MONETABRIEF – Namal Rajapaksa, son of Sri Lanka’s former leader Mahinda Rajapaksa, was denied bail by the Colombo chief magistrate despite pleading that he needed to attend important Buddhist rituals and travel to India.

The 40-year-old opposition MP’s lawyer, Shavindra Fernando, told the court that Namal had been invited to take part in a pinnacle-capping ceremony at the Pothgul Vihara temple on  September 26.

“If my client fails to attend this event, it should be regarded as a disrespect shown to the chief incumbent of the temple,” Fernando said.

He added that Namal had also received an invitation to visit India from 27 September to 1 October and therefore sought bail.

However, he was remanded until  September 29 in connection with allegations that he received kickbacks of $800,000 from the $2.3 billion Airbus aircraft purchase deal his father – Mahinda Rajapaksa – approved as president in 2013.

Deputy Solicitor General Janaka Bandara invoked the Buddha’s teachings in response to Namal’s lawyer, Fernando, saying that a judicial matter was far more important than attending a religious ceremony.

“According to what is being said here, the accused himself should have considered this while conducting dealings with Nimal Perera,” Bandara said, referring to the businessman who allegedly routed the bribe money to Namal.

Bandara quoted at length from a recent Supreme Court decision that expanded on the Buddha’s teachings, noting that when a ruler is righteous, the people follow; but when the ruler is dishonest, the citizenry follows that example too.

The 40-year-old MP was arrested on 4 September under the new anti-graft legislation parliament adopted unanimously in 2023.

Namal is primarily accused of accepting $800,000 out of a 1.4 euro million bribe that the then SriLankan Airlines chief executive, Kapila Chandrasena, is alleged to have received from Airbus after finalising a $2.3 billion purchase of aircraft in 2013.

Magistrate Asanga S. Bodaragama told the previous court hearing that he did not have the power to grant Namal bail because the Director-General of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) had issued a certificate under section 149 of the Act.

The provision stipulates that a magistrate may not grant bail when the CIABOC DG presents a certificate confirming that an offence under the Act has been committed.

The magistrate noted that he could grant bail only in “exceptional circumstances”, but there was no acceptable argument from the defence for him to do so.

A Buddhist temple festival and an invitation from India could not be considered good enough reasons to grant bail.

The businessman who acted as a conduit for the bribe – Nimal Perera – had turned state witness, providing details of how the money was given to Namal through two bank transfers in 2014 and 2015, the court was told.

Under the provisions of the August 2023 Act, Namal Rajapaksa could be held in custody until the conclusion of the trial, even though the magistrate remanded him until  September 18, the maximum he could be incarcerated at a time.

Former President and UNP Leader Ranil Wickremesinghe said Sri Lanka’s first Executive President, J. R. Jayewardene, launched a 17-year revolution that transformed the country’s economy, strengthened democracy and improved living standards.

Addressing a scholarly discussion organised by the D. S. Senanayake Political Chair at the National Library on Thursday to mark Jayewardene’s 120th birth anniversary, Wickremesinghe recalled how his predecessor’s policies expanded education, decentralised property ownership and improved access to housing and electricity.

He said school enrolment increased from 2.5 million to 4.1 million during Jayewardene’s tenure, while household electricity coverage rose from 10 per cent to 95 per cent.

Housing conditions also improved, with the proportion of homes with permanent roofs and cement walls increasing from 40 per cent to 80 per cent, Wickremesinghe said.

“Isn’t this a revolution?” he asked, stressing that the reforms had improved the quality of life of ordinary people.

Wickremesinghe also highlighted Jayewardene’s constitutional reforms, particularly Article 3 of the 1978 Constitution, which vested sovereignty, including fundamental rights and the franchise, in the people.

He said the Constitution provided for the direct election of the Executive President by the people and guaranteed judicial protection of fundamental rights through Article 126.

Paying tribute to former leaders Ranasinghe Premadasa, Gamini Dissanayake and Lalith Athulathmudali, Wickremesinghe said their contributions to housing, the Mahaweli Development Programme and the Mahapola scholarship scheme formed part of the broader transformation initiated under Jayewardene.

He said activities to mark the UNP’s 80th anniversary were now under way and invited SJB members to join in continuing Jayewardene’s legacy.

Vehicle prices in the local market have declined considerably, with prices of some small vehicles falling by at least Rs. 1 million, Vehicle Importers Association of Lanka (VIAL) Chairman Indika Sampath Merenchige said.

Speaking to the media, Merenchige said the current market situation provided an opportunity for those planning to purchase vehicles to reserve them, as prices could decline further.

He said many traders were currently selling vehicles at a loss, while the downward trend in prices was expected to continue depending on market conditions.

“People who are planning to buy vehicles should consider reserving them at this stage,” he said.

However, Merenchige said vehicle prices could increase once the market stabilised.

He said prices of several popular models, including the Toyota Yaris, Toyota Raize, Honda Vezel, Suzuki Wagon R, Daihatsu Mira and Suzuki vans, had fallen by between Rs. 400,000 and Rs. 1 million.

Rejecting recent claims by the Ceylon Motor Traders’ Association (CMTA), Merenchige said any alleged loss of Government revenue was attributable to the importation of brand-new vehicles.

The CMTA had claimed that the Government could lose between Rs. 100 billion and Rs. 120 billion in revenue in 2026 due to a tax loophole allegedly being exploited by used-vehicle importers. It had also claimed that the Government had lost around Rs. 40 billion in 2025 and a further Rs. 54 billion between January and July this year.

Merenchige explained the impact of brand-new vehicle imports on Government revenue, referring to provisions contained in a 2016 Gazette notification. He urged the authorities not to be misled by what he described as inaccurate claims.

He said the shortage of vehicles caused by the five-year restriction on vehicle imports had now largely been addressed, although more vehicles were still needed to meet the remaining market demand.

However, he claimed that vehicle imports had subsequently exceeded actual market requirements, contributing to the decline in prices.

Merenchige also attributed part of the recent price reduction to the surcharge imposed by the Government, saying it had contributed to the downward movement in vehicle prices.