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Monday November 9th, 2026

Opinion: Reform the proposed 20th Amendment to strengthen, not weaken, transparency

Opposition lawmakers protest constitutional amendments in Sri Lanka on Sep 23, 2020

ECONOMYNEXT – Following parliamentary elections, President Gotabhaya Rajapaksa wasted no time in obtaining cabinet approval and thereafter Gazetting the proposed 20th Amendment to the 1978 Constitution of Sri Lanka. Many commentators have noted how the 20th Amendment as proposed will diminish parliamentary powers, erode judicial independence, and weaken independent commissions. But it is also critical for ordinary people—especially those who voted for the current government—to know that the proposed 20th Amendment will usher in an era of unchecked corruption shackling future generations. The President and the Prime Minister urge us that repeal of the 19th Amendment is necessary for economic development. What they don’t tell us is that the proposed reforms reduce transparency and oversight, at the expense of economic development. We can and must demand more from our elected leaders.

Passed in 2015, the 19th Amendment to the Constitution requires the Constitutional Council to appoint a qualified auditor as independent Auditor-General. The 20th Amendment empowers the President to appoint any person to this position in his sole discretion. Constitutional protection for the Audit Service Commission will disappear, and audits will no longer be required for the President and Prime Minister. Whereas the 19th Amendment strengthened the Commission to Investigate Allegations of Bribery or Corruption by allowing it to initiate its own inquiries, the proposed 20th Amendment removes constitutional protection altogether, meaning the commission could be abolished by a simple majority vote in Parliament. Even if the Bribery commission remains, the 20th Amendment as proposed will strip its power to commence investigations on its own motion. Finally, the proposed 20th Amendment outright abolishes the National Procurement Commission.

Who benefits from these changes?

The role of the auditor-general is to conduct independent audits of government operations. These audits allow Parliament to scrutinize government spending and “ensure better financial management and optimum use of public resources to maintain sustainable development.” If the National Audit Commission is abolished, so too is its surcharge power, meaning individuals who misappropriate public funds can no longer be held personally liable. How do ordinary Lankans gain by reducing transparency and accountability regarding the governmental use of public funds?

Likewise, the proposed 20A will abolish the National Procurement Services Commission, which serves to “formulate fair, equitable, transparent, competitive and cost-effective procedures and guidelines” for government procurements, and ensure integrity, transparency, and accountability. How is less transparency in big-budget government procurements a good thing for ordinary people?

Short answer? It’s not.

Enhanced anti-corruption measures in the 19th Amendment benefit all of us. While he served as President, Mahinda Rajapaksa commissioned the port project in Hambantota, financed with $1.1 billion in loans from China. The project was built with Chinese contractors, not local labor, and made losses from the moment it opened in 2010. When Mahinda ran for a third term in 2015, his campaign allegedly took kickbacks from the Chinese port fund as had been reported in the media then. With Sri Lanka unable to afford even interest payments on the billion-dollar loan, the Sirisena government had to default and ceded control of the port and 15,000 surrounding acres to China for 99 years. Now Chinese port authorities are trying to pressure local farmers to sell their land to make way for a Chinese industrial zone in Hambantota. Local residents are right to fight and not sell away what belongs to their children. But without independent audits and a robust bribery commission, the Hambantota debacle is bound to repeat.

Hambantota’s port was not an isolated case. President Gotabhaya was charged in 2016 with corruption for illegally transferring $75 million in state-owned weapons to a private security firm named Avant Garde to establish a floating armory. He was separately charged with misappropriating Rs. 33.9 million to build a memorial museum for his parents. While presidential immunity prevents these cases from moving forward, independent audit and procurement functions are essential to preventing misuses of public funds.

Today, the government is embarking on huge development projects, bringing more government institutions under the control of Rajapaksa family members and military officials. With no independent audit and no procurements commission, nepotism, cronyism, and corruption will go unchecked. By abolishing the audit commission and exempting the President and Prime Minister’s offices from audit, the 20th Amendment will permit daylight robbery of public funds. Because these high-ranking officials hold immunity from suit, no person will be able to challenge corruption in court.

