Business
‘National carrier matters, but profitability matters more’
By Sanath Nanayakkare
Delaying the privatisation of SriLankan Airlines will not help, however the steps towards privatisation of the national carrier should be taken in consultation with international experts who understand the aviation industry, Thilan Wijesinghe, Chairman and CEO of TWCorp (Pvt) Ltd., said at ‘Let’s Reset Sri Lanka –Reform Now’ conference hosted by Advocate Institute, recently.Thilan who is knowledgeable about many aspects of SriLankan Airlines’ operational outlook said so responding to a query on how debt-laden SriLankan Airlines can attract potential buyers to push a privatisation process forward.
“We need to enhance value within Sri Lankan airlines within a short term. However, some of the recommendations made to achieve this objective may become contentious; for example, extending the ground handling for a limited period of time and what sort of charges to be levied for budget carriers. We need to understand that airlines’ ground handling and catering have different valuation principles. So bundling all these together and saying that we want to attract a strategic investor won’t work. First and foremost, we must generate separate PnLs (profit and loss) in order to obtain the optimum valuations and that is a job for specialists,” he emphasised.
Elaborating on the topic he said:
“SriLankan ground handling and catering operations are the profitable ones, and then you have the bilateral routes where open skies policy applies, to China, India and Europe. What is really important is to essentially demonstrate that the government has thought through a path to profitability and present that particular forecast. It can be made with experts in order to show the potential investors that a path of profitability for SriLankan Airlines is in fact available as and when Tourism turns around.”
“Why should a State have a national airline? Data has shown that for each dollar an airline brings in as revenue from a tourist, it actually generates four dollars of benefit to that country. But can it justify the losses that Sri Lankan Airlines has been incurring? No. So the overall strategy still holds true even today for privatisation of Sri Lankan airlines. We failed in our attempt to privatise it during the government of 2015-2019 primarily on account of issues that arose due to Easter Sunday attack, and secondly, the infamous 52-day constitutional crisis after which the board and the chairman were changed. Also there were policy and administrative delays and thus SriLankan remains as an airline owned by the State to date. However, the overall privatisation strategy of the Airline remains the same. First and foremost, what should be the vision to retain and have a national carrier hopefully under private ownership in the not too distant future? So one of the key visions decided at that time was that SriLankan Airlines should follow what is called a ‘value model ‘which is something in between a legacy carrier and a budget airline while focusing on regional markets because we have to compete with Emirates and Qatar Airlines,” , he said.
“I was involved with the privatisation of SriLankan Airlines in 1998. At that time we issued requests for proposals and three bids; from Emirates, French Airlines and Korean Air. It was decided by PERC to go ahead with Emirates which made the highest offer, and thus a 44% stake of SriLankan Airlines was divested for USD 73 million on a 10-year management contract where the chairman of SriLankan Airlines would be appointed by the government and there would be certain checks and balances imposed under the management contract. Board control remained with the government particularly in order to retain the national-airline- status.”
During his presentation, he showed a slide to the audience containing SriLankan Airlines’ performance during its Emirates partnership and after the government acquired all the shares of the airline from Emirates in 2008, implying the fact that ‘a national carrier matters, but profitability matters more.”
Thilan Wijesinghe, one-time chairman of the BOI, co-founded Asia Capital PLC in the early 1990s which became Sri Lanka’s largest investment bank and stockbroker during this time, executing several landmark acquisition and IPO deals. He was also a founder director of PSIDC , a government owned company funded by the World Bank and ADB that was set up to provide long term loans for PPP infrastructure projects.
In a landmark move towards digital transformation within Sri Lanka’s legal system, the Supreme Court officially launched online payment acceptance via GovPay, at a ceremony held on 15th May 2025 at the Supreme Court Complex in Hulftsdorp, Colombo 12, under the patronage of Chief Justice Murdu Fernando, PC.
This digital initiative enables both legal professionals and general public to make real-time, secure online payments via any GovPay-enabled internet banking, mobile banking platforms and FinTech applications for a wide range of services offered by the Supreme Court including Brief Fees, Certified Copying Fees, Commercial High Court Appeal Filing Fees, Compensation, Cost, Enrollment Fees (Attorney-at-Law), Good Standing Certificate Fees, New Plaint Filing Fees, and Online Payments for Affidavits.
At the initial phase GovPay payments to Supreme Court has been enabled via several online banking platforms and FinTech apps including BOC Smart Pay Mobile App, Peoples Pay Mobile App, NSB Online Banking, Pan Asia Online Banking, Sampath Vishwa Online Banking, HNB PayFast, Seylan Bank Online Banking, DFCC Online Banking, NationsDirect Online Banking / NationsDirect Mobile App, ComBank Digital Online Banking and ComBank Digital Mobile App, NDB Neos Online Banking, Helakuru Mobile App, iPay Mobile App, FriMi Mobile App, Genie Mobile App. The integration with GovPay ensures secure, seamless, and transparent transactions, accessible from anywhere anytime, bringing a new level of convenience and efficiency to the legal community and the general public using courts. Moreover, the entire GovPay digital process, including the receipt which generated via the system are legally valid under the Electronic Transactions Act No. 19 of 2006 (as amended).
