Features
Sampath Bank maintains a strong value proposition to all its stakeholders amidst ongoing economic challenges
Sampath Bank continued to reinforce its commitment to all stakeholders notwithstanding the ongoing economic challenges. Stepping in to support the customers affected by the prolonged economic downturn, the Bank continued to offer tailor-made options and alternative repayment plans to help its customers sustain their businesses while staying true to its ethos of customer value creation. Similarly, the interests of another stakeholder group of the Bank, the shareholders, were kept in mind by paying the industry’s highest cash dividend of Rs 3.45 per share and a further Rs 1.15 per share in the form of scrip dividend.
The Bank also continues to honor its commitments towards the community via the “Weweta Jeewayak” tank restoration initiative as well as the Oceanic Ecosystem Restoration initiative titled “A Breath to the Ocean” which includes coral restoration, mangrove planting, and turtle conservation programs. The Bank continues to honour its commitment towards the community by focusing on environmental sustainability and towards that end completed the restoration of the Halgahawala forest reserve which it will continue to support even after the project’s conclusion.
The Bank succeeded in raising Rs 10 Bn in Tier 2 capital via a debenture issue in February 2023. Despite the depressing economic outlook in the Country, the issue was oversubscribed – a testament to the investor confidence placed in Sampath Bank and widespread acceptance of the stability and prudent governance of the Bank. The newly obtained capital will enable the Bank to rise above and prevail as one of the Country’s pre-eminent Bank.
Sampath Bank registered a profit before tax (PBT) of Rs 4.5 Bn and a profit after tax (PAT) of Rs 2.6 Bn for the three months ended 31st March 2023, indicating a decline of 30.5% and 44.3% respectively from the figures reported in 1Q 2022. This decline was mainly attributed to the exchange losses recorded during the quarter as a result of the appreciation of LKR by Rs 39 against the USD on its foreign currency reserves. All other income lines recorded performance well above the previous period.
Key highlights of financial results declared by Sampath Bank and the Group for 1Q 2023 compared to 1Q 2022:
* Strong NII buttressed by the higher AWPLR.
* 19% increase in net fee and commission income driven by trade-related operations
* As a result of the appreciation of LKR against USD by Rs 39 in 1Q 2023 vs depreciation of Rs 93.75 in 1Q 2022, the exchange income declined by Rs 10.9 Bn.
* 27% increase in impairment provision on loans and advances.
* The high inflationary conditions resulting in 22% increase in operational expenses.
* The upward revision in Income Tax rate and the introduction of SSCL resulting in higher tax expenses.
* Group’s PBT and PAT for 1Q 2023 was Rs 5 Bn and Rs 3 Bn respectively, reflecting a decline of 27% and 38% respectively.
Fund based income.
Sampath Bank reported a total interest income of Rs 50.2 Bn in 1Q 2023, up by 102% from the Rs 24.9 Bn recorded in the corresponding period of the previous year. The AWPLR moved up significantly from 9.85% at the end of the first quarter of 2022 to 21.4% at the end of the first quarter of 2023. Because of the higher interest rates that existed throughout the reporting period compared to the preceding period, the Bank was able to register a substantial increase in interest income.
Interest expenses too grew in line with the previously indicated interest rate hikes resulting in the Bank recording a total interest expense of Rs 32.1 Bn in the first quarter of 2023, an increase of 183% over the figure reported in the first quarter of 2022. As a result, net interest income increased by 34% in the first quarter of 2023.
However, the Net Interest Margin (NIM) of 5.60% reported at the end of the quarter under review showed a decline of 6 basis points from the figure reported at the end of 2022. The downward trend in AWPLR reported since the end of 2022 was the primary cause of the decline in NIM.
Non-Fund based income.
The Bank’s Net fee and commission income (NFCI) increased by 19% in the first quarter of 2023 compared to the corresponding period in the previous year. NFCI includes income from a variety of sources, including loans and advances, credit cards, trade and electronic channels. First-quarter growth was mainly attributable to the increase in fee and commission income derived from trade and remittance related activities.
