Business

Prof. EOE Pereira’s legacy to the nation

Published

1 year ago

2024/08/25

Prof. EOE Pereira

(Excerpted from a speech made last week by his son, Lorenz Pereira, MA, Cambridge, at the Engineering Faculty of the University of Peradeniya)

My father would want me to humbly express his gratitude, appreciation and sincere thanks for this magnanimous gesture by the Dean, Faculty of Engineering, Dr Udaya Dissanayake, professors, staff and students for inviting me and my wife here today to speak a few words about him. It’s a privilege and honor that I will forever cherish.

I remember very well walking these grounds with my father and other pioneers many times during the early construction days of the campus. They worked hard despite obstacles to establish this Faculty of Engineering at Peradeniya. Today standing here among you, I feel extremely emotional and sentimental. Please forgive me if I ramble incoherently.

My father would be delighted that I have been able to sneak in through the back door and, at long last, rub shoulders and be part of this elite engineering fraternity in this country, even for a brief moment.

To the young engineers here, I say you will be playing a key role in shaping our world for the next 50 years and beyond. Engineers are the architects of progress, the innovators who push the boundaries of what is possible, and the visionaries who transform ideas into reality. As we stand at the cusp of a new era of technological advancements and societal changes, engineers are at the cutting edge, leading the way in shaping the future of our world.

In the coming decades, engineers will be instrumental in addressing some of the most pressing challenges facing humanity, from climate change and sustainable energy solutions to advancement in healthcare and transportation. With their expertise, creativity, and problem-solving skills, engineers are at the forefront of developing innovative solutions that will shape the way we live, work, and interact with each other.

As we look to the future, it is clear that engineers have a critical role to play in building a more sustainable, equitable, and prosperous world for all. By harnessing the power of technology, embracing creativity and collaboration, and upholding the highest standards of ethics and integrity, engineers have the opportunity to make a lasting impact on society and leave a legacy that will endure for generations to come.

So, to all the engineers out there, I urge you to embrace the challenges and opportunities that lie ahead, to push the boundaries of what is possible, and to lead with passion, purpose, and integrity. The future is in your hands, and it is up to you to shape a world that is brighter, more innovative, and more sustainable for all.

Turning to my father, for the benefit of those who never met him, it is easy to talk about him for he was a very simple man, uncomplicated in the way he lived his life. I feel the best way to portray some of his qualities is by relating a relevant anecdote from his Cambridge days.

My father had one great disappointment in his life. It was the pain and emotional trauma that followed when he left this Faculty of Engineering and his beloved students to become Vice Chancellor of the University of Peradeniya. He refused to accept the post on many occasions until one Sunday morning there was a knock on the front door of his bungalow at Peradeniya that changed his life thereafter.

Before I tell you why, let me relate a yarn about his time at Cambridge involving his friend Dudley Senanayake, later to become Prime Minister of Ceylon. Dudley and he were was stopped by the police whilst cycling, without lights at night. As Dudley was to later relate, the policeman had Dudley’s front wheel between his knees and his hands firmly on the handle bar. EOE made a break for it.

“What is your friend’s name?,” the cop asked. “I can’t tell you that,” Dudley answered without blinking an eye. “But my name is EOE Pereira, from Downing College”. The next day, two policemen appeared at my dad’s door and issued him a fine.

That, of course was an undergrad prank with absolutely no malice and a formidable foundation for an intimate life-long friendship between my father and Dudley Senanayake was laid at Cambridge.

Back to the knock on the front door. It was the Prime Minister of Ceylon, the Hon. Dudley Senanayake, who had come unannounced to persuade his old friend to accept the post of Vice Chancellor of the Peradeniya University “for the sake of the country.” My father finally accepted under much pressure, making a decision that he regretted and haunted him for the rest of his life.

The all-consuming passion of his life was, of course, teaching, not administration. He relished the dynamics of teaching and that magical chemistry of interaction between his students and himself. He was not a one-eyed single focused teacher, but an educator in the broad sense. He did not attempt to impose his ideas on others, but valued and without prejudice assessed another’s point of view. He never humiliated anyone due to their ignorance on any issue. For him teaching was a two-way process – to impart knowledge and to acquire knowledge.

I would not be standing here today, if the consideration of financial wealth was of any importance to my father. During the early stages of the emerging new Faculty of Engineering being built, Prime Minister Lee Kuan Yew of Singapore visited Ceylon to study the highly successful socio-economic model in operation, and visited the new University of Ceylon in Peradeniya. He also visited the Faculty of Engineering then being built and was so impressed that he took my father aside and offered him an exceptional lucrative financial package to come over to Singapore and do the same.

