News
BOC in the front line of reviving the economy: Chairman
By Sanath Nanayakkare
Bank of Ceylon Chairman Kanchana Ratwatte said in Colombo yesterday(12) that as the global pandemic had caused direct impacts on the national economy, the BoC had felt the need to come forward and help revive the economy without taking the easy option of doing little”.
He said so at a media briefing held to announce the financial results of the Bank for the first half of the year.
“We have a choice of not supporting the economy at this point and let things move on as they are. But we have made the difficult choice. For sure, things are not as they used to be, but I don’t believe that the government of Sri Lanka is going to default on any loans. I also don’t believe that the pandemic is going to stay on forever or tourists are not going to visit this country again. And for a moment I don’t believe that the economy is not going to bounce back. I see all the reasons to be confident about the favourable developments on all these fronts.”
Asked how the BoC could carry out that national responsibility on its own when other banks had pooled their resources to do it, and whether BOC was putting depositors’ funds at risk, he said, “No, not at all. There are certain situations where we go by way of syndicates. There are certain situations where we act as a syndicate and there are situations where we take up the responsibility on our own. If you are looking at the essential services, this is a time we can’t say ‘no’ and we won’t say ‘no’. As far as the BoC is concerned, the resources that we have are distributed in a very safe operation. We are not taking risks beyond our control. It is well within our control and that is why we are extending it. In doing so, we are looking at the short term, maybe two or three months or so. The IMF facility of USD 780 million and so many things are in the pipeline. In addition to that, the Bank is facilitating and empowering more exporters to emerge from the rural areas and we are looking at start-ups, SMEs, larger industries whoever is looking forward to joining with us to transform their businesses to be export-oriented.”
Referring to the Bank’s dollar liquidity levels, Ratwatte said, “The Bank of Ceylon has given first priority to the health sector, petroleum and pharmaceuticals sectors to open all of their letters of credit (LCs) to ensure that the society functioned unhindered at its normal pace. Then we ensured LC opening for importing vaccines, gas and essential food items. Next was our existing customer base whom we serviced without creating any problems for them. Then comes the situation where customers from other banks who come to BOC to open LCs in their time of difficulty that is also handled by the bank appropriately according to the purpose”.
“We don’t have an issue with regard to dollars when it comes to our customers or the priority areas I mentioned. In terms of dollar liquidity, we are okay to look after our customers for LC opening and we help new customers too,” the BoC chief said.
Amidst these unexpected challenges, the Bank’s Profit Before Tax for the six months ended 30th June 2021 stood at LKR 27.1 billion, moving forward with stable performance, while managing headwinds caused by low interest rates, cash-flow deferments and operational restrictions. Profit After Tax (PAT) for the period was LKR 22.1 billion. The Bank’s total assets grew by 11% and reached the LKR 3.3 trillion level reaching another milestone and preserving its industry leadership.
News
Prison mayhem leaves at least 26 dead; five officers killed in revenge violence
At least 26 people, including five prison officers and 20 inmates, have been confirmed dead following violent unrest at Negombo Prison, hospital sources said yesterday, as authorities struggled to restore full control over the facility.
According to unconfirmed reports the prison officers were killed by rioters yesterday morning, in retaliation, and weapons carried by those officers were grabbed by them.
Negombo General Hospital Director Consultant Dr. Pushpa Gamlath said nearly 100 injured persons had been admitted, following the clashes, and eight of the critically wounded had been transferred to the National Hospital, in Colombo, for further treatment.
The violence, which initially broke out on Sunday (5) between remand prisoners and convicted inmates, left two inmates dead and 38 others injured before being temporarily brought under control.
However, tensions flared again on Monday (6), with prison officials reporting renewed unrest inside the facility despite earlier assurances that the situation had stabilised.
Police said the initial confrontation was triggered by a dispute linked to the exposure of an alleged drug trafficking network, operating within the prison, and was reportedly orchestrated by a drug trafficker, identified as Suresh, who is said to have links to an underworld figure known as ‘Booru Moona’.
The violence rapidly escalated, with female inmates staging a protest on the Prison roof in support of those involved in the clashes, while relatives gathered outside demanding information on detainees. Police later facilitated visits for selected family members to hospitalised inmates.
The Negombo Prison, which houses around 1,800 remand and convicted inmates, descended into widespread disorder as rival groups clashed, with reports indicating that the violence later spread beyond the initial confrontation.
Authorities said rioting inmates had allegedly seized firearms during the renewed unrest on Monday, prompting heightened security measures.
The Sri Lanka Air Force deployed drones for aerial surveillance and a Bell 412 helicopter to monitor the situation, while additional military personnel were sent to reinforce security around the prison.
Prisons Department spokesperson A.C. Gajanayake said a special investigation team had been appointed, under the direction of the Commissioner General of Prisons, to probe the incident, while a separate police investigation is also underway.
