible when compared with imports in the recent past.
Minister Nanayakkara has publicly demanded an inquiry into the leaking of impending duty increase to sugar importers even before the Cabinet of Ministers was informed of it.
The Opposition has alleged that those who had benefited from the decrease of Special Commodity Levy of Rs 50 per kg to 25 cents on white sugar on Oct 13, 2020 made substantial profits as a result of the upward revision.
Ratnapriya dealt with simmering controversy over alleged intervention made by President Ranil Wickremesinghe in Sri Lanka Cricket crisis, the Supreme Court ruling on ‘Online Safety Bill,’ the latest sugar scam, dispute over restructuring of state enterprises and postal workers’ protest against the proposed sale of postal building at Nuwara Eliya.
Referring to the damning Auditor General’s report on Sri Lanka’s tour of Australia, Ratnapriya said that the SLC had been plagued by various controversies and accusations over the years but these issues were yet to be addressed. The latest developments should be examined against the backdrop of the failure on the part of the powers that be to solve problems in a manner satisfactory to all. Ratnapriya stressed the need to stamp out fraud and corruption in SLC while declaring that some heavy defeats suffered by the national team weren’t acceptable.
Ratnapriya referred to accusations made by National Freedom Front (NFF) leader Wimal Weerawansa in parliament regarding the conduct of former national captain and incumbent batting coach Mahela Jayawardena. The former MP said that there had been instances the national team got out for low scores but what was happening today couldn’t be considered isolated incidents, especially when Sri Lanka played India. “This should stop now and SLC be properly managed,” Ratnapriya said, emphasising the urgent need to restore public confidence in the institution.
Pointing out that Sports Minister Roshan Ranasinghe (SLPP) had alleged in parliament that President Ranil Wickremesinghe intervened on behalf of the discarded SLC administration, The Island asked Ratnapriya whether the issue at hand could jeopardize the president’s relations with the ruling party ahead of the 2024 budget. Ratnapriya said that there could be different views on this matter. However, the need of the hour is for all concerned parties to reach a consensus on how to restore public confidence in SLC. Ratnapriya said that President Wickremesinghe appointed a cabinet subcommittee in line with overall efforts to address the issue. The cabinet subcommittee was meant to assist the Sports Minister, Ratnapriya said, adding that the idea was to explore ways and means of taking tangible remedial measures.
The Island also asked why the government so far failed to amend the Foreign Exchange Act No 12 of 2017 that allowed export proceeds amounting to billions of USD to be held in overseas accounts though it repeatedly complained about shortage of foreign exchange. The former MP acknowledged that this was an issue that needed urgent attention. Ratnapriya claimed as much as 90 percent of the export proceeds hadn’t been brought back to the country and action was needed in that regard. Ratnapriya declared that the 2017 Foreign Exchange Act must be repealed.
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Advisory for Severe Lightning issued to the Western, Sabaragamuwa, Central, North-western, North-central, Southern, Uva provinces, and Mannar, Vavuniya, Ampara, Batticaloa districts
Advisory for Severe Lightning
Issued by the Natural Hazards Early Warning Centre
Issued at 12.00 noon 21 April 2026 valid for the period until 11.30 p.m. 21 April 2026
Thundershowers accompanied with severe lightning are likely to occur in the Western, Sabaragamuwa, Central, North-western, Northcentral, Southern, Uva provinces, and in Mannar, Vavuniya, Ampara, Batticaloa districts after 1.00 p.m.
There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
Avoid using wired telephones and connected electric appliances during thunderstorms.
Avoid using open vehicles, such as bicycles, tractors and boats etc.
Beware of fallen trees and power lines.
For emergency assistance contact the local disaster management authorities
Latest News
Six Foreign Envoys Present Credentials to President Dissanayake
Two High Commissioners, three Ambassadors and an Apostolic Nuncio-designate of the Holy See presented their credentials to President Anura Kumara Dissanayake at the Presidential Secretariat this morning (20).
