Business

SOE reforms seen as bedevilled by corruption and governance issues

Published

3 years ago

2023/11/1

Sahan Weerasooriya

The panel discussion in progress

By Lynn Ockersz

The local State Owned Enterprises (SOE) reforms process is dogged by widespread corruption and governance issues. There was general agreement on this position at a wide-ranging discussion held under the aegis of the Sri Lanka Innovators’ Forum of the Dr. Gamani Corea Foundation on October 16 at the BMICH.

The prime focus of the discussion was a paper presented by the Advocata Institute, Colombo, on ‘Public Enterprise Reforms’. Key presenters for the Institute were its senior personnel Dhananath Fernando and Ms. Rehana Thowfeek. Director General, State-Owned Enterprises Restructuring Unit of the government, Suresh Shah, chaired the discussion and moderated it.

The principal panelists at the forum and some key comments made by them are as follows:

Dhananath Fernando: ‘Markets must be allowed to function. The government has no business in business enterprises. Doing SOE reforms fast and transparently is important. Profitability should not be the only consideration in this process. It is equally important to return to the country’s ownership these assets in the form of SOEs. The owners of an SOE are the citizens of the state. However, the worrisome matter is that citizens do not have a say in how an SOE is run; neither can they exit the reforms process if the SOE’s performance is unsatisfactory.’

Rehana Thowfeek: ‘A Rs. 1.8 trillion debt is owned by SOEs. However, reforming SOEs is vital for development. Corruption too is a recurring issue in SOEs. Sri Lanka’s health sector is a case in point. Privatization, though, should be seen as a priority.’

Suresh Shah: ‘The SOE restructuring process is geared to serve the wellbeing of the public and is not directed by the IMF. Listing of SOEs is vital but governance issues are getting in the way of development. The government should invest in the public sector but a prime issue is whether money is going to the right place.’

Dr. Lloyd Fernando, chairman, Dr. Gamani Corea Foundation: ‘There is a need to look at our problems holistically. The Temasek model is vital in this connection.’

Mahendra Jayasekera, Managing Director, Lanka Wall Tiles & Lanka Tiles: ‘There is this recurring problem of politicians trying to have a say in privatized enterprises. Besides, they are notorious for their double-talk. For example, they say one thing in parliament on SOE reforms and another thing to their electorates. They do not understanding the concept of return on assets. We have a serious governance problem in the country. We need to find out what benefits would accrue to the country from SOE reforms. Besides, people are skeptical about reforms being of any use.’

Chandrasena Maliyadda, Former Secretary, Ministry of Plan Implementation, Ministry of Southern Regional Development and Ministry of Posts and Telecommunications: ‘Privatization must be carried out after studying every SOE. Each SOE is different. We do not know whether the bidders for SOEs have the capability to run them, once they take them over. The Kantale Sugar Factory is a case in point. The irony is that these bidders seek government assistance to run these SOEs once they are privatized. However, the private sector, although seen as an ‘engine of growth’ is not at all effective.

‘The main issue is that our economy has been eroding. We don’t produce, there are no vibrant entrepreneurs. There is no risk-taking. What happens in privatization is that SOEs go from one set of corrupt hands to another. We should look carefully at how we are going to privatize. Privatization, though, is no panacea. All sectors are corrupt. We need to tread carefully.’

R.H.W.A. Kumarasiri, Director General, National Planning Department: ‘Do we have a system to put the right man in the right place? Are we implementing plans effectively? Good governance is important in every sector. Are all our sectors heading in one direction or are we at cross-purposes? All relevant stakeholders in development need to communicate effectively with the public on these issues. Different models are needed for different SOEs.’

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Business

PM ‘Rings the Bell’ at CSE to champion financial literacy and investor education

Published

17 hours ago

2026/10/7

Sahan Weerasooriya

P.M. Dr.Harini Amarasuriya

As part of World Investor Week (WIW) 2026, the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) joined stock exchanges around the world in ringing the market opening bell for financial literacy on 5 October 2026, under the patronage of Dr. Harini Amarasuriya, Prime Minister of the Democratic Socialist Republic of Sri Lanka.

World Investor Week is an annual global campaign led by the International Organization of Securities Commissions (IOSCO) to raise awareness of the importance of investor education and investor protection. The “Ring the Bell for Financial Literacy” initiative, pioneered by the World Federation of Exchanges (WFE), brings together stock exchanges and other stakeholders worldwide to promote greater financial literacy and encourage individuals to make informed financial decisions.

The ceremony also marked the 40th anniversary of the CSE and the joint launch by the SEC and the CSE of the Stock Market Game, an online stock market simulation based on the ATrad trading system.

The Stock Market Game enables participants to gain practical experience of how the stock market works, make investment decisions and construct portfolios of listed shares without using real money. The platform is accessible through the websites of the SEC and CSE and is expected to serve as an important practical tool for promoting financial education. It is envisaged that the Stock Market Game will also be used to conduct simulation competitions among universities and the 100 Capital Market Clubs established in schools across the country.

The ceremony also featured the commemorative issuance of a stamp and First Day Cover to mark the 40th anniversary of the CSE. Issued in collaboration with the Department of Posts and the Philatelic Bureau of Sri Lanka, the commemorative stamp and First Day Cover were presented to Prime Minister Dr. Harini Amarasuriya, by the SEC Chairman Snr. Prof. D.B.P.H. Dissabandara and Ray Abeywardena, Director CSE and Chairman of Central Depository Systems (CDS).

