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Friday November 13th, 2026

A pardon unpardonable

We are back in primitive tribal times. 

The power of pardon is a feature of human society with ancient roots. It originates from the tribal custom exercised by the tribal chief to soften the harsh rigor of embedded tribal customs.

Under civilized constitutional governance, all power is derived from the people. The ‘state’ is only the ‘instrument’ through which the sovereign will of the people is exercised.

Although it may appear , that , this  time around, the decision is driven by  primal tribal instinct of the chief of the tribe with some  advice from the   ‘witch doctors’ who have begun their death dance after Easter Sunday, the executive power to pardon held by the President of the Republic stems from an exceedingly more refined principle. 

Judges and courts of law are subject to the “regularity and rigidity of their accepted time-tested proceedings. The business of the judge is strictly to apply the law.”

The prerogative of the Executive pardon is only a constitutional devise that enables to redress the unjust application of the law in a given situation.

I am not a lawyer. I was appalled by the pardon granted to the Buddhist monk Galagodaththe Gnanasara Thera by President Sirisena. I try to follow the dictates of the Buddha. If there is an afterlife, I would follow them again. But I fervently pray, not to be born in this ‘Sinhala Buddhist Land’.

Disoriented by the fiendish fantasy of an elected Caligula,  I addressed the following question to Dr.Nihal Jayawickrame , a  legal scholar of wide   repute.

He himself was once subject to the rigidity of a blatantly unjust law passed by a ‘runaway’ legislature with a warped mandate,  devilish remnants of  which,  we are still struggling to disarm. 

The monk was not jailed for his presumed foresight in identifying sources and places of Jihadist terror. So my question was unambiguous.  

“The ‘rule of law’ presumes that Courts of justice have an inherent power to punish all persons for contempt of their rules, orders and for disobedience of their process, and for disturbing them in their proceedings.

That is what the monk did and that is what he was punished for.
Can the president exercise his presidential prerogative of pardon in this instance without the concurrence of the bench that affirmed the conviction and sentence on appeal?

Has the president violated his oath of office which binds him to uphold and protect the constitution?

This is the response I received.

“Article 34 of the Constitution provides that the President may grant a pardon or remit the whole or any part of the punishment imposed for an offence. Except in the case of a person sentenced to death, where the President is required to obtain reports from the Judge, the Attorney General and the recommendation of the Minister of Justice before exercising this power, he may act on his own in respect of all other prisoners.

A pardon is usually granted if evidence has later surfaced which indicates that there has been a miscarriage of justice. A person granted a pardon is deemed never to have been convicted. The usual relief granted to a prisoner is the remission of the balance portion of his sentence to enable him to be released from prison, and this is done through a general amnesty. I do not know which method was adopted in the case of the priest.

To release a prisoner who has been convicted of contempt of court and sentenced to a long term of imprisonment is a direct challenge to the authority of the court. To do so after he has served only nine months of a six-year sentence of imprisonment demonstrates a total lack of respect for the Rule of Law.

Having regard to the evidence on which this priest was convicted, and especially the absolute contempt he showered on the judge and state counsel, and the threats he uttered on a woman who was present in court, and the fact that the conviction and sentence were confirmed by the Supreme Court.

I do not know of any previous instance when the authority of our Judiciary was challenged, undermined and ridiculed by a Head of State in this manner.”

Now it is a done deed. But the distaste lingers.

The Monk was not convicted for his foresight in reading the early signs of Islamic terror in the Eastern Province or elsewhere.

If that deserved recognition by the state,  the proper procedure would have been to request the ‘prognosticator’ of Jihadist terror,  to plead for a pardon for his arrogant waltz before a magistrate, his tirade in open court to a state counsel and his un- Buddhist caterwaul to a mother who was seeking justice for her  vanished spouse and  father of her two young sons.

The picture of the reprieved jail bird accompanied by his own aging mother calling on a President whose smirk exuded   contemptuous nonchalance is the story of our time.

It beats Lorenzetti’s depiction of the ‘Allegory of Good Government’ in the ‘Hall of the Nine’ in Sienna. The mosaic is flanked by two other paintings illustrating ‘Good Government ‘and ‘Bad Government’.

