Harsha rejects what he called frivolous accusations

Chairman of Committee on Public Finance (CoPF) Dr. Harsha de Silva dismissed Free Lawyers’ claim that his Committee had helped delay a proper investigation into the theft of USD 2.5 mn (nearly Rs 1 bn) from the Treasury.

The Colombo District SJB MP said that he wouldn’t comment on frivolous accusations against his Committee. “We conduct ourselves in keeping with the highest standards of professionalism and responsibility.”

Dr. de Silva said so when The Island raised the Free Lawyers’ allegation that the Treasury and the Central Bank were using the CoPF as a tool to prolong investigations into the unprecedented theft of funds. Free Lawyers targeted the CoPF in a statement issued by Maithri Gunaratne, PC, and civil society activist Rajith Keerthi Tennakoon.

The other members of the CoPF are Harshana Rajakaruna (SJB), Ravi Karunanayake (NDF), Nimal Palihena (NPP), Wijesiri Basnayake (NPP), Thilina Samarakoon (NPP), Lakmali Hemachandra (NPP), Chathuranga Abeysinghe (NPP), Kaushalya Ariyaratne (NPP), Akram Ilyas (NPP), Shanakiyan Rajaputhiran Rasamanikkyam (ITAK), Champika Hettiarachchi (NPP), Sunil Rajapaksha (NPP),

M. K. M. Aslam (NPP), Ajith Agalakada (NPP), Rauff Hakeem (SLMC), Chitral Fernando (SJB) and Nishantha Jayaweera (NPP).

Tennakoon said the theft of funds happened over eight months ago and the Parliament owed the country a clear explanation regarding the disappearance of USD 2.5 mn. The CoPF, instead of expediting the process, has conveniently granted time for those responsible for the loss to cover up their tracks. “Free Lawyers pursue the issue at hand vigorously as we were the first to reveal the loss of USD 2.5 mn. Those who knew it remained silent until our disclosure,” he said, alleging that Speaker Dr. Jagath Wickremaratne was yet to respond to their letter regarding the USD 2.5 theft.

Responding to queries, Tennakoon said that political parties represented in the CoPF should be held responsible for the developing situation. “The Committee on Public Accounts Committee (CoPA) headed by SJB MP Kabir Hashim too, should explain its failure to deal with the USD 2.5 mn theft. Both CoPF and CoPA led by two SJB MPs should act now. Dr. de Silva and Hashim are answerable to the public, particularly because they represent the main Opposition.”

The CoPA consists of Kabir Hashim, Maj. Gen. Aruna Jayasekera (NPP), Sugath Thilakaratne (NPP), Anton Jayakody (NPP), Chandana Sooriyaarachchi (NPP), Ruwanthilaka Jayakody (NPP), Nalin Hewage (NPP), Oshani Umanga (NPP), Manjula Suraweera (NPP), Sagarika Athauda (NPP), Janaka Senarathna (NPP), K.Illankumaran (NPP), Dinidu Saman Henanayake (NPP), Susantha Kumara Navaratna (NPP), Lal Premanath (NPP), Aravinda Senarath (NPP), Thushari Jayasinghe (NPP), T. K. Jayasundera, Ajantha Gammeddage (NPP), Sundaralingam Pradeep (NPP), Kavinda Jayawardena (SJB), J.C. Alawathuwala (SJB),Hector Appuhamy (SJB), Kaveenthiran Kodeeswaran (ITAK), Chamara Sampath Dassanayake (NDF), Rohitha Abeygunawardena (NDF), M.L.A.M. Hisbullah (SLMC), M.A.M. Thahir (ACMC), Chanaka Madugoda (SLPP) and Sunil Ratnasiri (NPP).

Tennakoon said that both CoPF and CoPA were dominated by the NPP though the SJBers headed them. However, as heads of the two parliamentary committees, Dr. de Silva and Hashim, should be held responsible for lapses on the part of the committees or any deliberate omissions, Tennakoon said, questioning the rationale behind giving the Treasury and the CBSL six weeks to submit their findings to the CoPF.

Free Lawyers alleged that USD 2.5 had been released in spite of JP Morgan Chase and the Federal Reserve in the United States warning Sri Lanka about the suspicious nature of those foreign transactions via SWIFT messages. Tennakoon emphasized investigators should closely inquire into the decision taken to release funds regardless of such high-profile warnings.

Tennakoon said that the integrity of two key parliamentary committees is at stake. The civil society activist said that the country was in a highly critical phase of debt restructuring following a severe economic crisis. Tennakoon pointed out in terms of a condition of the International Monetary Fund (IMF) loan programme, the government’s debt management functions, previously carried out by the CBSL, were recently transferred to a new institution established under the General Treasury—the Public Debt Management Office (PDMO).

by Shamindra Ferdinando

Former President and UNP leader Ranil Wickremesinghe has warned that Sri Lanka is heading towards a severe economic crisis, alleging that the current administration is steering the country towards “total collapse.”