Sampath Bank posted a net other operating loss of Rs 4.4 Bn in the first three months of 2023, compared to a gain of Rs 8.7 Bn reported in corresponding period of 2022, denoting a decline of 151%. This was due to the reversal of exchange gain amounting to Rs 4.5 Bn, resulting from the 10.7% appreciation of the LKR against the USD. However, the Bank recorded a net trading gain of Rs 1.7 Bn for the period under review, compared to a loss of Rs 0.4 Bn in the corresponding period of the previous financial year, mainly due to forward exchange contract revaluation gains. On this basis, the Bank’s net exchange loss from foreign exchange operations for the period under review was Rs 2.8 Bn (1Q 2022: A gain of Rs 8 Bn)
Impairment charge
The Bank recorded a total impairment charge of Rs 6.9 Bn for the first quarter of 2023, 41% less than the charge for the corresponding period in the previous year. The impairment charge for the first quarter of 2023 consisted of Rs 6.2 Bn on account of loans and advances (Q1 2022: Rs 4.9 Bn) and Rs 0.4 Bn for other financial instruments (Q1 2022: Rs 6.7 Bn). In addition, an impairment charge of Rs 0.4 Bn was recorded against commitments and contingencies (Q1 2022: Rs 0.2 Bn).
Impairment charge on loans and advances: In the first quarter of 2023, the impairment charge for loans and advances increased by 27% compared to the same period in the previous year.
Impairment on Individually Significant Loan (ISL) Customers:
During the first quarter of 2023, the Bank evaluated a substantial portion of its loans and advances under the ISL category, taking into account both their financial strength and external macroeconomic pressures. Consequently, Rs 4.6 Bn was charged as impairment provisions against ISL customers in the first three months of 2023, an increase of Rs 1.3 Bn compared to the same period in 2022.
Even though a slow recovery was witnessed in some vulnerable industries, the Bank prudently maintained the previous level of impairment provisioning against ISL customers in these industries as it did not deem that the industry risk had significantly declined.
Collective Impairment: Impairment models used in 2022 were continued in 1Q 2023 to ensure adequate buffers were in place to absorb any potential credit risk that could arise in future. This cautious strategy was in response to the uncertain economic conditions witnessed both locally and globally. The Bank continued to maintain in 2023, the allowance for overlay which it applied in 2022. The probability weightage applied to the worst-case economic scenario remained unchanged during the reporting period.
During the period under review, the Bank also proceeded to reclassify customers from Stage 1 to Stage 2 considering their potential credit risk. Meanwhile customers operating in Risk Elevated Industries were also reclassified under Stage 2, with additional provisions recognized against them.
Impairment charge on other financial instruments:
The impairment charge on other financial instruments amounted to Rs 0.4 Bn for 1Q 2023, a 95% reduction compared to Rs 6.7 Bn reported in the corresponding period of the previous year. In 1Q 2022, the Bank recognised a substantial impairment charge against FCY denominated government securities in response to the downgrade of Sri Lanka’s sovereign rating in April 2022 and the announcement by the Government of Sri Lanka (GoSL) on the restructuring of the country’s external debt through an IMF-supported economic adjustment program. No such provisioning was deemed necessary in 1Q 2023 as substantial provisioning had already been recognized against the said instruments as at 31st December 2022.
Operating Expenses.
Operating expenses in 1Q 2023 showed a 22% increase in comparison to the first quarter of 2022. The 41% increase in other expenses could be attributed to the prevailing inflationary conditions and other factors such as LKR depreciation, increased taxes and import restriction. Personnel costs too grew by 7.4% in 2023 mainly owing to annual salary increases.