In a most polite and humble manner Dad declined the generous offer of a “pot of gold” stating that he still has unfinished business at Peradeniya. He always believed that his “wealth” was not in the accumulation of financial assets, but in the investment in his students.

There was this other instance, where a blind student girl in one of the Halls of Residence became unfortunately pregnant by her boyfriend, also a student and also blind. The hall warden insisted on removing her from the hall and sending her in disgrace back to her village.

On hearing of the plight of this young rural student, my parents immediately drove to the hall, met the warden and ascertained the facts of the case. As a result, this unfortunate girl was invited to live with them at the Vice-Chancellor’s Lodge until an appropriate time to leave arrived. to leave. This humanitarian act by my parents possibly saved the lives of the young couple and set them on a proper course in life including a happy marriage.

The last few years of my father’s life was unpleasant in many ways, particularly having to cope with much continuous physical pain. He underwent a hip operation that was a total failure, resulting in a wound that never healed and confined him to a wheel-chair. Financially his only source of income was his meagre pension which barely sustained his family’s basic needs.

On hearing of my Father’s plight, President J R Jayawardene sent a Personal Assistant to visit my father. He was seated in his wheel-chair in the front verandah with his beloved pipe in his mouth. The official handed my father an envelope. He opened it, looked at what was inside and not showing any emotion closed the envelope and returned it to the official.

The President had sent dad a most generous cheque for one million rupees which was a substantial amount at that time. He said: “Please convey my sincere thanks to the president for his generosity that I highly value and appreciate. But, I am afraid that I am unable to accept money I have not earned.” When my mother later found out, she was furious.

The two great loves of my father’s life were his family and the Faculty of Engineering, and not necessarily in that order. As a father, he provided us with a home full of caring, love and encouragement at all times despite his three sons, letting him down badly in one not becoming an engineer. I, in particular, focused on sport a the expense of my studies. Many years after my father’s passing, I met Prof. Mahalingam when I visited the faculty. He came up to me and said, “you know Lorenz you thought that you were fooling your father pretending to study. Every time he passed you at your desk, the page was the same and often the book was upside down”. But Dad, never pulled me up, embarrassed or humiliated me. That was the essence of his character.

His bad habit was his pipe which was literally glued to his mouth and became an unmistakable additional feature sculpted on his face. All the titles he received, including the Vidya Jyothi, the road opposite the Engineering Faculty at Peradeniya being named after him, Prime Minister Lee Kuan Yew’s glowing reference to him in his autobiography etc. would have rested lightly on his shoulders.

Finally, and most importantly, what was his single most outstanding legacy? Some might say it was his contribution to establishing the Faculty of Engineering; also it may be said it was his overall contribution to education in Sri Lanka; others might say it was his human attributes of love, caring and kindness, or his total disinterest in seeking personal recognition and wealth.

To me it is none of the above. I have thought about it a lot, mainly in search of a lasting light to guide my own future. I did finally find that light. His entire life, at every level and on every possible occasion, was dedicated solely to ADDING VALUE TO THE LIVES OF OTHERS.

I leave you with that blessing from my father.

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Business

‘Bad Bank,’ Big Stakes: Sri Lanka’s Rs. 300bn gamble on growth

Published

3 hours ago

2026/02/12

Sahan Weerasooriya

The top table at the SLCSMI press conference.

Sri Lanka’s small and medium enterprise (SME) sector—responsible for 52 percent of GDP and employing nearly half the national workforce—has become the next decisive test of the country’s fragile economic recovery.

A proposal to establish a Rs. 300 billion “Bad Bank” to absorb distressed SME loans now places policymakers at a crossroads: act boldly to revive credit and growth, or risk entrenching stagnation in the real economy.

The Sri Lanka Chamber of Small and Medium Industries (SLCSMI) on Tuesday told journalists that they had unveiled a detailed blueprint aimed at restructuring an estimated Rs. 460 billion in non-performing loans (NPLs), much of it concentrated among SMEs battered by successive shocks—from the Easter Sunday attacks and the pandemic to sovereign default and climate-related disruptions such as Cyclone Ditwah.

While headline indicators suggest macroeconomic stabilisation, including lower inflation, improved reserves and a profitable banking sector, credit transmission to smaller enterprises remains severely constrained, Chambers think tank pointed out.

“This is not about rewarding defaulters,” said SLCSMI President Prof. Rohan De Silva. “It is about protecting the productive backbone of the economy. If SMEs collapse, the consequences will extend far beyond individual balance sheets.”

