Business
Vintage Vignettes from the Life and Times of Upali Wijewardene
Extracts from the book titled ‘Vintage Vignettes’ by
Vinodh Wickremeratne, which provides some interesting recollections of the life and times of Philip Upali
Wijewardene, Founder and Chairman of the Upali
Group of Companies, the first multinational business in Sri Lanka.
Continued from yesterday
I suggested what about a Link connecting the Matara-Kamburupitiya motorway at a mid-point with Tangalle.
UW gave the thumbs up.
IF I WERE A RICH MAN
UW said ‘I can personally UPGRADE Kamburupitiya to a MODERN place after but, since I am NOT RICH ENOUGH to build Railways and Motorways, ‘I will get DBS (Development Bank of Singapore), the ADB or EX1M BANK of Japan to fund them.
Because of Trade Unions and Inland Revenue Policies, sometimes LIFE is not worth living’
‘When ready, Vinodh go to Sri Lanka and recommend the trains I should buy’. Also. the structure of OPERATIONS with regard to maintenance, safety, management and revenue’.
‘Remember, NO CONNECTION with the Government railway, otherwise same FR -AR and UNIONS, so I will I give to a Japanese outfit or to KTM’.
.’We need only two Electric train sets and a SPARE. Also, similarly styled Aviation fuel carriers and freight carriers to transport raw material and finished products to and from the Kamburupitiya EPZ’.
Additionally, a few container FLATS.
I envisaged the Japanese gauge of 3′ 6″ or METRE Gauge, as this would ISOLATE from the Government system, for transporting containers a WELL type wagon to lower the Centre of gravity.
SLS FOR A FEW DOLLARS MORE Ennio Morricone
UW said ‘High time we change over the RUPEE and use LANKA DOLLARS if we want to be DEVELOP rather than ‘Developing for ever’. ASEAN is considering us for membership.’
(Malaysia had DOLLARS in their WAKE UP era.)
PILGRIMS’ PROGRESS John Bunyan
KAMBURUPITIYA to have the HIGHEST STANDARD OF LIVING with Air Conditioned schools, a University, State of the art hospitals, Supermarkets, TELEPHONES, electricity and running water in EVERY HOME
UW mentioned ‘to achieve this, we need to ENCOURAGE Tourism and
INVESTORS by way of Attractions: Government licensed BEER and booze ANYTIME and ANYWHERE,’ More FOREIGNERS’ ONLY Casinos.
UW mentioned I don’t like strong Spirits or Beer, but a Glass of GOOD WINE always welcome. UW mentioned ‘I am not a Strong alcohol drinker, but to promote much needed TOURISM and since I am not an IDIOT, I will encourage Government licenced LIQUOR to be FREELY available’ .
‘Also, we must take a SLICE of Singapore’s share of NIGHT LIFE, so that we become a vibrant NIGHT destination.’
UW said ‘No harm in being a RICH country with a Strong economy’
UW was of the idea that GAMBLING needs to be regulated, like ONE BET for a DAY, otherwise a new generation of POOR would emerge.
I mentioned BAR licencees should have a mandatory holding area to keep intoxicated patrons from wandering about causing accidents.
Tao mentioned ‘You might TAKE the SHARE off Singapore prosperity’ .
‘So Upali won Sri Lanka come out from KAMPONG to METROPOLIS.’
MEN ONLY, GOOD COMPANIONS J.B. Priestley
UW mentioned ‘I have thought of a UNIQUE PRESENTATION like no other, may be reality in about five years, I have already spoken with I Keerthi, Aathma and Mangiboy, this will be named MANHUNT’ .
U W said ‘see Singapore clue to a NIGHT ECONOMY came from the Singapore
THIRD WORLD to the FIRST, I want Lanka to be like that.’ Then we Singhalese can have Pakistani drivers and BANGLA servants at home’.