Tax Expenses
Total effective tax rate of the Bank increased to 57% in 1Q 2023 from 42% reported in 1Q 2022, owing to the combined effect of the newly introduced Social Security Contribution Levy (SSCL) and the increase in income tax rate.
Key Ratios
The Return on Average Shareholders’ Equity (after tax) decreased to 8.37% as at 31st March 2023 from 10.95% reported at the end of the year 2022. Return on Average Assets (before tax) stood at 1.38% as at 31st March 2023 as against the 1.16% reported as at 31st December 2022.
Capital Ratios
The Bank’s latest capital adequacy ratios improved further in 1Q 2023 from the figures reported in the previous quarter in addition to their being well above the regulatory minimum requirements. As at 31st March 2023, Sampath Bank’s CET 1, Tier 1 and total capital ratios were at 12.51%, 12.51% and 16.12% compared to 11.92%, 11.92% and 14.27% respectively at the end of 2022. These increases are attributed to two main reasons – Rs 10 Bn worth of Tier 2 capital infusion in February 2023 and decline in risk weighted assets resulting from the LKR appreciation.
Assets and Liabilities
Total assets of the Bank declined by Rs 18 Bn (by 1.4%) from Rs 1.32 Tn as at 31st December 2022 to Rs 1.31 Tn as at 31st March 2023. This decline was mainly the result of the Rupee value reduction in foreign currency denominated assets on the back of the LKR appreciation against the USD.
Similarly, the total Advances declined by Rs 22 Bn (by 2.4%) in the first three months of 2023 from Rs 920 Bn as at 31st December 2022 to Rs 898 Bn at the end of the reporting period due to the LKR appreciation against the USD.
Sampath Bank’s total deposit book declined from Rs 1.1 Tn reported at the end of 31st December 2022 to Rs 1.07 Tn at the end of 31st March 2023, a decline of Rs 32 Bn (by 2.9%). The CASA ratio at the end of 1Q 2023 was 32.8% compared to 32.7% reported at the end of 2022.
Dividend
The Shareholders of Sampath Bank at the Annual General Meeting held on 30th March 2023 approved the final Cash Dividend of Rs 3.45 per share and Scrip Dividend of Rs 1.15 per share for the financial year 2022. In its 1Q 2023 Financial Statements, the Bank made a provision of Rs 5.3 Bn to facilitate the payment of the approved final dividend, while Rs 1.1 Bn was capitalized for the purpose of creating shares under scrip dividend. The Bank paid the dividend in April 2023.
Features
Why should faith promote justice?
A catholic response to national pursuit of accountability
By Rev. Dr. Rashmi M.Fernando, S.J.
Sri Lanka appears to be entering a decisive chapter in its ongoing investigations regarding the Easter Sunday bombings, in 2019, and other accountability issues. For decades, our nation has carried the heavy burden of unresolved wounds: corruption, enforced disappearances, political assassinations, abductions, financial crimes, abuse of power, and the many forms of violence that have left individuals, families, and communities searching for truth and closure. Many citizens have cast their votes with the hope that a new political administration would have the courage to pursue accountability where previous governments have failed.
Why Justice if Forgiveness is a Christian Virtue?
As investigations continue and legal processes unfold, however, another familiar phenomenon has emerged. Those who fear accountability, or those who perceive themselves or their political allies to be threatened by investigations, increasingly appeal to religion—particularly the Catholic Church—to argue that Christians should simply “forgive and forget.”
Some have even criticized local Church leaders for continuing to seek the truth, suggesting that Christians should move on because forgiveness lies at the heart of the Gospel. If Christians are called to forgive, why continue investigating crimes? Why pursue accountability? Why insist on knowing who was responsible?
The argument sounds pious. But it is profoundly incomplete. It raises a fundamental question for Christians, and particularly for Catholics: Does forgiveness require us to abandon the pursuit of justice? If not, why?
