News
Govt. MP moves SC to cancel SLIIT deal, action against ex-Minister et al
“CIABOC slept on my complaint regarding loss of Rs 23 bn’
SLPP Colombo District lawmaker Dr. Wijeyadasa Rajapakshe, PC, has moved the Supreme Court in terms of the Article 126 and Article 17 of the Constitution requesting the cancellation of agreements between the Mahapola Higher Education Scholarship Trust Fund and Sri Lanka Institute of Information Technology (SLIIT).
Former Justice Minister and also the former President of the Bar Association of Sri Lanka (BASL), having named Cabinet of ministers, including the PM, Members of the Commission to Investigate Allegations of Bribery or Corruption, IGP, Attorney General, members of the SLIIT and the Mahapola Higher Education Scholarship Trust Fund as respondents, asked for issuing of notices to them and most importantly an order directing Attorney-General to charge and indict Gamini Jayawickrama Perera, Dr. Wickrama Weerasooriya (deceased), Anil Rajakaruna, Prof. Lalith R. Gamage, Prof. Luxman Rathnayaka and Manjula Sagara Ellepola in line with the recommendations made by a Presidential Commission that inquired into the matter.
MP Rajapakshe has also requested the SC to direct the CIABOC to initiate legal action and indict Gamini Jayawickrama Perera, Dr. Wickrama Weerasooriya (deceased), Anil Rajakaruna, Prof. Lalith R. Gamage, Prof. Luxman Rathnayaka and Manjula Sagara Ellepola
The President’s Counsel in his petition said that those responsible should be charged and prosecuted under Sections 452, 454, 388 and 389 of the Penal Code and also prosecuted for the offence punishable under section 70 of the Bribery Commission Act.
Appearing before the SC in person, MP Rajapakshe said that the Attorney-General had been made a party to represent the President in terms of Article 35(1) of the Constitution.
MP Rajapakshe moved SC in the wake of parliamentary watchdog committee COPE (Committee on Public Enterprises) calling for government intervention to take back SLIIT.
The petitioner stated that on examination of relevant documents it was revealed that Prof. Laxman Ratnayake (34th Respondent) and Prof. Lalith R. Gamage (35thRespondent) received appointment as directors of said company in their capacity as employees of the Moratuwa University, and the 35th Respondent has been appointed in view of the fact that he is the son-in-law of late Kingsly Wickremaratne, who was the Minister in Charge of the Mahapola Trust Fund at that time.
The petitioner stated that he found that the Prof. Laxman
Ratnayake and Prof. Lalith R. Gamage had surreptitiously, gradually and fraudulently got the non-State actors appointed as directors whenever vacancies occurred due to retirement of the ex-officio directors and finally it was ended up with all the directors being non-State actors who were not holding any public office.
The petitioner alleged Prof. Laxman Ratnayake and Prof. Lalith R. Gamage (had acted in collusion with late Dr. Wickrama Weerasuriya, who was a newly appointed member of the Mahapola Trust Fund, and upon being questioned and convinced about the fraud committed the petitioner, in his capacity as the Higher Education Minister ordered him to resign from the trusteeship of the Mahapola Trust Fund and also from the membership of the University Grant Commission forthwith and accordingly he resigned.
The Petitioner stated that the Auditor General’s Department after having a special investigation into the issue at hand in a report dated 07.09.2018 asserted that the trustees of the Mahapola Trust Fund were responsible for causing a loss to the fund amounting to over Rs. 1,645,494,237 by handing over ownership to another party.
The petitioner alleged that though he made a complaint to the CIABOC on 25 February 2019 that the loss caused to Sliit as a result of the corrupt transaction at that time was about Rs. 23,000,000,000. (Rs. 23 billion), the outfit did nothing except for recording statements from him twice. (SF)
News
Report on the Final Budgetary Condition (Annual Report) – 2025 submited to parliament
As per the provisions of section 51 of the Public Finance Managaement Act No. 44 of 2024, the public should be issued with a report on the final budgetary situation for each year and, the report is then published in the official website of the Ministry of Finance, Planning and Economic Development.
Thereby the report has to be submitted to the Parliament. The final budgetary situation report (Annual Report) – 2025 has been prepared by the Ministry of Finance, Planning and Economic Development and published. The report contains the Public Finance Policy, strategies and challenges, economic trends in 2025, macro – economic and socio – economic indicators covering all sectors of the economy as well as description on the global economic growth.
Furthermore, it accompanies a detailed description government revenue and expenditure, cash flow management, financing the budget deficit and the loan structure.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to submit the Report on the Final Budgetary Condition (Annual Report) – 2025 to Parliament.
Business
Cabinet nod to accept increased Loan Grant provided by the Asian Development Bank under Policy Based Loan Facilities – 2026
Approval of the Cabinet of Ministers was granted at their meeting held on 16.03.2026 to obtain United States Dollars 380 million from the policy – based loan facilities of the Asian Development Bank in the year 2026.
United States Dollars 100 million out of it is allocated for Trade, Investment and Industries Development Programme – Sub Programme 1. However, amidst the economic uncertainty resulting from the current Middle East crisis and the climatic tragedies, the Asian Development Bank has agreed to assist
by increasing a supplementary financing package of United States Dollars 100 million so that it will beMincreased up to United States Dollars 200 million.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to take further measures to obtain the said loan grant.
News
Submission of Revenue Protection Order Prepared under the Provisions of the Revenue Protection Act No. 19 of 1962 to the Parliament for its approval.
Approval of the Cabinet of Ministers was given at the meeting held on 23.02.2026 to impose the custom import duty amounts under four (04) categories as 0%, 10%, 20%, and 30% which had been executed only under three (03) categories in order to increase the target export income of the country, to execute the
recommendations of the national customs duty policies committee, and to implement new national sub division customs codes for promoting the local agricultural and industrial sector.
Imposing provisions in relation to the above, the Revenue Protection Order – No. 01/2026 under the Revenue Protection Act No. 19 of 1962 has been published in the extraordinary gazette notification No. 2478/03 of 03.03.2026.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to submit the said revenue protection order to Parliament for its concurrence.
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