Despite strong liquidity and a return to profitability in the banking system, thousands of SMEs remain blacklisted at the Credit Information Bureau (CRIB), unable to access fresh working capital.

The Chamber argues that unless distressed assets are separated from viable enterprises, banks will remain structurally risk-averse, prolonging the paralysis in private sector credit growth.

The proposed “Bad Bank” would function as a specialised rehabilitation vehicle, purchasing or warehousing toxic SME loans and granting viable firms a five-to-ten-year restructuring window, shielded from parate execution, to rebuild cash flows. Senior Vice President Colvin Fernando described the initiative as an economic circuit-breaker rather than a bailout. “These are not failed enterprises,” Fernando said.

He added:”They are businesses hit by extraordinary external shocks. Unless we ring-fence these distressed loans, credit transmission will remain paralysed.”

The concept draws on international precedents where asset management companies were deployed after systemic crises. Yet such mechanisms succeed only when governed by strict asset valuation discipline, professional management and insulation from political interference. Without these safeguards, they risk becoming vehicles for concealed subsidies or fiscal leakage.

The most contentious element of the Chamber’s proposal lies in its funding model. It calls for a hybrid structure combining low-cost international financing, a levy on commercial bank profits and the utilisation of unutilised balances from the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF).

Prof. De Silva argues that the banking sector, having restored profitability partly through elevated interest margins during the crisis years, has both the capacity and systemic responsibility to contribute. “The banking system has returned to strong profitability,” he said. “A structured contribution toward SME rehabilitation is not punitive—it is an investment in systemic stability.”

The suggested mobilisation of pension fund balances, however, is likely to provoke scrutiny over governance and fiduciary safeguards, while a levy on bank profits may raise investor sensitivity in a sector that has only recently regained confidence.

Fernando acknowledged the risks, emphasising that transparency and strict eligibility criteria would be essential. “This must be professionally managed, transparent and focused strictly on viable enterprises. Without discipline and accountability, the entire purpose would be defeated,” he cautioned.

Adding urgency to the debate is the Government’s decision to lower the VAT registration threshold to Rs. 36 million annually from April 1, 2026, drawing more small firms into the tax net. The Chamber warns that tightening tax compliance while credit remains restricted could create a double squeeze. “You cannot increase tax burdens and restrict financing simultaneously without economic consequences,” Prof. De Silva observed, describing the timing as highly sensitive.

Immediate Past President Mohideen Cader underscored the scale of the stakes. With SMEs contributing 52 percent to GDP and already under severe strain, he warned that inaction would result in irreversible economic scarring.

The macroeconomic logic is clear: without restoring SME balance sheets, private investment and employment growth are unlikely to regain momentum. Yet the countervailing risk is equally apparent. A poorly designed vehicle could create moral hazard, transfer private losses onto public shoulders and introduce new contingent liabilities into an economy still emerging from sovereign default.

Sri Lanka’s IMF-backed reform programme has so far focused on fiscal consolidation and debt sustainability. The SME “Bad Bank” proposal introduces a more complex phase in the recovery narrative—one that shifts attention from stabilisation to growth. The question confronting policymakers is whether the economy can sustain recovery without unclogging the credit arteries that feed its most labour-intensive sector.

The Rs. 300 billion proposal is, in essence, a calculated gamble that repairing SME balance sheets will unlock lending, revive investment and restore economic momentum. If executed with rigour, transparency and independence, it could serve as a bridge from crisis management to expansion. If mishandled, it risks deepening vulnerabilities in a system that has only recently regained its footing. For an economy seeking to move beyond stabilisation, the stakes could hardly be higher.

By Ifham Nizam

Business

The all-new Nissan Almera has arrived

Published

3 hours ago

2026/02/12

Sahan Weerasooriya

From left: Raghunath Nair, Head of Nissan South Asia Business Unit, Jawahar Ganesh, Managing Director, AMW and Prasanna De Silva, Director Sales AMW, at the official unveiling of the Nissan Almera at the Nissan Showroom, Union Place, Colombo.

Associated Motorways (Private) Limited (AMW), a stalwart of Sri Lanka’s automotive industry, officially unveiled the all-new Nissan Almera on February 7th, 2026. The launch, held at the Nissan Showroom in Union Place, signaled a bold step forward in providing ‘market-relevant mobility solutions’ to a dicerning local audience.

Addressing the gathering, Jawahar Ganesh, Group Managing Director of AMW, highlighted the strategic engineering behind the new model.