The Cry of the Oppressed is the Cry of the Church Demanding Justice
The answer of the Christian tradition is unequivocal: No. Indeed, authentic Christian faith does not ask us to choose between forgiveness and justice. It calls us to hold them together. The Catholic tradition begins with a simple but profound conviction: every human being possesses an inviolable dignity because every human being is created in the image and likeness of God.
Consequently, any act of violence committed both personally and collectively is not merely a violation of a rule. It is ultimately a violation of God’s image and likeness and, consequently, the very dignity and nature of the whole of humanity. For this reason, Catholic Social Teaching (CST) reminds us that the common good is not simply whatever benefits the majority or those who possess power. The common good includes the social conditions that allow every person and community to flourish.
Moreover, CST has a particular concern for those whose voices are the weakest, those whose voices are made weak, and those whose dignity is most easily ignored. This is the foundation of the Church’s preferential option for the poor and vulnerable. When people are abducted, when families are denied the truth about disappeared loved ones, when public resources are stolen, when political power is abused, when the poor are exploited, when violence is permitted to go unpunished, or when institutions are manipulated to protect the powerful, something more than law is being violated. The dignity of persons and the moral foundations of society itself are being wounded.
That is why the Church cannot be indifferent when victims are silenced. Because they lack political power, the Church cannot remain neutral when families continue to live with unanswered questions. She cannot call for peace while ignoring the cry for justice of those who have suffered. A peace built upon silence is not necessarily peace. Often it is a sign that the poor and the wounded have cried without anyone to hear them. That is why the Christian faith requires a voice, a voice that cries out for truth, dignity, responsibility, the common good, solidarity, and restoration.
Promotion of Justice is an Absolute Requirement of the Service of Faith
The Church does not seek political power by standing with victims. She stands with them because the God she worships is the God who hears the cry of the needy. The God of the Scriptures repeatedly hears the cry of the poor, the widow, the orphan, the stranger, and the oppressed. The Jesus of the Gospels consistently moves toward those whom society pushes to the margins.
The Second Vatican Council gave Catholics a renewed understanding of the Church’s relationship with the world. Gaudium et Spes famously reminds us that the “joys and hopes, the griefs and anxieties” of the people of our time are also the joys and hopes, griefs and anxieties of Christ’s followers. The Church, therefore, cannot isolate herself inside sanctuaries while society suffers outside her doors. When injustice wounds society, silence is not always neutrality. Silence itself becomes a moral decision.
The conviction of the Council has particular significance for the Society of Jesus. The 32nd General Congregation of the Society of Jesus, in 1975, articulated one of the defining principles of contemporary Jesuit mission: “The service of faith, of which the promotion of justice is an absolute requirement.”
The wording matters. The promotion of justice is not presented as an optional consequence of faith—as though some Christians might be interested in justice while others might simply concentrate on prayer and personal holiness. It is an absolute requirement of authentic faith. The Jesuit understanding of mission subsequently developed around the inseparable relationship between faith, justice, reconciliation, and dialogue. Later General Congregations of the Society emphasised reconciliation with God, with one another, and with creation.
Reconciliation here does not mean dismissing, forgetting, or unnoticing. Neither does it mean protecting perpetrators from accountability. Nor does it mean asking victims to sacrifice truth for the convenience of society. Forgiveness without truth becomes sentimentality. Justice without forgiveness can become vindictiveness.
The Reality of Social Sin Beyond Individuals
The distinction between faith and justice becomes even more important when we recognise that sin is not always merely individual. Catholic Social Teaching (CST) speaks of structures that can perpetuate injustice. Pope John Paul II, particularly in Sollicitudo Rei Socialis, developed the language of “structures of sin” to describe social, economic, political, and cultural arrangements in which sinful choices become embedded and reproduced. This means that Christian responsibility does not end with asking, “Who committed the individual wrong?” We must also ask: What structures allowed it to happen? Who benefited from it? Who was silenced? Which institutions failed? What must change so that it does not happen again?
