News
Trade Finance Association of Bankers holds AGM for year 2021/2022
The Trade Finance Association of Bankers (TFAB) held its 24th Annual General Meeting in April, at the Rainbow Room, Grand Oriental Hotel, Colombo following strict health guidelines owing to the COVID-19 pandemic.
The Trade Finance Association of Bankers which was formed in 1997, has been actively engaged in imparting knowledge and the required skills to its members who are Trade Practitioners by conducting seminars, lectures, discussions, workshops, trade educational tours and other activities on a wide range of topics relating to International Trade with the assistance of senior bankers who have mastered the subject in our local banks and other resource persons from various trade-related stakeholders. The Premium event of TFAB is Interbank Trade Finance Quiz and Social which promotes Trade Knowledge and Networking among its members.
TFAB provides an environment for Trade Practitioners representing all banks, to facilitate the exchange of views relating to trade, promote consistency in Trade Finance practices and to create the required skill set in the industry in supporting Trade. The membership comprises almost all commercial banks operating in Sri Lanka. The office-bearers of the Association from various banks are elected every year at its AGM. It is really fortunate to see some experienced and knowledgeable prominent veterans in the field of Trade Finance willingly sharing their knowledge and experience with new trade practitioners in all banks. The Association is backed by an Advisory Committee comprising of four senior bankers and past TFAB Presidents A. Kathiravelupillai (Inaugural President of TFAB and Former DGM –International of Bank of Ceylon), Michael Peiris (Former Head of Trade of Union Bank of Colombo PLC), Nilam Jumat (Former AGM – International of Hatton National Bank PLC), and Thushy David (Former Director, Head Global Subsidiary Coverage, Head of Trade and Cash Management Sales of Deutsche Bank), with extensive experience in the International Banking business.
Incumbent President Lawrian Somanader – Chief Manager – Heads the Exports at Commercial Bank of Ceylon PLC was unanimously elected as the President of the Association. He holds a Master of Business Administration from UK. He possesses the ICC’s advanced Trade Finance qualification – Certified Trade Finance Professional (CTFP). He is also a member of the Institute of Bankers of Sri Lanka. He counts over 30 years of banking experience that includes 27 years in International Trade-related services Imports, Exports at Commercial Bank of Ceylon PLC. He also had the opportunity of working at the Corporate Credit banking division and having served in a Branch during his banking career. Mr. Somanader had held many responsible positions in the Trade Finance Association of Bankers such as the Senior Vice President and the Treasurer..
The following members were elected as office-bearers of the Trade Finance Association of Bankers for the year 2021/2022 during the Annual General Meeting.
President – Lawrian Somanader – Chief Manager, Exports, Commercial Bank of Ceylon PLC
Senior Vice President – Rochelle Fernando – Assistant General Manager – Trade Services – Bank of Ceylon
Vice President- Shyam De Silva – Manager Operations – Centralized Trade Processing, Hatton National Bank PLC
Secretary General – K.R. Naguleswaran – Assistant Vice President, Correspondent Banking and Remittances, DFCC Bank PLC
Treasurer – Kasun Muthukuda – Manager – Trade and Supply Chain Finance, Nations Trust Bank PLC
Assistant Secretary – Indika Liyanage – Senior Manager, Trade Services, Pan Asia Banking Corporation PLC
Assistant Treasurer- Kanchana De Silva – Senior Manager – Trade Operations – Union Bank of Colombo PLC,
Council Members: Gaya Manamperi (Formerly at Sampath Bank PLC), Manjula Gunawardana(NDB Bank PLC), Neil Handapangoda (Citi Bank N.A.), Susantha Weerasinghe (People’s Bank), Tharinda Amarasinghe (Sampath Bank PLC), Niranjan Dabare (Deutsche Bank AG), K K Susantha (Bank of Ceylon), Saroja Pathirana (Sampath Bank PLC), Thilanke Weerasinghe (The Hongkong and Shanghai Banking Corporation Limited), Dilan Wijegoonawardena (Seylan Bank PLC),Shehani Peter (Standard Chartered Bank), Malithi Maheeka (Cargills Bank), Eranda Weerakoon (Doha Bank)
Immediate Past President: A. S. M. W. Kumarasiri (Assistant General Manager, Trade Finance, People’s Bank)
The newly appointed President delivering his address pointed out the role played by the TFAB to the banking industry during its last 24 years of existence. He further stated that the knowledge imparted by TFAB by way of trade seminars, workshops, quiz competitions, trainings and knowledge forums to its membership was commendable. He also emphasised the importance of the TFAB newsletter as a knowledge sharing source and requested the membership to contribute more articles in order to enhance the number of publications.
He also spoke about such challenges with resilience that the world is going through since 2020 and how the banking industry is taking up that challenge in line with changing regulatory requirements.
Finally, he thanked the previous presidents for their leadership and thanked the membership for electing him to steer the association to greater heights and pledged his commitment towards the betterment of TFAB.
The Secretary General, in his address thanked the membership for the election of the present office-bearers and the council who will steer the objectives of the TFAB in 2021 /2022.
News
CEB engineers raise alarm over power sector stability
A senior electrical engineers attached to the Ceylon Electricity Board (CEB) have warned that unresolved structural and policy issues within the power sector could threaten the long-term stability of the national grid, urging authorities to act swiftly to address mounting technical and administrative concerns.