“The all-new Nissan Almera has been thoughtfully engineered to deliver what today’s Sri Lankan customer truly values: efficiency, safety, comfort, and intelligent design,” Ganesh stated.

He further emphasised that AMW’s leadership, backed by the global expertise of the Al-Futtaim Group, remains committed to bringing world-class standards to the local market.

Echoing this sentiment, Atul Aggarwal, Director Aftersales and South Asia Business Unit for Nissan Motor Corporation, noted that the Almera is designed to offer the ‘Nissan Peace of Mind.’ He expressed confidence that the sedan would replicate the massive market success recently seen by the Nissan Magnite.

The Almera is powered by the unique HRA0 1.0-litre Turbo engine, producing 100 hp and 152 Nm of torque. This ‘flat torque’ setup ensures responsive acceleration for city driving and confident overtaking on highways. To bolster fuel economy, it features an Idling Stop system.

Inside, the cabin prioritises the “human element” with:

Quole Modure Seats: Innovative materials that reflect heat, keeping the cabin cool in the tropical sun.

Zero Gravity Seats: Ergonomically designed to reduce fatigue during long commutes.

360-degree Safety Shield: A comprehensive suite including an Around View Monitor, Blind Spot Warning, and Lane Departure Warning.

With immediate stock availability and flexible financing via AMW Capital Leasing, the Almera is positioned as the premier choice for professionals and families seeking a smart, refined, and safe driving experience.

Although AMW did not announce pricing at the event, sources told The Island Financial Review that the new sedan will retail in the LKR 12.5–13 million range. Early birds are in for a win, too, with an encouraging discount reserved for the first 100 buyers.

Notably, the event was a departure from typically lengthy automotive launches, the Almera ceremony was a masterclass in simplicity. The entire event concluded in just twenty minutes – comprising a 15-minute preamble and speeches, followed by a five-minute ceremonial reveal as the Almera glided into the auditorium.

Participants described the event as ‘short and sweet,’ a sentiment that aligned perfectly with the ‘C-word’ emphasised by Jawahar Ganesh, Group Managing Director of AMW about the Nissan brand: Credibility.

By Sanath Nanayakkare

Business

Bourse trading transforms from apathy to energy as interest in some stocks soars

Published

4 hours ago

2026/02/12

Sahan Weerasooriya

CSE trading started on a dull sentiment yesterday but later turned positive due to buying interest in certain stocks.

The All Share Price Index went up by 4.59 points, while the S and P SL20 rose by 4.46 points. Turnover stood at Rs 3.3 billion with 11 crossings.

Top seven crossings that mainly contributed to the turnover were: Samson International 350, 000 shares crossed to the tune of Rs 136.5 million; its shares traded at Rs 390,Melstacorp 245,000 shares crossed for Rs 44 million; its shares traded at Rs 180.50, Lanka Milk Food 500,000 shares crossed for Rs 36.25 million; its shares sold at Rs 72.50, Lanka IOC 250,000 shares crossed to the tune of Rs 35 million; its shares traded at Rs 141, Sunshine Holdings 1 million shares crossed to the tune of Rs 33.8 million; its shares traded at Rs 33.80, Distilleries 500,000 shares crossed to the tune of Rs 39.5 million; its shares sold at Rs 59 and Bahiraha Farm 315,763 shares crossed for Rs 25.6 million; its shares fetched Rs 81.

In the retail market top seven companies that mainly contributed to the turnover were; UB Finance Rs 172 million (53 million shares traded), Sierra Cables Rs 147 million (4.1 million shares traded), Lanka Credit and Business Finance Rs 119 million (13.1 million shares traded), LMF Rs 112 million (1.5 million shares traded), Colombo Dockyards Rs 111.7 million (758,000 shares traded), HNB Rs 105.4 million (245,000 shares traded) and ACL Cables Rs 96.9 million (975,000 shares traded). During the day 170.3 million share volumes changed hands in 23008 transactions.

It is said that manufacturing sector counters and financial counters performed well. Mixed interest was observed throughout the day.

Yesterday the rupee was quoted at Rs 309.35/38 to the US dollar in the spot market, from Rs 309.43/47 the previous day, dealers said, while bond yields were down significantly as the bullish sentiment continued amid elevated liquidity levels.

A bond maturing on 01.05.2027 was quoted at 8.35/45 percent.

A bond maturing on 15.02.2028 was quoted at 8.92/97 percent.

A bond maturing on 15.10.2028 was quoted at 9.00/05 percent.

A bond maturing on 15.12.2029 was quoted at 9.45/50 percent.

By Hiran H Senewiratne