So who stands to gain? Clearly, the Rajapaksas do. But what’s in it for the rest of us? If tomorrow the President wants to sign away all our natural resources or seize private property for a big-budget development project, financed by an onerous loan, who can stop him? What oversight or recourse will we have when public officials abuse our trust? The Rajapaksa brothers tell us that the 20th Amendment, complete with the above-mentioned reforms, is crucial to promoting economic development. But the World Bank (not to mention common sense) says the opposite—“corruption impedes investment, with consequent effects on growth and jobs. Countries capable of confronting corruption use their human and financial resources more efficiently, attract more investment, and grow more rapidly.”

It is our duty as citizens to think critically about whether the proposed reforms help or hurt us. This isn’t even about the Rajapaksas, although they certainly stand to gain from reduced oversight. At the heart of any government lies public trust. We place our hard-earned money and rights in the government’s hands and ask only that it acts in our collective interest. Essential to this trust is our ability as citizens to get progress reports from independent auditors and commissions to see that the government remains on the right track. An independent Auditor-General, Procurement Commission, and constitutionally protected commissions addressing audits and bribery are all vital to make sure our government works for us, and not at our expense. Sri Lankans must demand that the 20th Amendment strengthen, not weaken, audit, procurement, and anti-bribery functions, protecting their independence from political interference of any kind. (Colombo, September 27, 2020)

Sri Lanka stocks close up 1.37-pct, banks lead turnover

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed up on Monday, CSE data showed, with the benchmark All Share Price Index moving up 1.37 percent.

The ASPI was up 291.72 points at 21,531.37, while the more liquid S&P SL20 was up 1.67 percent, or 100.96 points, at 6,146.34.

Positive contributors to the ASPI were Commercial Bank of Ceylon (up 2.86 percent at 216.00 rupees), Hatton National Bank (up 1.52 percent at 399.75 rupees), Asiri Hospital Holdings (up 12.86 percent at 31.60 rupees), Tokyo Cement Company (up 5.22 percent at 84.70 rupees), and Access Engineering (up 3.93 percent at 81.90 rupees).

Carson Cumberbatch (down 4.24 percent at 712.00 rupees), Richard Pieris and Company (down 2.43 percent at 28.10 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), Renuka Holdings (down 2.63 percent at 37.00 rupees), and Chevron Lubricants Lanka (down 0.61 percent at 204.25 rupees) were top negative contributors.

Market turnover was 3.33 billion rupees. The S&P/CSE Banks Industry Group led turnover with 667.76 million rupees.

The session saw heavy crossings, according to Raynal Wickremeratne, Head of Research and Strategy at NDB Securities. Significant crossings included Keells (23 million rupees), Distilleries Company (27.7 million rupees), Sunshine Holdings (30.6 million rupees), Commercial Bank (32.4 million rupees), Ceylon Tobacco Company (35.6 million rupees), Hatton National Bank (39.5 million rupees), Prime Lands (40.5 million rupees), and HAS Holdings (41.5 million rupees).

In corporate news, Hayleys Retail Holdings Ltd announced it has partnered with supply chain software provider Blue Yonder to build and scale an AI-native grocery supermarket chain across Sri Lanka. (Colombo/Nov09/2026)

 

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Sri Lanka’s Hayleys Retail to launch supermarket chain with Blue Yonder

ECONOMYNEXT — Hayleys Retail Holdings Ltd has selected supply chain software provider Blue Yonder to build its grocery retail operations from the ground up, the two companies said in a joint statement.

Hayleys Retail, a member of Sri Lanka’s diversified conglomerate Hayleys Group, plans to open several stores in the near future to serve consumers across the country. The agreement marks Blue Yonder’s first retail customer in Sri Lanka.