For this reason, the liberation theologians in the Church, such as Gustavo Gutiérrez, Jon Sobrino, and Ignacio Ellacuría, insisted that the Gospel requires Christians to confront structures that perpetuate human suffering. Ellacuría, the Jesuit theologian murdered in El Salvador, in 1989, spoke of the need to “take the crucified people down from the cross.” The phrase is powerful because it reminds us that Christian compassion cannot remain merely emotional. It must become transformative. To stand beside the crucified is also to ask why they were crucified in the first place—and what must change so that others are not crucified tomorrow.
Archbishop Óscar Romero of El Salvador, who was assassinated while celebrating Mass after courageously speaking against violence and social injustice, once observed that there are things that can be seen only through eyes that have cried.
This is a profound theological truth. Those who have never experienced disappearance may speak casually about “moving on.” Those who have never lost a loved one to political violence may find accountability inconvenient. Those who have never lived with poverty may speak easily about patience. Those who have never been abused by power may find it easy to preach forgiveness to those who have.
But the Christian tradition insists that we listen first to the wounded. This is not because victims are always right about every question. It is because justice begins with hearing. Before reconciliation, there must be truth. Before truth can become healing, the wounded must be permitted to speak. And before society asks victims to forgive, society should have the humility to ask what it has done—or failed to do—to protect them.
Forgiveness Never Cancels Justice—and Justice Never Cancels Forgiveness
One misunderstanding about Christian faith is the assumption that forgiveness demands silence, and silence demands complicity. It does not. Forgiveness is, first and foremost, an interior act of the human heart. It is a personal process through which a victim gradually refuses to allow hatred, resentment, and the desire for revenge to imprison the soul. To forgive is to surrender the desire for vengeance and to place oneself, and ultimately the offender, into the merciful hands of God. But forgiveness does not mean that the injustice committed is dismissible, acceptable, or justified. A victim may freely choose to forgive, but that person cannot and should not, by personal forgiveness, absolve wrongdoers from their responsibility to protect others from being harmed in the same way. Society has a responsibility to establish the truth, protect the innocent, hold wrongdoers accountable, and prevent the repetition of injustice.
While forgiveness is personal, justice is communal and, as such, it has meaning because human beings do not live as islands or isolated individuals. We live together—as families, communities, institutions, and nations. What one person does to another can affect an entire community. A crime committed against one human being is a wound caused in the entire social fabric. Justice, therefore, seeks to protect the common good, uphold the dignity and rights of every person, establish equity, repair what has been broken, and ensure accountability.
If a person steals from the public, forgiveness does not eliminate the obligation to restore what can be restored.
If a person abuses public office, repentance does not automatically remove the need for accountability. If a person participates in violence, forgiveness does not require society to abandon the pursuit of truth. If someone has disappeared, forgiveness does not mean that the family should stop asking what happened. A Christian victim, as in the case of the Easter Bombing, may forgive. But mere seeking truth, on behalf of that victim, both individually and communally, is an act of solidarity with the wounded and the suffering.
Speaking on the side of the wrongdoers, if a person sins privately, the Christian faith requires that that person reconcile with God and with his or her own conscience. But if he or she commits a crime against another person, while forgiveness of God and reconciliation with the self is always a personal job, and available upon genuine remorse, request, and change of heart, there is a social dimension that the offender should fulfill, as given in the constitution or the law. Religious language must never become a shield behind which perpetrators escape accountability.
Forgiveness, Justice, and Mercy
The life of Jesus makes the distinction among forgiveness, justice, and mercy quite unmistakable. When Jesus encountered sinners, He repeatedly offered forgiveness. To the woman caught in adultery, He said: “Neither do I condemn you. Go, and from now on do not sin anymore” (Jn 8:11). Notice the two dimensions of this encounter. Jesus forgives, but He does not deny sin. He does it with great mercy and calls for conversion. The past is not rewritten. Instead, the sinner is offered a new future. Mercy does not erase truth; it makes transformation possible.