(Sri Lanka ONLY sees the DARK SIDE of the NIGHT… in A WORLD OF ITS OWN)
KAMBURUPITIYA to have Zero unemployment, Zero garbage, zero Trade Unions, then the FACTORS OF SUCCESS are manageable.’
Cleaning the bazaars and the environs of Kamburupitiya to be given to a Singaporean firm.
Tao said’ Can you peoples MAINTAIN and SUSTAIN all these?’
A LITTLE MORE TO THE WEST – Cuthbert Calculus
UW said ‘I will aim for Cultural transformation, then, we can be a WESTERN setup’.
I chuckled, we are AHEAD of the West ONLY with G M T. If dont ape the West; we remain APES.
UW proclaimed ‘Kamburupitiya and the MATARA DISTRICT can TAKE OFF leaving Colombo IN THE DUST.
Kamburupitiya NEWSLETTER (Bilingual), ENGLISH classes, instilling CONFIDENCE to use Western type IN HOUSE bathrooms Kamburupitiya homes to have ATTACHED BATHROOMS in lieu of detached Toilets.
GREAT SCOTLAND YARD Thompson and Thomson Villagers had (if at all) A ATTACHED toilet, 3’x3,’ SQUAT land Yard.
CARRY ON ROUND THE BEND Sidney James AT YOUR CONVENIENCE
UW mentioned that he would be ordering 150 WESTERN type Sanitaryware sets with the required supporting plumbing and fittings.
GONE WITH THE WIND Margaret Mitchel, ClarkGable, Vivien Leigh.
In addition an Exhauster fan for each of the 10′ x 6′ bathrooms,
WHITE tiles for the floors and walls would also be provided. The idea is to make the householders ‘BATHROOM PROUD’.
Selectively DISABLED ASSIST bars would be installed as needed.
‘The pantry and the BATHROOM should be the measuring unit of DIGNITY’
UW mentioned he would incentivise women away from the TKB mentality, (Temple Kitchen Babies) as expressed by TAO.
‘If you return to Sri Lanka, you should be in the Finance & Planning Ministry or the Central Bank, not a GLORIFIED shop keeper in Fort’.
I can arrange that, Dickie aiya has mentioned that Ronnie is getting rusty and cantankerous, so I can REPLACE him.
GREAT EXPECTATIONS Charles Dickens Or at least you be CHAIRMAN of the KDA.
RUNNING IN THE FAMILY Michael Ondaatje
If you are not available, I have two nephews who show GREAT capability as they are GRANDSONS of Kamburupitiya.
LE RODNOC SAPA (with Apologies to PAUL and ART). We exchanged ideas that we enjoy being HAMMERED LIKE A NAIL at the IMF, go there repeatedly with the BEGGING BOWL and other practical observations.
We remained a further hour exchanging CRITICAL OPINION, UW said any overflow of PROSPERITY to be diverted to Kelaniya and Kundasaley,
I mentioned that Unions THRIVE on the POVERTY of the Working class.(Non-working on strike)
UW took out the STRAITS TIMES to have a look. (The Straits Times is read by ‘ordinary’ Singaporeans to consider STOCK OPTIONS in New York and London Exchanges.)
(We, with our ABUNDANCE of SCARCITIES, Koholla stuck Sons of the soil. WORMS can look at STUCK OPTIONS in the Dire is Straits Times)
We discussed with MY opinion that FREE education is misunderstood as Nidhahas Adyapaya when it should be Nomiley Adyapanaya.
We discussed that B.A is BAD Attitude and that the future MBA is Myths Bad Attitude, progressing to a PHD (Permanent Head Damage).
We discussed the MENTALITY of our Mahajanaya, any excuse for a Dhaney when they cannot FEED themselves, the Breadwinner when terminally ill is looked after with borrowed money, at death the funeral is on further LOANS, then a series of LAVISH Dhaneys getting further into DEBT.
Spend FREELY, then borrow freely, SPEND what was borrowed in the same FREE fashion. The interest on borrowed money is also met by borrowing further: INTERESTING!