“Our entry into supermarket retail is about bringing that same commitment to quality and reliability closer to everyday Sri Lankan consumers,” Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC said.

“With Blue Yonder, our teams will have AI-driven insight to deliver a seamless, consistent shopping experience across every store,” he said.

Hayleys, which accounts for approximately 5 percent of Sri Lanka’s export income and operates across 17 business sectors, is entering the large-scale supermarket space by drawing on its group strengths in manufacturing, logistics, and services.

The company selected Blue Yonder to connect its data across merchandising and shelf space, deploy artificial intelligence agents to catch operational issues early, and scale its business into a national network without changing platforms.

The rollout will begin with merchandise operations to manage suppliers, items, costs, and pricing, followed by machine learning capabilities to forecast demand and balance store inventory during seasonal peaks.

“Hayleys Retail is choosing one where AI is the foundation rather than an add-on—connected data and agentic AI built into core merchandising operations, and planning that learns as the business grows,” Antonio Boccalandro, President, APAC at Blue Yonder said.

The retailer plans to use the platform to automate routine store tasks and adjust inventory according to real-time sales and local market trends as its store footprint grows. (Colombo/Nov09/2026)

 

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Sri Lanka’s Citrus Leisure extends Lotus Tower management pact

ECONOMYNEXT – Sri Lanka listed hospitality firm Citrus Leisure said it has extended an agreement to manage consumer-facing and entertainment spaces at the Colombo Lotus Tower, which includes revolving restaurant Blue Orbit, until June next year.

The initial agreement signed between Citrus Leisure and Colombo Lotus Tower Management Company (Private) Limited (CLTMC) is due to expire on December 11.

“The Board of Directors of CLTMC at meeting held on 2nd November 2026 has resolved to extend the term of the Management Agreement and continue the existing Management Agreement until 30th June 2027, to which the company has given its concurrence,” the company said in a market filing.

Citrus Leisure Plc opened its revolving restaurant at the Lotus Tower in December 2023.

The company signed a 3-year agreement with CLTMC in May 2023 to provide services in the management of (l) the banquet hall 1 on the 25th floor, (2) the banquet hall 2 on the 26th floor, (3) the revolving restaurant on the 27th floor, (4) the 6 suites situated on the 28th floor and the kitchen in the basement floor of the Colombo Lotus Tower.

The 350-meter or 1,150-feet tower, the tallest in South Asia, was built at a cost 104.3 million US dollars with 80 percent of the money borrowed from Exim Bank of China.

Located in the commercial heart of Colombo, the tower has been called a symbolic landmark of Sri Lanka as well as a colossal white elephant and has been mired in controversy for years. (Colombo/Nov9/2026)

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CIC Holdings Sept quarter net profit rises 20-pct to Rs1.7bn

ECONOMYNEXT — Sri Lanka conglomerate CIC Holdings recorded a net profit of 1.66 billion rupees for the quarter ended September 30, rising 20.3 percent from 1.38 billion rupees in the same quarter last year, interim accounts showed.

The group posted basic earnings per share of 0.87 rupees for the September quarter, up from 0.73 rupees a year earlier.

Quarterly revenue grew 3.4 percent to 20.89 billion rupees from 20.20 billion rupees, supported by broad-based growth across industrial solutions, livestock, and healthcare segments, which counterbalanced relative demand moderation in agricultural inputs.

Cost of sales rose 5.3 percent to 15.20 billion rupees, outpacing revenue growth and causing gross profit to contract marginally by 1.2 percent to 5.68 billion rupees.

Results from operating activities dropped 7.3 percent to 2.66 billion rupees from 2.87 billion rupees, impacted by higher operating overheads.

Selling expenses expanded 6.8 percent to 2.15 billion rupees, and general and administrative expenses climbed 5.8 percent to 1.07 billion rupees, while other operating income dropped 29.6 percent to 117.40 million rupees.