In the good government painting, affluent merchants ply their trades, people dance on the streets and well-tended fields yield plentiful harvests.  The other depicting the effects of bad governance, has scenes of violence, disease and decay. What we experience today.

President Sirisena’s unpardonable interpretation of presidential prerogatives reminds us of the Nazi German legal theorist Carl Schmitt, who notoriously argued that all law ultimately boils down to a single, unreviewable moment of sovereign decision.

 The “sovereign,” as Schmitt puts it, “is he who decides on the exception”—the exception being the state of emergency under whose pressure the regular order crumbles.

Indeed, the regular order today is in a state of crumbling. Should we not take note  of it? Should we not also take note of the little mind of Ranil Wickremesinghe and his incapacity to connect his grand vision to the ground realities of the day?  

Under this divided dysfunctional regime, further complicated by the perception engineering machine of the Rajapakse restoration project in the hands of virulently racist professionals ,  the truth has ceased to be plain or simple.

For practical purposes, despite its complexity of structure it  is hard to improve on Aristotle’s early definition of truth:  “To say of what is that it is not, or of what is not that it is, is false; while to say of what is that it is, and of what is not that it is not, is true.”

To say it simply, there’s nothing mysterious about the ordinary meaning of truth provided we have truth tellers.

Our problem today is not about truth, but it is about who tells it and how truth is established.

The country, the people are held hostage by two minds driven by ambition and too deranged to think straight by the harsh tick of the clock in this election’s year.

Malevolence competes with incompetence. I will not tell you who is what. Take your pick. Let us celebrate what is left of our democracy. 

Sri Lanka stocks close down 0.60-pct, dragged by HNB and LOLC

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Friday, CSE data showed, with the benchmark All Share Price Index moving down 0.60 percent.

The ASPI was down 133.22 points at 22,024.18, while the more liquid S&P SL20 was down 1.06 percent, or 67.55 points, at 6,298.02.

The ASPI ended the week up 784.53 points from last Friday.

Positive contributors to the ASPI were Dialog Axiata (up 0.40 percent at 50.20 rupees), Distilleries Company of Sri Lanka (up 0.52 percent at 58.30 rupees), Aitken Spence (up 3.60 percent at 151.00 rupees), Ceylon Tobacco Company (up 1.05 percent at 1,828.50 rupees), and LOLC Finance (up 1.96 percent at 5.20 rupees).

Hatton National Bank (down 1.88 percent at 403.75 rupees), Richard Pieris and Company (down 6.21 percent at 27.20 rupees), LOLC Holdings (down 2.17 percent at 405.00 rupees), Sampath Bank (down 1.91 percent at 154.00 rupees), and Singer (Sri Lanka) (down 2.40 percent at 77.30 rupees) were top negative contributors.

Market turnover was 3.23 billion rupees. Capital goods led turnover with 869.21 million rupees. (Colombo/Nov13/2026)

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Sri Lanka MP slams budget speech for omitting Tamil national question

ECONOMYNEXT – A Sri Lanka legislator has voiced strong disappointment that the President’s budget speech failed to make a single mention of the Tamil national question.

“It is very unfortunate that in His Excellency the President’s speech, there has not been a single word mentioned about the Tamil national question. Not a single word,” Shanakiyan Rasamanickam said.

“A budget speech generally, is a policy direction of the government for the next year. The budget speech is not only a statement of the country’s fiscal position or the economy’s position. It is the country’s, the government’s, plan, or what the government plans to do the following year. That’s a policy statement.”

Former presidents would at least mention the Tamil question even if it was not resolved, he said.

Former President Ranil Wickremesinghe in his speech, in his policy statement, he would mention: “The Tamil national question must be resolved,” Rasamanickam said.

Former Presidents Maithripala Sirisena and Gotabaya Rajapaksa also mentioned that the national ethnic question must be resolved, he added.

“Every President, every country’s Head of State, in their policy statements, have acknowledged the fact that there is an unresolved national issue, the Tamil national question, that it needs to be resolved. Various governments have proposed various mechanisms; none of them have succeeded, but at least it was mentioned.”