‘PINATA and NAYATA culture must END’, I will personally conduct group discussions, aiming for Southerners to come out of POVERTY’.
UW Mentioned a paradigm change is needed. NO MORE DHANEYS from the Poor of Kamburupitiya.
No more KATINE poojas BY the POOR.
(KATINE POOJA is an EXTRAVAGANT extravaganza by the POOR with Drummers and dancers along with LOUD firecrackers waking sleeping neighbourhoods at 2.00 am)
UW and self discussed that Temple education should include INSTRUCTIONS on the correct side of the road to walk (I have seen parents walking on the LEFT with children hanging RISKED on the path of motor vehicles)
After TEMPLE or church people emerge intoxicated, fuddled and HALLUCINATED.
3K development (Kamburupitiya, Kelaniya and Kundasale) to be RICH places by Year 2000.
Kamburupitiya to be gifted 20 UMC Mazda Car & Fiats for FREE emergency hire with all Drivers given MOTOROLA Dynatacs.
�KUNDASALE area to be ADVANCED like Singapore, in addition with ;111 International CRICKET stadium, GOLF nearby and other modernities.
‘Only that WIJESIRI is a BIG problem.’
KANDY to remain a MUSEUM!
UW and self agreed that South Korea, Japan and Singapore are physically in the EAST but MENTALLY WESTERN.
YELLOW RIVER Christie
We discussed modernities for SEDAWATTA, I suggested that the sea has enough water, and that waters from the KELANI could be used to turn wheels for small industry, soft drinks and Beer, also irrigate Home gardens for Fruit and veg.
(Now in the BIYAGAMA and Ranala areas are bottling plants for LION BEER, Elephant Brand and COCA COLA).
YOU ARE THE SUNSHINE Johnny Cash; THE SUN ALSO RISES Ernest Hemingway
UW said, I am not a Zoroastrian, but the SUN has a lot of potential, that’s why my logo is the SUN. We can harness the sun for cooking, converting its HEAT for refrigeration, all SUMMA.
Tao said ‘Vinowh is vely diffllent thinking, can me also make use of the Vinowh in Colombo’.
I remarked that Colombo city has reached its limits, UW said ‘FILL the SEA’ around Fort.
I reminded that we have no resources to fill POTHOLES on the streets.
ENTER THE DRAGON BruceLee, Jim Kelly, John Saxon LAVINIA
UW was of the view that in the future ECONOMIES of India and China would be a FORCE to reckon with and one of them would step in to FILL the sea and ENLARGE Colombo.
‘China will take a RIGHT TURN (Correct direction) to be a SUPER POWER.
INDIA anyhow has the monopoly in inf1uence in the region with a DOCTRINE.
‘Vietnam and Bangladesh are also KEEN to be AHEAD of us’.
Also that SURPRISING things are ‘due’ in the EASTERN Bloc, in ten years time, there may be no Union of SSR.
GOING MY WAY Bing Crosby
UW mentioned ‘If I can DO IT MY WAY will ENSURE for Lanka to be OUT of the POOR category by YEAR 2000’.
(When you are NOT POOR it is easier to become RICH)
UW mentioned that serious developments are happening in the North, the new group calling itself the Liberation Tigers of Tamil Eelam has ousted other groups and is being nurtured by CONFLICT BENEFICIARIES like Redd Barna, Amnesty, the Red Cross and SCANDOS to keep a CIVIL WAR going.
(Vinodh Wickremeratne could be contacted on 0714947600 or emailed on, vinodhwix71@gmail.com)
Concluded
Business
CDS accounts on the increase, crosses one million accounts
Central Depository Systems (Pvt) Ltd (CDS), a subsidiary of the Colombo Stock Exchange (CSE), has reached a milestone as total registered accounts surpassed the 1 million mark. This achievement coincides with the approach of the organization’s 35th anniversary in September 2026, marking three and a half decades of providing depository infrastructure for the Sri Lankan capital market.