However, operating profits were cushioned by an impairment reversal on trade receivables of 85.83 million rupees, turning around from an impairment provision of 23.38 million rupees in the corresponding quarter last year.

Net finance costs climbed 35.4 percent to 712.25 million rupees from 526.01 million rupees.

The increase was driven by a 30.8 percent rise in finance expenses to 771.46 million rupees, primarily reflecting higher interest expenses on loans to finance elevated working capital and inventory requirements.

The quarter’s bottom line was strongly bolstered by CIC’s equity-accounted investment in John Keells Holdings PLC (JKH).

Share of profit from equity-accounted investees surged more than fourfold to 590.50 million rupees from 257.87 million rupees, driven by JKH’s strong profit expansion during the period.

The group also recognized a gain on bargain purchase of 55.59 million rupees during the quarter resulting from additional share purchases in JKH where the proportionate net asset value exceeded acquisition cost, compared to no such gain a year earlier.

With associate income gains offsetting operating margin contraction and higher borrowing costs, group pre-tax profit held virtually flat at 2.59 billion rupees, down 0.11 percent.

Income tax expense fell 29.4 percent to 606.24 million rupees from 858.71 million rupees, driving total group profit for the period up 14.1 percent to 1.98 billion rupees.

Total group assets stood at 108.58 billion rupees as of September 30, up from 99.75 billion rupees at the end of March 2026.

Group net asset value per share increased to 25.52 rupees from 22.10 rupees a year earlier.

CIC Holdings’ ordinary voting shares closed at 27.80 rupees at the end of September.(Colombo/Nov09/2026)

 

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Sri Lanka stocks trend up; ASPI gains 0.78-pct

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trading higher on Monday, CSE data showed, with the benchmark All Share Price Index moving up 0.78 percent.

The ASPI was up 165.73 points at 21,405.38, while the more liquid S&P SL20 was up 0.61 percent, or 37.04 points, at 6,082.42.

Positive contributors to the ASPI were Commercial Bank (up 1.55 percent at 213.25 rupees), Ceylon Cold Stores (up 2.61 percent at 128.00 rupees), Asiri Hospital Holdings (up 10.00 percent at 30.80 rupees), Hemas Holdings (up 1.27 percent at 32.00 rupees), and Ambeon Holdings (up 6.02 percent at 37.00 rupees).

Namunukula Plantations (down 3.92 percent at 63.70 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), and Chevron Lubricants Lanka (down 0.12 percent at 205.25 rupees) were top negative contributors.

Market turnover was 428.31 million rupees. Capital goods led turnover with 82.53 million rupees. (Colombo/Nov09/2026)

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Sri Lanka rupee at 332.54/58 to US dollar spot, bond yields steady

ECONOMYNEXT – Sri Lanka’s rupee was quoted at 332.54/58 to the US dollar spot on Monday, stronger from 332.55/60 Friday, while bond yields held broadly steady, dealers said.

A bond maturing on 15.09.2029 was quoted at 10.90/95 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 was quoted at 11.00/10 percent, down from 11.05/10 percent.

A bond maturing on 01.02.2031 was quoted at 11.10/20 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 was quoted at 11.58/68 percent, up from 11.55/65 percent.

A bond maturing on 01.06.2033 was quoted at 11.80/95 percent, up from 11.80/85 percent.

A bond maturing on 15.10.2034 was quoted at 12.08/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 was quoted flat at 12.30/40 percent.

The telegraphic transfer rate for the dollar was 328.05 buying, 337.05 selling; the euro was 363.3528 buying, 377.1336 selling; pound was 437.5954 buying, 451.7038 selling.

On the Colombo Stock Exchange the All Share Price Index was up 0.78 percent, or 165.42 points, at 21,405; while the S&P SL20 was up 0.58 percent, 35.19 points, at 6,080.

90,000 million rupees Treasury bills are to be issued through an auction on November 11. (Colombo/Nov9/2026)

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