The ceremony, held at 10.00 a.m., followed the formal order of precedence, with the envoys representing Papua New Guinea, Somalia, Luxembourg, the Holy See, Pakistan and Kuwait.
Accordingly, diplomats who presented their credentials were:
01. Vincent Sumale, High Commissioner-designate of Papua New Guinea (Based in New Delhi)
02. Abdullahi Mohammed Odowa, Ambassador-designate of Somalia (Based in New Delhi)
03. Christian Biever, Ambassador-designate of Luxembourg (Based in New Delhi)
04. Monsignor Andrzej Józwowicz, Apostolic Nuncio-designate of the Holy See
05. Major General (Retd) Nayyar Naseer, High Commissioner-designate of Pakistan
06. Saleh Mubarak Al-Sarawi, Ambassador-designate of Kuwait
Following the presentation of credentials, the President engaged in a cordial discussion with them. The Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath, and the Secretary to the President, Dr Nandika Sanath Kumanayake, were also in attendance.
News
Rs 13 bn NDB fraud: Int’l forensic audit ordered
The National Development Bank PLC (NDB), in consultation with the Central Bank, will soon appoint an international firm to conduct a comprehensive forensic audit into the Rs 13.2 billion bank fraud, currently being investigated by the Criminal Investigation Department (CID).
Controversy surrounds the failure on the part of relevant authorities to detect the massive scam that certain employees started perpetrating in mid-2024.
Declaring that day-to-day developments, relating to the NDB PLC, were under scrutiny, the Central Bank said that the NDB, in consultation with CBSL, was in the process of finalising arrangements to engage a leading international firm, with experts from overseas, to conduct a comprehensive forensic audit into the incident.
The Central Bank stated: “The scope of this audit will apart from matters directly related to the commission of this fraud, also fully address and assess any failures on compliance with regulatory requirements on control, oversight and governance during the period in which the fraudulent transactions took place. The forensic audit is expected to commence shortly, and its progress, including any interim findings as well as the final report, will be submitted directly to CBSL who will directly engage with the auditors to the extent considered necessary during the audit.
In parallel, CBSL has directed NDB to take immediate and expeditious measures to strengthen its internal controls and governance processes, with particular focus on addressing identified lapses. NDB has also been required to commission an independent third-party review to assess the adequacy and effectiveness of its policies, procedures, systems, and internal controls.
NDB continues to meet all regulatory requirements relating to capital and liquidity. CBSL remains in close and continuous engagement with the Board and management of NDB, as well as other relevant stakeholders, and stands ready to take any further measures necessary to safeguard the interests of depositors and ensure the stability of the financial system. There is no evidence of any other regulated financial institution suffering any loss arising from the incident at NDB and the public are requested not to be misled by any statements to the contrary made in various fora.”
NDB board directors include Sujeewa Mudalige – former Managing Partner of PwC / Past President of CA Sri Lanka, Hasitha Premaratne – Managing Director of Brandix Group, Shanil Fernando – founding member of Virtusa Corporation and Co-Founder of Sysco Labs, Bernard Sinniah – former Managing Director of Citibank and Kasturi Chellaraja – former Group CEO of Hemas Holdings PLC.
The external auditors of NDB Bank PLC is Ernst & Young.
Meanwhile, the Committee on Public Finance (CoPF) that recently met under the Chairmanship of Member of Parliament Dr. Harsha de Silva observed, with serious concern, that there appear to have been considerable lapses in corporate governance at the bank, deficiencies in supervision by the relevant departments of the Central Bank of Sri Lanka, and undue delays in the reporting of material information.
The Committee firmly underscored that such shortcomings are unacceptable and directed that immediate corrective measures be undertaken. It further emphasised that it will continue to closely monitor this matter and exercise stringent oversight to ensure full accountability, transparency, and the safeguarding of public confidence in the financial system.
The NDB issue was dealt with when the Governor of the Central Bank Dr. Nandalal Weerasinghe, along with members of the Governing Board, the Monetary Policy Board, and senior officials, attended the meeting as part of the Central Bank’s statutory presentation to Parliament conducted once every four months.
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