Since its inception in 1991, the CDS has held the distinction of being the first depository in the South Asian region. In its core capacity as a depository, the institution is responsible for holding a wide array of securities including shares, debentures, corporate bonds, and units belonging to investors in electronic form.
The crossing of the one million account threshold also reflects the aggressive broad basing of the retail investor market over the past five years. This expansion is largely attributed to the comprehensive digitalization of the CSE, which has created accessibility for individuals across the country. Digital tools such as the CSE Mobile App and the “CDS e-Connect” portal have revolutionized how investors interact with the stock market, providing them with real time access to their holdings and a seamless interface for account management. The “CDS e-Connect”, originally launched in 2016 and revamped in 2021, has become a one stop shop for stakeholders, by offering services such as client profile management, real time balance and transaction viewing, eNomination facility, monthly statements and newly introduced dividend payment history viewing option. From 2016, by offering eStatements and SMS alert facilities CDS ensures transparency and security for the CDS accountholders. By decentralizing account openings and introducing online facilities in 2020, the CDS successfully brought the stock market to the fingertips of the general public, moving away from the traditional, paperwork heavy processes that once characterized the industry.
A critical pillar of this 35-year history was the 2011 launch of the full dematerialization drive. This initiative was designed to significantly reduce the movement of physical certificates, which were prone to loss, damage, and forgery. Today, the success of this drive is evident as the CDS holds 97 percent of listed equity and 100 percent of corporate debt in scripless form. This near total transition to electronic records has provided a secure and accessible service environment. The Central Control Unit plays a vital role, ensuring that all functions performed by the depository and its participants align with strict rules and regulatory guidelines. By identifying operational, financial, and market risks early, the CDS maintains the integrity of the ecosystem and fosters trust among both domestic and international investors.
Beyond its primary depository functions, the CDS has significantly expanded its influence through the Corporate Solutions Unit (CSU), established in 2017. The CSU was created to standardize and elevate the benchmarks for corporate action services in Sri Lanka and has since grown through the strategic acquisition of PW Corporate Registrar arm. This diversification allows the CDS to expand registrar services and manage corporate actions for both listed and unlisted companies, providing a holistic suite of services that includes the distribution of dividends, rights issues, and e-applications for Initial Public Offerings (IPOs). The digitization of issuer services has been a hallmark of the CSU’s work, introducing innovations such as eDividend payments, eWarrants, and eNotices. These advancements have streamlined the process for issuers while ensuring that shareholders receive their entitlements promptly and securely.
The strategic outlook for the CDS is now centred on the newly formed Research and Development Unit, which is essential to the organization’s vision for the future. This unit functions as a Project Management Office and is responsible for developing innovative services. By cultivating strategic alliances and international collaborations, the R&D unit ensures that the CDS remains a future forward institution capable of adapting to the evolving needs of the global financial sector.
As the CDS looks toward its 35th year of service, it remains focused on digital transformation, strategic partnerships that power progress, new service offerings and enhanced international relations. The integration of new technologies continues to ensure robust infrastructure for the next generation of market participants.
Head of CDS Nadeera Athukorale commenting on the vision of the CDS, remarked “By balancing its core depository duties with non-core registrar and consultancy services, the CDS has positioned itself for long term sustainability and industry leadership.”
The achievement of one million accounts serves as a testament to the resilience and adaptability of the Sri Lankan capital market infrastructure, demonstrating CDS’ ability to facilitate a growing digitized market while continuing to serve as the backbone of the nation’s investment landscape. (CSE)
Business
TONIK set to become next Sri Lankan hospitality brand reaching the global stage
TONIK, a new hospitality venture under Sri Lanka’s Acorn Group, has unveiled its vision to place culture, storytelling and design at the heart of island exploration, positioning itself as the next Sri Lankan hospitality brand to achieve global recognition.