Justice Minister Harshana Nanayakkara told The Island that he had called for a detailed report on the disturbances.
By Norman Palihawadane
News
Cleaner, cheaper electricity gathers momentum with rapid progress in 50 MW Mannar wind power project
Sri Lanka’s drive towards cleaner and cheaper electricity gathered fresh momentum with the reported rapid progress in the 50 MW Mannar Wind Power Project, which is expected to produce the lowest-cost wind-generated electricity in the country’s history while saving billions of rupees in annual fuel imports.
The Ministry of Energy announced that the first wind turbine for the project had already arrived in the country, while the remaining turbine components have reached the Port of Trincomalee and are currently being unloaded, signalling a major milestone in the construction of one of the country’s key renewable energy ventures.
The project, inaugurated by President Anura Kumara Dissanayake, in January this year, is expected to become a cornerstone of the government’s strategy to transform Sri Lanka’s electricity sector by expanding renewable energy generation and reducing dependence on imported fossil fuels.
According to the Ministry, electricity generated by the Mannar wind farm will be purchased at USD 0.0465 (approximately Rs. 14.37) per unit, making it the lowest tariff ever secured for wind-generated electricity in Sri Lanka.
Energy experts say the competitive tariff demonstrates the growing economic viability of renewable energy and could help stabilise future electricity prices.
The Ministry also estimates that once the wind farm is connected to the national grid, Sri Lanka will save approximately Rs. 4.7 billion annually by reducing the import of fossil fuels required for thermal power generation, easing pressure on the country’s foreign exchange reserves.
The Mannar project is expected to support the government’s ambition of substantially increasing the contribution of renewable energy to the national electricity mix, by 2030, while helping Sri Lanka move towards its long-term goal of achieving net-zero carbon emissions by 2050.
Hayleys Fentons PLC, selected through an international competitive bidding process, is responsible for the installation and maintenance of the wind turbines.
The National System Operator (NSO), operating under the Ministry of Energy, will oversee the integration and management of electricity generated by the project within the national grid.
By Ifham Nizam
News
Tech-enabled trafficking, fake foreign jobs pose growing threat, MPs told
Human trafficking has become increasingly sophisticated, with deceptive overseas employment offers, fraudulent recruitment practices and technology-enabled recruitment emerging as major threats that require a coordinated national response, Members of Parliament were told at a special awareness programme held in the House recently.
Addressing the programme, Secretary to the Ministry of Defence and Chairman of the National Anti-Human Trafficking Task Force, retired Air Vice Marshal Sampath Thuyacontha, said trafficking in persons had evolved significantly over the years and was now closely linked to organised transnational criminal networks.
He warned that fake foreign employment opportunities, fraudulent recruitment agencies, online recruitment platforms, forced labour, sexual exploitation and, in some instances, the use of victims for forced criminal activities had become key challenges confronting authorities.
The awareness programme organised jointly by the National Anti-Human Trafficking Task Force of the Ministry of Defence and Parliament, was aimed at strengthening legislators’ understanding of emerging trafficking trends, the legal and policy framework governing the issue, and the role of Parliament in strengthening anti-trafficking legislation.
MPs were also briefed on the National Strategic Action Plan on Combating Human Trafficking (2026-2030), which focuses on preventing trafficking, identifying and protecting victims, strengthening the criminal justice response and improving coordination among State institutions.
Special emphasis was placed on the growing use of digital platforms for recruitment, deceptive migration practices, labour exploitation and the coercion of victims into criminal activities.
The programme featured presentations by Additional Solicitor General Haripriya Jayasundara, PC, and State Counsel Sajith Bandara of the Attorney General’s Department.
The event, held under the patronage of Deputy Chairperson of Committees Hemali Weerasekara, was attended by Opposition Leader Sajith Premadasa, Public Security and Parliamentary Affairs Minister Ananda Wijepala, Deputy Defence Minister retired Major General Aruna Jayasekara, Members of Parliament and senior officials of the Ministry of Defence, the National Anti-Human Trafficking Task Force and Parliament.
-
News2 days agoSingapore-based Buddhist monk marks nearly four decades of humanitarian service
-
News3 days agoFreedom 250: US Embassy celebrates America’s 250th Independence Day through magic of American cinema
-
News4 days agoCIABOC to question Harak Kata on Rs. 200 mn bribery allegation
-
News4 days agoSLAF conducts successful rescue mission under UN command in Central African Republic
-
Midweek Review6 days agoH’tota port’s strategic status remains focal point of geopolitical scrutiny
-
News1 day agoAI concerned over proposed SL military deployment in Haiti
-
News4 days agoUNEP support pledged to strengthen Sri Lanka’s Environmental Priorities
-
Features2 days agoThe NPP’s New Challenge: Balancing Easter Lawfare and Economic Welfare