This year’s budget made allocations for the Office of Missing Persons, and the Office of Reparations.

“But the domestic mechanism is a mechanism that the victim community has rejected. So you all are allocating money to a mechanism where the victim community is not going to be part of.”

Last year’s budget 1 billion was allocated to be spent on the Trincomalee and Jaffna airports.

“Where was that 1 billion for the Trincomalee and Jaffna airports spent last year?”

“The trajectory of this government, Honourable Deputy Speaker, is worrying to me. It’s really worrying to me. Because if the objective is to say that there is no Tamil national question, if the objective is to say that you all have resolved any ethnic issue that this country faced, then Honourable Deputy Speaker, then I think the Tamil people will teach this government a very, very, very harsh lesson in the future.” (Colombo/Nov13/2026)

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Sri Lanka sells extra Rs6.5bn Treasury bills after auction

ECONOMYNEXT – Sri Lanka has sold 6,500 million rupees of treasury bills offered on tap at an average rate of 9.95 percent, the public debt management office said, bringing the total of bills sold in the week to 85.562 billion rupees.

The issue offered 90 billion.

Total market subscription was 6.5 billion rupees.

The debt office sold a 12-month bill at 9.95 percent.

On Wednesday (11) the debt office raised 79 billion rupees of 3, 6 and 12 month bills after offering 90 billion.

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Sri Lanka Treasury bill yields hold broadly steady, less bills sold

The settlement date is November 13. (Colombo/Nov13/2026)

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Access Engineering Sept quarter group net profit surges 200-pct to Rs4.75bn

ECONOMYNEXT — Sri Lanka’s Access Engineering PLC recorded a group net profit attributable to equity holders of Rs. 4.75 billion for the quarter ended September 30, surging 200 percent from Rs. 1.58 billion a year earlier, interim accounts showed.

Basic earnings per share rose to Rs. 4.08 for the September quarter, up from Rs. 1.58 previously.

Quarterly group revenue expanded 36 percent to Rs. 20.39 billion from Rs. 14.94 billion, underpinned by condominium property handovers — reflected in inventories dropping Rs. 7.69 billion since March to Rs. 35.71 billion — alongside strong automobile sales and steady civil engineering execution.

Cost of sales rose at a slower 27 percent to Rs. 14.34 billion, lifting gross profit by 64 percent to Rs. 6.05 billion and expanding gross margins to 29.7 percent from 24.7 percent.

Other income jumped 144 percent to Rs. 259.9 million, while administrative expenses rose 75 percent to Rs. 1.14 billion, leaving operating profit up 64 percent at Rs. 5.16 billion.

However, finance costs more than doubled, rising 107 percent to Rs. 1.18 billion on elevated group borrowings of Rs. 43.74 billion, partly offset by finance income climbing 302 percent to Rs. 42.2 million.

Share of results from equity-accounted investees rose 122 percent to Rs. 26.7 million, pushing pre-tax profit up 56 percent to Rs. 4.05 billion.

Income tax swung to a net reversal of Rs. 186.6 million from an expense of Rs. 804.1 million, boosted by deferred tax assets on unrelieved losses from a 100 percent enhanced capital allowance claimed by 60 percent-owned radiopharmaceutical subsidiary Access Medical Tracers (Private) Limited.

Total period profit rose 136 percent to Rs. 4.24 billion, with non-controlling interest declining 24 percent to Rs. 164.9 million following last year’s buyout of minority shareholders in Harbour Village (Private) Limited.

No separate exchange gain or loss was itemized in quarterly earnings, though foreign currency translation via associates recorded a Rs. 17.4 million loss in other comprehensive income, alongside USD 16.6 million in corporate guarantees.

Notes also flagged an expected Rs. 1.45 billion recovery from the terminated South Asia Commercial and Logistics Hub project, a Rs. 225 million post-quarter legal settlement already provided for, and a Supreme Court appeal over a 2011/12 PAYE tax ruling.