Built on the Acorn Group’s decades of expertise across aviation, travel, logistics and leisure in multiple Asian markets, TONIK aims to elevate Sri Lanka’s tourism by translating the “soul” of destinations into curated experiences. The brand’s philosophy, “Every Stay Is a Story”, treats villas and boutique hotels as “living narratives” shaped by architecture, memory, craft and community.
The venture addresses a key market gap: while Sri Lanka features exceptional independent villas, many struggle with visibility and global reach. TONIK seeks to resolve this by amplifying each property’s unique value proposition – transforming distinctiveness into revenue -generating potential for owners.
“TONIK’s philosophy aligns with the evolution of our industry- where authenticity and meaningful experiences are no longer optional but essential,” said Harith Perera, Partner at Acorn Group. “Sri Lanka’s narrative deserves platforms that elevate its voice globally.”
For property owners, TONIK offers access to Acorn’s intelligence networks across the Maldives, Middle East, Europe and Asia, including insight into High-Net-Worth travel patterns.
CEO Sundararajah Kokularajah said: “By nurturing properties as living narratives, we aim to shape a new chapter for tourism – authentic, future-ready and deeply Sri Lankan.”
By Sanath Nanayakkare
Business
SDB bank relocates Warakapola branch to enhance customer experience
SDB bank relocated its Warakapola Branch to a new location with a modern, fresh look and ample parking, further strengthening its commitment to delivering an enhanced, customer-centric banking experience. The newly refurbished branch, located at No. 221/E, Colombo Road, Warakapola, will officially open its doors to customers.
The relocation reflects SDB bank’s ongoing efforts to adapt its branch network to today’s banking requirements, ensuring clients enjoy a refreshed, welcoming, and efficient service. The upgraded branch features contemporary design and improved facilities, providing greater convenience and a seamless banking experience for individuals, entrepreneurs, and businesses in the Warakapola area.
As part of its continuous transformation journey, SDB bank has prioritised innovation and service excellence in reimagining the Warakapola Branch. The new premises have been thoughtfully designed to meet evolving customer needs while fostering stronger engagement with the local community and business sector.
Kapila Ariyaratne, Executive Director / Chief Executive Officer of SDB bank, stated, “The relocation of our Warakapola Branch reflects SDB bank’s dedication to providing our customers a modern and enhanced banking experience with convenience and personalised service. This modern space is designed to meet evolving needs while reinforcing our strong ties with the local community. We remain committed to delivering innovative and customer-focused financial solutions that support regional and national growth.”
The enhanced branch environment is expected to serve both existing customers and new clients in the region, reinforcing SDB bank’s growing island wide presence. Through this relocation, the Bank continues to demonstrate its commitment to sustainable growth, service excellence, and meaningful community engagement.
SDB bank invites its valued customers and the Warakapola community to visit the new branch and experience the enhanced facilities firsthand.
A future-ready bank, dedicated to offering customer-centric and comprehensive support tailored to each individual’s needs, SDB bank is a licensed specialized bank regulated by the Central Bank of Sri Lanka, with a listing on the Main Board of the Colombo Stock Exchange and a Fitch Rating of BB +(lka).
Through the network of 94 branches island-wide, the bank provides a comprehensive range of financial services to its Retail, SME, Co-operative, and Business Banking clients across the country. Environmental, Social, and Governance (ESG) principles are deeply ingrained in SDB bank’s ethos, with a steadfast focus on uplifting local communities and businesses through sustainable practices. The bank is particularly committed to promoting women’s empowerment, sustainable development of SMEs, and digital inclusion, aiming to propel Sri Lanka to new heights.
Ceremonial opening of SDB bank Warakapola Branch
From left to right,
Binesh Aravinda – Head of Branch Banking – SDB bank,.A.D.Walisinghe – Chairman Kegalle Sanasa District Union, Kapila Ariyaratne – Executive Director/ Cheif Executive Officer – SDB bank, Chitral De Silva – Cheif Business Officer – SDB bank
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