The same Jesus, who forgave individuals, also confronted social and structural wrongdoing. He overturned the tables of those who had transformed the Temple into a marketplace (Mt 21:12–13). He publicly challenged religious leaders who exercised authority while neglecting the weightier matters of the law: justice, mercy, and faith (Mt 23:23). Jesus did not remain silent simply because He was preaching forgiveness. He confronted hypocrisy. He challenged the abuse of authority. He defended the dignity of the vulnerable. He challenged structures that placed religious burdens upon ordinary people while those in authority protected themselves.
And at the very moment of His own execution, Jesus prayed: “Father, forgive them, for they know not what they do” (Lk 23:34). Yet His forgiveness did not make the crucifixion just. The Cross remains one of history’s most profound revelations of human violence, injustice, and the abuse of power. Jesus forgave His executioners without declaring their actions righteous. That is the foundation and the meaning of the Christian Cross and suffering, and that’s where the Church’s concern for justice becomes particularly important.
A Call
Christian theology cannot simply comfort victims while leaving intact the structures that produce suffering. The Church’s preferential option for the poor requires Catholics to stand with those whose voices are least likely to be heard. While solidarity with them requires us to recognise that the suffering of another is not simply “their problem,” forgiveness demanding victims to remain silent is a distortion of the Gospel. Prayer and worship that do not concern justice could become mere sentimentality. The Eucharist we celebrate at the altar must eventually lead us to the human being who suffers beyond the walls of the church.
Hailing from St. Sebastian’s Parish, Katuwapitiya, Negombo—where alone 117 people were killed in the Easter Sunday bombing in 2019—and as someone who continues to accompany the victimised children and families in their ongoing journey of grief, healing, and the search for truth, ever since that unfortunate day and to this day. I reckon that our greatest danger should not be that justice may fail. Rather, our greater danger should be that, in the pursuit of justice, we may lose our souls. Jesus asked, “What profit would there be for one to gain the whole world and forfeit his life?” (Mk 8:36). When adapted these words to our own context here, one might ask: What does it profit us if we, one day, obtain every political victory, every judicial judgment, and every public apology, but in the process lose our peace, fill our hearts with anger, hatred, and resentment, and surrender our capacity to forgive and to pray for those who persecute us?
The pursuit of justice must never cost us our humanity or our place in heaven. We must seek the truth, demand accountability, and work for justice with courage—but without allowing the wounds inflicted upon us to transform us into what we oppose. We can pursue justice without hatred, demand accountability without vengeance, and seek truth while leaving room for mercy. For the Christian, the ultimate victory is not merely that justice is done, but that, in seeking justice, we do not lose the capacity to love. The Gospel never asks us to choose between faith and justice. Rather, it calls us to practice a faith that does justice—for the greater glory of God and for the greater dignity of every human person. Forgiveness heals the heart. Justice heals the social wound. Mercy makes both possible. The Christian vocation is to pursue a deeper synthesis: truth with mercy, justice with forgiveness, accountability with the possibility of redemption.
Author
Rev. Dr. Rashmi M. Fernando, S.J., is a professor at the College for Business Administration (CBA), Special Assistant to the Provost, and Cabinet Fellow for Global Affairs at Loyola Marymount University (LMU), Los Angeles, California; and Pastoral Coordinator for the Sri Lankan Catholic Community (SLCC) in California, USA.
Features
Accountability must not be limited to bribery and corruption
by Jehan Perera
The arrest of SLPP National Organiser and Member of Parliament Namal Rajapaksa on corruption charges related to the massive Airbus purchase scandal of 2013 has captured the centre stage of public attention. He was arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) on September 4 and remanded until September 18. The allegations concern an alleged payment of US$800,000 connected to the procurement of Airbus aircraft by SriLankan Airlines. Opposition political parties working together with the SLPP have condemned the arrest as being politically motivated. They point to the mass opposition public rally to be organised by the SLPP on September 12 as being the reason for the arrest.
