Business

Johnston says no opposition in the world can match Sri Lanka’s when it comes to hypocrisy

Published

5 years ago

2021/04/12

Chief Government Whip and Highways Minister Johnston Fernando says that there is no Opposition in other parliaments that could match Sri Lanka’s when it comes to hypocrisy.

Speaking at ceremony to hand over letters of appointment to newly recruited superintendents of the Road Development Authority, at his Ministry the Minister said: “Our government under President Gotabaya Rajapaksa has given 40,000 jobs. In the second phase we will give jobs to 60,000 more and that would complete the pledge that we made to give 100,000 jobs. The Opposition would not see such work but goes repeating the same allegation that we do nothing. In addition, we are giving jobs to 67,000 graduates who are still unemployed. We do not consider political background of those unemployed graduates when giving jobs to them. President Rajapaksa will be remembered as a leader who fulfilled his promises without giving consideration to partisan politics.

“In constructing the Ruwanpura Expressway, we awarded the tender to a bidder who placed a bid 15 billion rupees less. Now, the Opposition criticizes us for giving the tender to the lowest bid. That’s its way. They would blame us if we give the tender to the highest bidder, or the lowest bidder or even to a bidder in the middle. That is their political hypocrisy.

“Some Opposition MPs are lamenting that the government revenue is low. We have not increased taxes despite the government revenue being low because we do not want to burden the people. Anyone with little knowledge of economics will understand that increasing public revenue by way of tax revenue is to take the money out of the pockets of people to fill the government coffers. We do not want to increase the public revenue in this manner.

“It is while shouldering economic burdens that we continue to develop this country and provide jobs to people. It is not easy, but we know that we can do this and achieve what we have promised to people in the election time. We have recruited workers to the RDA at a time when the economy is facing severe hardships, and we hope that you would render your duties to the public keeping in mind that we are under obligation to develop this country and serve the people. You could be from any political party but that does not count when you discharge your duties. You are young and capable of contributing your share to develop our motherland and to make this a better place.”

Among those present were Secretary to the Ministry of Highways R.W.R. Pemasiri, Director General of RDA Sardha Weerakoon and other senior officials.

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Business

Embedding human rights, equity and integrity into business leadership

Published

15 hours ago

2026/03/5

Sahan Weerasooriya

Rathika de Silva, Executive Director

At its 2026 Social Sustainability Programme Kick-Off, the UN Global Compact Network Sri Lanka convened business leaders to advance the translation of global ambition into practical corporate action on inclusion, integrity and human rights.

On 24 February 2026, the UN Global Compact Network Sri Lanka (Network Sri Lanka) convened business leaders at Barefoot Garden Café for its 2026 Social Sustainability Programme Kick-Off, delivered in collaboration with Good Life X.

The gathering did more than introduce a calendar of events. It positioned Sri Lanka’s corporate community within the broader direction of the UN Global Compact’s 2026–2030 global strategy — a strategy anchored in three imperatives: equipping companies to act, catalyzing collective action, and advancing the business case for responsible leadership.

At its core, the 2026 Social Sustainability agenda is designed to move companies from commitment to capability.

Within the Diversity & Inclusion Working Group, this means building practical pathways toward equal pay for equal work and strengthening male allyship as a governance issue rather than a cultural afterthought. It means examining sexual and reproductive health, disability inclusion, and mental health not as employee benefits, but as structural determinants of productivity and retention. It means sharpening strategic communications so inclusion is embedded in brand integrity. It also means applying science-based behavioural change approaches to shift organizational culture in measurable ways.

Across the Business & Human Rights Working Group, equipping companies takes the form of deepened engagement on decent work and living wage implementation, strengthening human rights due diligence processes, and addressing emerging risk areas such as AI and digital rights. It extends to reinforcing business integrity and anti-corruption frameworks, understanding the social dimensions of a just transition, and recognizing the link between child rights, nutrition, and workforce productivity.

Business

Union Bank to raise LKR 3 Bn via Basel III Compliant Debenture Issue

Published

15 hours ago

2026/03/5

Sahan Weerasooriya

Shanka Abeywardene

Union Bank of Colombo PLC announced its proposed Debenture Issue 2026, a strategic move aimed at raising up to LKR 3 billion. This issue is designed to bolster the Bank’s Tier II capital base and provide a robust financial foundation for its upcoming growth initiatives.

The offering consists of Basel III compliant, listed, rated, unsecured, subordinated, redeemable high-yield debentures with Non-Viability Conversion. The instrument has been assigned a rating of BB (lka) by Fitch Ratings (Lanka) Ltd, reflecting the bank’s creditworthiness and the structured nature of the subordinated debt.

Investors can choose from three distinct interest structures starting from a high-yield 13% fixed rate per annum (Type A). This option is paid annually, while Type B offers a 12.5% fixed rate paid semi-annually (12.89% AER). For those seeking market-linked returns, Type C provides a floating rate of the 182-days Treasury Bill rate plus a 400-basis point margin, also paid semi-annually.

The debentures are priced at LKR 100 per unit with a 5-year tenure (2026–2031). The initial issue size is set at 20,000,000 debentures with an option to raise 10,000,000 at the discretion of the Bank and is scheduled to open on 10 March 2026.

Shanka Abeywardene, Chief Financial Officer of Union Bank stated “This debenture issue marks a significant step in the Bank’s journey towards enhanced financial stability. By strengthening its capital adequacy, Union Bank is well-positioned to navigate evolving market conditions while fuelling its long-term strategic objectives for sustainable growth”

Business

Sanjay Kulatunga appointed to WindForce Board

Published

15 hours ago

2026/03/5

Sahan Weerasooriya

Sanjay Kulatunga

WindForce PLC announced the appointment of Sanjay Kulatunga as an Independent, Non-Executive Director to its Board with effect from 03rd March 2026, following the resignation of Dilshan Hettiaratchi. The appointment further strengthens the Company’s governance framework, strategic oversight, and long-term decision-making capabilities.

Kulatunga brings an established track record as a founder, entrepreneur, and senior executive across financial services and export-oriented industries. He is the Chief Executive Officer and Co-Founder of LYNEAR Wealth Management, a boutique investment firm established in 2013, which has since grown to become one of Sri Lanka’s largest private wealth management institutions, serving high-net-worth individuals as well as local and international institutional clients.

Prior to founding LYNEAR, Kulatunga played a pivotal role in the establishment of Amba Research, an investment research offshoring firm rooted in Sri Lanka and now operating as part of Acuity Analytics.

Over the years, he has contributed extensively to several key national institutions. His previous appointments include serving on the Financial Sector Stability Consultative Committee of the Central Bank of Sri Lanka, as well as the Board of Investment of Sri Lanka and the Securities and Exchange Commission of Sri Lanka.