Addressing a meeting of the UNP Working Committee at the party headquarters on Flower Road on Thursday, Wickremesinghe claimed that the government was facing mounting difficulties on multiple fronts, with the economy continuing to deteriorate.

He also accused the administration of pursuing policies that, he said, marginalised war heroes and Buddhist monks.

Wickremesinghe expressed concern over what he described as an erosion of fundamental and legal rights, citing the arrest and alleged ill-treatment of former State Intelligence Service Chief Suresh Sallay as an example. He said the rising cost of living had emerged as one of the main concerns of the public.

Commenting on the political situation, the former President said the Opposition had not been able to forge unity among the anti-government forces and called for greater coordination among Opposition parties and groups. He advocated a phased mobilisation strategy, beginning at village and electorate level, instead of attempting to address all issues simultaneously.

Wickremesinghe also announced a series of political campaigns and rallies aimed at strengthening the Opposition movement. The programme is scheduled to commence in Kandy this weekend, with subsequent events planned in Kurunegala and Kalutara.

He said the UNP was engaged in discussions with several political parties and organisations, including those led by Minister Jeevan Thondaman, with a view to forming a broader political alliance.Wickremesinghe urged party members to expedite discussions and arrive at a collective decision on the way forward to address the country’s challenges.

The government has launched an ambitious drive to attract global investment into green hydrogen and green ammonia production, a move expected to reshape the country’s energy landscape, generate billions of dollars in foreign direct investment and establish the island as a strategic clean energy hub in the Indian Ocean.

In a significant development, the Government has extended the deadline for investors to submit Expressions of Interest under its Request for Information (RFI) process until June 19, 2026, reflecting growing international interest in Sri Lanka’s emerging green energy sector.

The initiative, spearheaded through the Board of Investment (BOI), in collaboration with key energy sector institutions, covers large-scale green hydrogen and ammonia production facilities, export terminals, storage infrastructure and the manufacture of hydrogen-related equipment.

Senior Government officials said the programme is closely aligned with Sri Lanka’s long-term economic transformation agenda and global commitments to low-carbon development.

“The world is undergoing a historic energy transition. Countries that position themselves early in the green hydrogen value chain will become major beneficiaries of future energy trade. Sri Lanka possesses exceptional renewable energy resources and a strategic maritime location that provides a strong foundation for such investments,” an energy sector official said.

Industry experts note that global demand for green hydrogen and ammonia is expected to increase dramatically over the next two decades as nations seek alternatives to fossil fuels in power generation, heavy industry, shipping and aviation.

Sri Lanka’s extensive wind resources, particularly in the Northern and North-Western regions, combined with abundant solar potential, place the country among the promising destinations for renewable-energy-based hydrogen production in Asia.

Officials said the projects could unlock substantial investments in solar and wind power generation, resulting in thousands of megawatts of new renewable energy capacity, while supporting national energy security objectives.

The proposed developments are expected to generate thousands of direct and indirect employment opportunities in engineering, information technology, logistics, construction, manufacturing and research sectors.

Economic analysts believe the initiative could provide Sri Lanka with a new export industry capable of earning significant foreign exchange revenues at a time when countries around the world are actively seeking reliable suppliers of green fuels.

“The global hydrogen economy is projected to become a multi-trillion-dollar industry. Even securing a small share of this market could bring transformative economic benefits to Sri Lanka,” a senior industry source observed.

Another major advantage lies in reducing the country’s dependence on imported fossil fuels and fertiliser-related inputs.

Experts say green ammonia, produced locally, could eventually support agricultural and industrial applications while helping reduce expenditure on imported products. Likewise, green hydrogen could emerge as an important energy carrier for future transport, industrial and power generation needs.

Officials further stressed that Sri Lanka’s strategic location, along one of the world’s busiest east-west shipping routes, offers an unparalleled opportunity to develop green fuel bunkering facilities for international vessels.

As the global maritime industry moves towards decarbonisation, ports capable of supplying low-carbon fuels are expected to gain considerable competitive advantages.

The BOI has assured prospective investors of investment facilitation services, infrastructure support, fiscal incentives and assistance with regulatory processes to accelerate project implementation.

Energy policymakers view the initiative as more than an investment promotion exercise. They see it as a pathway to modernising Sri Lanka’s industrial base, attracting advanced technologies, enhancing energy independence and strengthening long-term economic resilience.

Observers note that successful implementation could position Sri Lanka among the early movers in South Asia’s green hydrogen revolution, transforming the country from a net energy importer into a future exporter of clean energy products.

With global investors increasingly searching for stable locations to establish green energy projects, Sri Lanka is seeking to leverage its geographical advantages and renewable energy resources to secure a place in the rapidly evolving clean energy economy.

The coming months are expected to reveal the scale of investor interest in what could become one of the largest and most consequential energy developments in the nation’s history.

By Ifham Nizam