Welcoming the gathering, Rajeeva Bandaranaike, Chief Executive Officer of the CSE, highlighted the importance of obtaining reliable information when making investment decisions.

“We operate in a digital world where a vast amount of information and data is disseminated through social media. While some of this information is factual, some may be inaccurate or misleading. When investing in the stock market, it is essential to make informed and prudent investment decisions. Therefore, investors should obtain information and data from reliable and responsible sources and persons before making investment decisions.”

Addressing the gathering, SEC Chairman Snr. Prof. D.B.P.H. Dissabandara emphasised that the SEC’s role extends beyond regulation to facilitating the further development of the capital market.

“The SEC needs to determine how best to introduce the stock market to Generation Alpha, Generation Beta and generations beyond. When it comes to investors, we need to build confidence in the market, because people will invest only when they have confidence in the market.’’

Business

Rs. 5 million worth of prizes to be given at 8th edition of CSE Masterminds Quiz Competition

Published

17 hours ago

2026/10/7

Sahan Weerasooriya

The Colombo Stock Exchange (CSE) has announced that the eighth edition of the CSE Masterminds Quiz will be held on 9th October 2026, from 3.00 p.m. onwards, at the Main Ballroom, Shangri-La Colombo.

Recognised as Sri Lanka’s premier capital market quiz competition, CSE Masterminds brings together teams from the public and private sectors. Participants will be tested across international business, global markets, current affairs, the Sri Lankan economy and business, the Sri Lankan stock market, and sports and entertainment, before a concluding rapid-fire round.

This year the winning team can win up to Rs. 2,000,000, the runners-up up to Rs. 1,000,000, and the second runners-up Rs. 750,000. Sector awards will also be presented to the highest-performing team from each participating sector. Guest participants will also be able to compete in rounds of Audience questions, and will have the opportunity to participate a raffle draw for three free return tickets provided by Fits Aviation (Pvt) Ltd.

The evening will also include an exclusive after-party with live music provided by the band ‘Doctor’ featuring guest performer Umara Sinhawansa, fine food and beverages, providing an opportunity for networking and celebration. Every participant will receive a premium goodie bag made possible by the support of the event’s sponsorship partners. Collectively, the event will feature over Rs. 5 million worth of prizes, rewards, and giveaways, encompassing championship prizes, sector awards, audience engagement prizes, raffle draw offerings, and goodie bags.

Sponsorship partners include:

Platinum Sponsors: Hatton National Bank PLC and Bartleet Religare Stockbrokers (Pvt) Ltd.

Gold Sponsors: Ex-Pack Corrugated Cartons PLC, Asha Securities Ltd., and Lanka Securities (Pvt) Ltd.

Silver Sponsors: Barista Coffee Lanka (Pvt) Ltd., Capital Trust Holdings (Pvt) Ltd., LOLC Holdings PLC, Arpico Ataraxia Asset Management (Pvt) Ltd., IronOne Technologies (Pvt) Ltd., and LankaPay (Pvt) Ltd.

Co-Sponsors: Access Engineering PLC, Bank of Ceylon, Commercial Bank of Ceylon PLC, CryptoGen (Pvt) Ltd., Deloitte Lanka (Private) Limited, Dialog Finance PLC, Efutures (Pvt) Ltd., People’s Leasing & Finance PLC, Senfin Asset Management (Pvt) Ltd., and Softlogic Stockbrokers (Pvt) Ltd.

Business

NCCSL to conduct practical workshop on food labelling and advertising regulations in Sri Lanka

Published

17 hours ago

2026/10/7

Sahan Weerasooriya

The National Chamber of Commerce of Sri Lanka (NCCSL) is organizing a one-day practical workshop on “Food Labelling & Advertising Regulations in Sri Lanka” on Thursday, 8th October 2026 from 9.00 a.m. to 4.30 p.m. at the National Chamber of Commerce, Colombo 10. The workshop has been organised to provide a practical understanding of the latest regulatory requirements governing the food products labelling and advertising of food products in Sri Lanka, with particular attention to regulatory developments applicable in 2026, compliance requirements, and the potential legal and financial implications of non-compliance.

As food products increasingly compete not only with quality and price but also on packaging, labelling and promotional claims, businesses must ensure the information they communicate to consumers is accurate, transparent and consistent with applicable regulatory requirements. Understanding these requirements is therefore essential for businesses seeking to protect their brands, maintain consumer confidence, and minimize regulatory and legal risks.

The practical workshop will go beyond an overview of regulations and focus on how businesses can apply regulatory requirements in their day-to-day operations. Participants will be guided through key areas of food regulatory compliance, including the national food regulatory framework, recent food labelling regulations and key changes, mandatory approvals and prohibitions relating to food labelling, and the litigation process associated with regulatory violations. The programme will also cover several areas of growing importance to the food industry, including the EU EMPCO Directive, food colour coding regulations, regulations relating to food trans-fatty acids and the importance of compliance in the use of food additives. Practical exercises will further enable participants to apply their knowledge to real-world compliance situations and strengthen their ability to identify potential regulatory concerns.

For further information and registration, please contact the National Chamber of Commerce of Sri Lanka on 011 4741788 – Nethmi or Udula – 071 403 4775.