Speaking at the launch, Chief Justice Murdu Fernando PC emphasized the significance of this initiative in modernizing the judicial system, stating that “This marks an important milestone in our journey towards a more accessible and technology-enabled judiciary. By embracing digital platforms such as GovPay, we are not only improving efficiency and transparency, but also enhancing public trust and ease of access to all stakeholders of the judicial system” , the Chief Justice stated.
Integration with GovPay aims to reduce the reliance on physical cash transactions, long queues, and administrative difficulties that have historically burdened court users as well as legal professionals. It also aligns with the national agenda of leveraging digital infrastructure to improve public service delivery.
The Supreme Court’s adoption of technology-based payments is expected to serve as a model for similar implementations across other courts of law throughout Sri Lanka. Several high-ranking legal professionals, officials from LankaPay, ICTA and representatives of the legal and banking sectors were present to witness this historic occasion.
This transformation is the result of collaboration between the Supreme Court Registrar, the Registry Staff, the Ministry of Justice, Ministry of Digital Economy and key financial and technological institutions committed to enhancing digital inclusion within public institutions with the support of the Central Bank of Sri Lanka.
As the legal landscape evolves, digital platforms, such as GovPay, will play a critical role in ensuring the justice system remains adaptive, inclusive, and future-ready. The Supreme Court’s forward-thinking initiative is expected to pave the way for comprehensive judicial digitalization nationwide.
Fortude has announced a strategic partnership with Ettos, a leading supply chain traceability platform aimed at enabling fashion businesses to maintain more transparent processes and allowing customers to understand how their products are made. This collaboration will integrate traceability, compliance, and Digital Product Passports (DPPs) into a unified solution, helping fashion brands streamline their supply chains and enhance transparency.
Ettos’ platform simplifies the tracking of raw materials and the verification of sustainability claims. It offers a B2B web platform for managing traceability and compliance, along with a B2C web app that delivers DPPs to consumers via QR codes. Through this partnership, Fortude and Ettos will jointly expand their capabilities in the fashion sector, supporting clients from raw material sourcing to final product delivery.
Adriana Batty, Co-founder of Ettos, said, “We are happy to partner with Fortude, whose expertise in digital solutions and deep roots in the fashion industry align with our vision of creating a transparent global supply chain. Together, we will empower brands and consumers with verifiable sustainability insights.”
With over a decade of experience delivering digital solutions to global fashion brands, Fortude shares Ettos’ commitment to transforming supply chain transparency. Daniel Rodrigo, Senior Vice President Global Technical Consulting at Fortude added, “Our partnership with Ettos reinforces our mission to provide digital solutions that matter. For over a decade, we have been an Infor partner, delivering ERP solutions to numerous global fashion brands. As we broaden our vision to drive digital transformation, this partnership is a significant step toward driving meaningful change for fashion brands seeking enhanced transparency and compliance.”
This partnership marks a significant step forward in meeting the fashion industry’s growing demand for sustainability and transparency. Fortude and Ettos are dedicated to helping brands navigate complex supply chains with confidence, fostering a more sustainable future for fashion.
Turyaa Chennai, a premier five-star deluxe classified hotel under the Aitken Spence Hotels portfolio, celebrates a decade of redefining hospitality in one of South India’s most dynamic urban corridors.
Conceived by the visionary entrepreneur and Late Chairman of Aitken Spence PLC, Deshamanya D.H.S. Jayawardena, Turyaa Chennai was built on the belief that Aitken Spence warmth and world-class hospitality could find a meaningful home in India. Ten years on, his legacy continues—alive in every guest experience, every team member’s dedication, and every milestone the hotel celebrates.
Since its opening in 2015, Turyaa Chennai has become a trusted name in Chennai—offering warm service and contemporary comfort. Strategically located along Chennai’s IT expressway, the hotel has grown into a hospitality landmark for business travellers, international travellers, and local tastemakers. Its vibrant dining concepts, spacious rooms and suites, rooftop leisure areas, and exceptional service standards have made it a preferred address in the city.
To mark its 10th anniversary on 15th of May 2025, Turyaa Chennai is hosting a month-long series of celebrations in honour of its legacy and the people who helped shape it. These include religious blessings, a celebratory dinner for loyal guests and partners, an awards ceremony for team members, and culinary showcases that nod to the hotel’s South Indian and Sri Lankan heritage.
Turyaa Chennai (Aitken Spence Hotels) donates wheelchairs to Tamil Nadu Railways in collaboration with Geo India Foundation.
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