Speaking on condition of anonymity, they said the electricity network was operating under increasing strain due to delayed infrastructure upgrades, financial constraints, and growing demand.
“The national grid is not something that can be managed casually. It requires systematic planning, preventive maintenance, and timely investment. If these are compromised, the risk to system stability increases,” the engineers said.
They noted that several transmission and substation modernisation projects were behind schedule, while ageing thermal plants continued to shoulder a significant portion of the country’s base load demand.
“Engineers are committed to ensuring an uninterrupted supply. But professional expertise must be respected in decision-making. Technical matters cannot be subjected to short-term political considerations,” the engineers added.
Meanwhile, the powerful Ceylon Electricity Board Engineers’ Union (CEBEU) echoed similar concerns, warning that failure to address long standing professional and structural issues could have serious consequences for the power sector.
In a statement, the CEBEU has said that engineers have repeatedly called for reforms that safeguard the integrity of the utility and ensure that operational decisions remain grounded in technical evaluation.
“The electricity sector is a critical national asset. Any attempt to weaken institutional safeguards or bypass professional consultation will directly impact service reliability and long-term sustainability,” the union said.
The CEBEU has stressed the importance of transparent engagement between policymakers and technical personnel, noting that morale among engineers could be affected if their concerns continue to go unheard.
Industry analysts point out that the power sector plays a central role in Sri Lanka’s economic recovery efforts, particularly as the country seeks to expand industrial activity and attract investment. Stability in electricity supply remains a key determinant of business confidence.
The senior engineer stressed d that the objective of raising concerns is not confrontation but preservation of the grid’s integrity.
“Our responsibility is to the public. Electricity powers hospitals, industries, and homes. Safeguarding the system is a national duty,” he said.
With tensions simmering within the sector, stakeholders say meaningful dialogue between authorities, engineers, and trade unions will be crucial in ensuring that Sri Lanka’s power infrastructure remains resilient in the face of growing challenges.
By Ifham Nizam
News
CB identifies 24 pyramid scams in Sri Lanka
The Central Bank (CBSL) yesterday announced that investigations had identified 24 companies and applications operating prohibited pyramid schemes.
In a public notice issued under Section 83C of the Banking Act, No. 30 of 1988 (as amended), the CBSL said the following entities had been “ascertained and determined as prohibited schemes”: Tiens Lanka Health Care (Pvt) Ltd, Best Life International (Pvt) Ltd, Mark–Wo International (Pvt) Ltd, V M L International (Pvt) Ltd, Global Lifestyle Lanka (Pvt) Ltd, Fast3Cycle International (Pvt) Ltd, Sport Chain App / Sport Chain ZS Society Sri Lanka, OnmaxDT, MTFE App / MTFE SL Group / MTFE Success Lanka / MTFE DSCC Group, Fastwin (Pvt) Ltd, Fruugo Online App / Fruugo Online (Pvt) Ltd, Ride to Three Freedom (Pvt) Ltd, Qnet / Questnet, Era Miracle (Pvt) Ltd and Genesis Business School, Ledger Block, Isimaga International (Pvt) Ltd, Beecoin App and Sunbird Foundation, Windex Trading, The Enrich Life (Pvt) Ltd, Smart Win Entrepreneur (Pvt) Ltd, Net Fore International (Pvt) Ltd / Netrrix, Pro Care (Pvt) Ltd and Shade of Procare (Pvt) Ltd, SGO / sgomine.com and I.C.A.N Advertising (Pvt) Ltd and its affiliates icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercuts.net and bannercuts.org
The CBSL said pyramid schemes, also referred to as multi-level marketing or direct selling schemes in certain instances, operate as recruitment-based programmes in which members enlist others into an expanding “downline” structure resembling a chain letter.
Under such arrangements, a portion of the fees paid by new recruits is channelled upwards to earlier participants, known as the “upline”, who are fewer in number.
The Central Bank warned that such schemes are inherently unsustainable, with the vast majority of participants at the lower tiers eventually losing their investments, while only a small number of early entrants are able to recover or profit from the funds contributed by subsequent recruits. It noted that when a pyramid scheme collapses, up to 99 per cent of those in the lower levels risk losing their money.
News
Church urges patience, warns against interference with Easter attacks probe
Director of Communications for the Archdiocese of Colombo, Rev. Fr. Cyril Gamini Fernando, yesterday expressed confidence that ongoing investigations into the 2019 Easter Sunday terror attacks would yield meaningful results and urged the public and all stakeholders to exercise patience and allow the probe to proceed independently.
Addressing a media briefing in Colombo yesterday, Fr. Fernando called on all parties to refrain from interfering with the investigations, warning that any attempt to obstruct the process would amount to a grave injustice to the victims.
He said he believed there was credible evidence to warrant the arrest of military intelligence veteran Maj. Gen. (Retd.) Suresh Sallay.
Referring to the coordinated bombings on April 21, 2019, which targeted churches and hotels and claimed nearly 300 lives, Fr. Fernando described the attacks as a “barbaric” act and a “massacre” that killed worshippers attending Easter services as well as individuals from different religious and ethnic communities.
By Norman Palihawadane
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