The SLPP together with other opposition political parties have been trying to get back to the public eye as being viable opposition political parties after the drubbing they received at the last presidential and general elections held in 2024. However, they face a daunting task. They face a government with a 2/3 majority in Parliament and a President who currently enjoys a 75 percent approval rating with the people as indicated in the recent CPA survey. The main issue that led to the electoral watershed in 2024 was corruption and abuse of power that was widely believed to have fed into the collapse of the national economy in 2022. The arrest of the SLPP National Organiser and the charges against him bring back the issue of past corruption to the fore.
There is a strong public case for pursuing accountability for corruption, irrespective of the political status of those being investigated. President Anura Kumara Dissanayake has claimed that if all alleged corruption and wrongdoing uncovered by the government were fully investigated, hardly anyone among those responsible would be left untouched. The fact that an alleged wrongdoer in the Airbus scandal is the scion of one of the most formidable political dynasties in the country and is the leader of a major political party is not deterring the government.
Enormous Scale
The present government is demonstrating a greater determination coupled with political will to push the accountability process forward compared to previous governments. This is not the first occasion on which Namal Rajapaksa has been arrested as part of government investigations into corruption. In 2015, the government headed by President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe launched a major investigation into the Airbus deal as the amounts at stake were enormous. In 2013, SriLankan Airlines had contracted for six A330-300s and four A350-900s, with further A350 leases arranged for a fleet renewal programme valued at over US$2.5 billion. That figure is comparable in size to the US$3 billion IMF bailout and shows the scale of exposure the loss-making state-owned carrier was taking on. SriLankan Airlines decided to exit the leases starting in 2015–2016 following the change of government. The penalties paid exceeded US$100 million.
After the catastrophe, the Sirisena-Wickremesinghe government appointed a high powered investigation body. Despite the Board of Inquiry’s recommendation that former executives face criminal prosecution, no one named in the report was ever successfully prosecuted. The Airbus case is particularly important because what is at stake is not simply the size of the alleged bribe. What is more troubling is the deliberate commitment of scarce public resources to a loss-making enterprise, for a personal gain far smaller than the cost imposed on the national budget. Corruption is not only about what an individual allegedly gets as a commission or bribe. It is also about the public resources committed, institutions weakened, and opportunities lost when decisions serve private rather than public benefit.
Having completed two years in power, like past governments, the NPP government is still trying to define who was responsible for the current state of affairs in the country. Instead, they need to shift their thinking on what institutions and systems must be changed so that past problems cannot easily recur. This means moving from anti-corruption politics to systems reform. This distinction is crucial. One can prosecute a set of corrupt individuals and still leave behind a system that produces another set. Conversely, if procurement, appointments, public finance, political financing, policing and judicial processes and reconciliation are redesigned properly, opportunities for corruption and political abuse will be reduced. For the NPP, therefore, the real measure of success should not simply be how many former politicians are investigated or prosecuted. It should be whether, by the end of its term, Sri Lanka has become a country in which it is substantially harder for any future government to abuse public power.
Broader Accountability
This broader understanding of accountability is particularly important because financial crimes and corruption, grievous though they be, are not the only set of gross misdeeds that plunged the country to the bottom rungs of development in the world. There is another issue of accountability that needs to be pursued. This is to find out what happened to the tens of thousands of missing persons due to political violence in the past four to five decades which has put Sri Lanka in the second spot internationally for the number of missing persons. Amnesty International has estimated that at least 60,000 and possibly as many as 100,000 people have been subjected to enforced disappearance in Sri Lanka since the 1980s.The numbers are so large that they should shock the conscience of the country. It is telling that the disappearance of a person does not attract the same public attention as the disappearance of money.