Group assets stood at Rs. 132.4 billion as of September 30, with net asset value per share at Rs. 46.70, as the Employees’ Provident Fund raised its stake to 5.69 percent.

Access Engineering shares closed at 80.00 rupees at the end of September and are currently trading around 85.80 rupees. (Colombo/Nov13/2026)

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Sri Lanka private sector says timely implementation of Budget 2027 key

ECONOMYNEXT – Private sector body, The Ceylon Chamber of Commerce, said it was encouraged by the broad direction of Budget 2027, noting that it reinforces Sri Lanka’s commitment to economic transformation while maintaining policy continuity, macroeconomic stability, and fiscal discipline.

“This continuity is particularly important as the country seeks to transition from economic stabilisation to a more durable, investment-led growth trajectory.”

The chamber also noted several areas where the Budget could have placed greater emphasis to strengthen the country’s growth prospects.

“In particular, there is a need for a stronger focus on attracting Foreign Direct Investment (FDI), accelerating factor market reforms, particularly in land and labour, and fast-tracking public procurement reforms to improve the efficiency and speed of project implementation.

“More targeted and actionable proposals could have been introduced to unlock the potential of sectors with significant growth opportunities, including tourism, agriculture, IT/BPO and logistics.”

The chamber said the budget contains positive measures aimed at enhancing competitiveness, and external sector resilience, while presenting opportunities for focus on sectors that can accelerate growth.

“A number of the key structural reforms identified in last year’s Budget have been carried forward and strengthened, providing greater certainty and predictability to businesses and investors.

“These include the continued implementation of the Trade National Single Window (TNSW), the phased removal of para-tariffs, the rollout of the Digital ID framework, efforts to expand market access through new Free Trade Agreements (FTAs), the strengthening of one-stop-shop investment facilitation mechanisms, progress on Customs reforms, the expansion of Bandaranaike International Airport (BIA), enhanced financing support for SMEs, and reforms relating to the management of State-Owned Enterprises.”

The CCC said that more than 20 proposals submitted by it have been reflected in Budget 2027.

These include measures to strengthen investor facilitation through the establishment of a professionally managed investment promotion agency; continued efforts to improve trade facilitation and export competitiveness; the Government’s consideration of a successor programme with the International Monetary Fund (IMF); accelerated progress on key legislative reforms; the expansion of digital government services; and the promotion of cashless payments and broader digital adoption. The Budget has also captured several priorities relating to energy security, including the accelerated deployment of Battery Energy Storage Systems (BESS) and investments in fuel storage infrastructure, initiatives to optimize underutilized agricultural land, measures to support the expansion of the digital economy and the IT/BPO sector, and tax reforms to support exporters, including the acceptance of newly VAT-registered exporters as eligible exporters.

“The inclusion of these priorities reflects the value of sustained public-private dialogue and demonstrates increasing alignment between national policy objectives and the needs of a competitive, export-oriented economy.

“The priority now must be effective and timely implementation to translate policy commitments into investment, competitiveness, exports and sustainable growth.” (Colombo/Nov13/2026)

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Sri Lanka stocks trend lower day after budget reading

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trending lower on Friday, CSE data showed, with the benchmark All Share Price Index moving down 0.66 percent.

The ASPI was down 146.78 points at 22,011, while the more liquid S&P SL20 was down 0.94 percent, or 59.99 points, at 6,306.

Positive contributors to the ASPI were Access Engineering (up 1.30 percent at 85.80 rupees), LAUGFS Gas (up 3.31 percent at 49.90 rupees), Ceylon Tobacco Company (up 1.13 percent at 1,830 rupees), Ceylon Cold Stores (up 0.80 percent at 126 rupees), and Namunukula Plantations (up 1.79 percent at 68.10 rupees).

LOLC Holdings (down 1.03 percent at 409.75 rupees), Hatton National Bank (down 0.61 percent at 409 rupees), Sunshine Holdings (down 3.81 percent at 30.30 rupees), and Sampath Bank (down 1.91 percent at 154 rupees) were top negative contributors.

Market turnover was 1.55 billion rupees. Capital goods led turnover with 459.57 million rupees. (Colombo/Nov13/2026)

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