A missing million dollars matters because it belongs to the people. A missing person matters because that person belongs to a family, a community, a country. Both are failures of the same underlying obligation that the state apply accountability equally, to money and to people, regardless of who is harmed or who is implicated. While lost public money weakens the economy, disappeared people weaken the body politic itself. In the case of Sri Lanka, the disappeared are disproportionately Tamil, though people of all communities have vanished during the country’s cycles of violence. The question this raises is whether ethnic minority citizens believe the state cares for them as it does the ethnic majority. A citizen should not have to ask whether the state cares about the disappearance of a person because that person was Tamil, Muslim or Sinhalese. Nor should a family have to wait for decades for an answer simply because the disappearance occurred during a period of political violence. This needs to be pursued with the same political will that is now being demonstrated in relation to corruption. The pursuit of accountability for corruption can therefore become an opportunity to demonstrate that accountability is not selective. It needs to apply to financial wrongdoing, abuse of power, violations of rights and the failure of institutions to protect citizens.
The government has an opportunity to show that accountability is not about settling political scores with the previous rulers. It is about establishing a standard of public responsibility that applies to everyone and every institution.This is also important for national unity, both in name and in spirit. If ethnic minority citizens are to feel a sense of belonging to the Sri Lankan state, they need to know that their suffering matters as much as the loss of public money. Otherwise, unresolved grievances will remain a wound in the body politic and continue to weaken it. The missing people matter as much as the missing millions. In fact, people matter more than money in our society. The real test of accountability is whether Sri Lanka can build institutions and systems in which neither public money nor people can disappear without consequence.
Features
Big scene for JAYASRI at One Love Festival
Last month, Sri Lankan’s reggae stars, Rohitha and Rohan, along with the band JAYASRI, took Austria by storm at the One Love Festival — Austria’s biggest reggae event and one of Europe’s most iconic.
Set against the stunning natural backdrop of Wiesen in Burgenland province, the two-day festival drew thousands of fans and featured a lineup that read like a reggae hall of fame.
And right there, on stage, before the headliners, were Rohitha and Rohan with JAYASRI.
Then came the legends Alpha Blondy and the Solar System, The Wailers, Dawn Penn, Alborosie, Queen Omega, The Congos, Culture, and more. It was, by all accounts, a beautiful night under the stars — and JAYASRI made sure Sri Lanka’s flag flew high.

TV interview with the members of JAYASRI … at the
Festival
On stage were: Rohitha on vocals, rhythm guitar and percussion, Rohan on vocals and bass, Bidu on keyboards, Moses on percussion, Milosz on lead guitar, Chiran on drums, and Ruwan on keyboards.
They delivered a powerful set of originals in both English and Sinhala — but with a JAYASRI twist no one else has.
“From Roots Reggae moving to Asian Dub, Ska, Rocksteady, Dancehall and Afro Beat, Funky — it was a unique mixture of our own, and people loved it,” Rohitha said.
Friends and fans flew in from Italy, Switzerland, Hungary and Germany just to join JAYASRI’s ever-growing “Vienna Family” of reggae lovers and cheer them on.
But the real magic happened backstage, according to Rohitha.
“It was great to meet and share the stage with some of the biggest world legends from our genre,” said Rohitha, adding that it was doubly exciting chatting with Alpha Blondy and The Wailers, backstage.

Sri Lankan reggae twins – Rohan and Rohitha
“It was heartening to have their blessings and respect towards our unique style, and to hear them say ‘You people have done some great things to our music’ — that meant everything.”
As the European summer fades, the twins Rohitha and Rohan will be back, in familiar surroundings … yes, Colombo, for the season; and they also have concerts lined up in Japan, Australia, New Zealand, the Middle East, and beyond.
“It’s always great to be back in Colombo for the season,” Rohitha emphasised.
From Wiesen to Colombo, from local roots to global stages — JAYASRI are proving that Sri Lankan reggae has a sound, a soul, and a place in the world. And the world is listening.
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