An Echelon Media Company
Monday November 9th, 2026

Duminda’s pardon highlights need for genuine rule of law in Sri Lanka: Human Rights Watch

Sri Lanka President Gotabaya Rajapaksa has discussed the island nation’s fuel crisis with the Russian President Vladimir Puti

ECONOMYNEXT – President Gotabaya Rajapaksa’s recent pardon of former MP and murder convict Duminda Silva highlights the need for genuine rule of law in Sri Lanka while the pardon of 16 prisoners convicted under the Prevention of Terrorism Act (PTA), however welcome, does not address the need to repeal the “draconian” law, the Human Rights Watch said Tuesday (29).

“President Gotabaya Rajapaksa’s recent pardons highlight the need for genuine rule of law in Sri Lanka, not favors to friends or blatantly cynical measures to keep trade preferences,” HRW South Asia Director Meenakshi Ganguly said.

Silva was released on a “special presidential pardon” on June 24, in addition to 93 prisoners including 16 ex-Tamil Tiger combatants.

Related: Former Sri Lanka MP and murder convinct Duminda Silva out on presidential pardon

“The release of people imprisoned for years under the PTA in no way removes the need to replace the abusive law or the need for pressure from Sri Lanka’s partners to do so,” the HRW statement further quoted Ganguly as saying.

The organisation said the PTA has long enabled arbitrary detention and confessions obtained through torture, and been used primarily against members of Tamil and Muslim minorities.

The HRW also drew attention to a June 10 resolution passed in the European parliament calling for the repeal of the act and inviting the European Union (EU) Commission to consider temporarily withdrawing Sri Lanka’s access to the Generalised Scheme of Preferences Plus (GSP+) concession.

Related: EU parliament adopts resolution on Sri Lanka; wants PTA repealed, GSP+ withdrawn

“The 16 PTA prisoners pardoned had in most cases been imprisoned for over a decade because of alleged links to the defeated separatist Liberation Tigers of Tamil Eelam (LTTE). They were either nearing the end of their sentences or had already been incarcerated for a period exceeding their sentence,” the HRW said.

“Since taking office in 2019, the Rajapaksa administration has used the PTA particularly against members of the Tamil and Muslim communities, while taking no action against those inciting violence and discrimination against minority groups,” it added.

The organisation noted that among those still detained under the act are human rights lawyer Hejaaz Hizbullah who has been in custody since April 14, 2020, and poet Ahnaf Jazeem who has been held since May 16, 2020, for a book of verses that authorities alleged had promoted extremism, though others contend that in fact promoted peace and tolerance.

The full HRW statement is as follows:

(New York) – The Sri Lankan government’s pardon of 16 prisoners convicted under the Prevention of Terrorism Act (PTA), however welcome, does not address the urgent need to repeal the draconian law, Human Rights Watch said today. The European Parliament recently adopted a resolution calling for the European Union to consider withdrawing preferential access to its market unless the Sri Lankan government complies with its commitments to replace the law and uphold human rights.

To mark a Buddhist festival on June 24, 2021, the government of President Gotabaya Rajapaksa pardoned 94 prisoners, including 16 people convicted under the PTA. The law has long enabled arbitrary detention and confessions obtained through torture, and been used primarily against members of Tamil and Muslim minorities. The president also pardoned a political ally, Duminda Silva, a former member of parliament who was convicted for the 2011 murder of a rival politician.

“President Gotabaya Rajapaksa’s recent pardons highlight the need for genuine rule of law in Sri Lanka, not favors to friends or blatantly cynical measures to keep trade preferences,” said Meenakshi Ganguly, South Asia director. “The release of people imprisoned for years under the Prevention of Terrorism Act in no way removes the need to replace the abusive law or the need for pressure from Sri Lanka’s partners to do so.”

The 16 PTA prisoners pardoned had in most cases been imprisoned for over a decade because of alleged links to the defeated separatist Liberation Tigers of Tamil Eelam (LTTE). They were either nearing the end of their sentences or had already been incarcerated for a period exceeding their sentence.

Since taking office in 2019, the Rajapaksa administration has used the PTA particularly against members of the Tamil and Muslim communities, while taking no action against those inciting violence and discrimination against minority groups. Among those still detained under the act are Hejaaz Hizbullah, a Muslim human rights lawyer who has been in custody since April 14, 2020, and Ahnaf Jazeem, a Muslim poet who has been held since May 16, 2020, for a book of verses promoting peace and tolerance.

Rather than repealing the PTA, in recent months Rajapaksa has taken steps that make it even more abusive. In March, new regulations were announced that would allow the authorities to incarcerate anyone accused of causing “religious, racial, or communal disharmony” for up to two years without trial. In June, the president announced that a police facility in Colombo, which has been a notorious torture site, would be used for holding PTA prisoners.

“The number of people arrested in the north and east under the PTA is increasing,” a lawyer whose own organization has been targeted under the law told Human Rights Watch. Under Rajapaksa, the security forces have harassed and intimidated numerous civil society groups and human rights defenders, especially in the Tamil-majority north and east.

For many years there have been domestic and international calls to replace the PTA with rights-respecting legislation. United Nations experts and human rights groups including Human Rights Watch have extensively documented grave abuses under the PTA.

The European Parliament’s June 10 resolution urged the European Union to suspend Sri Lanka’s access to preferential trading terms known as GSP+ unless Sri Lanka fulfills its international human rights obligations, including a specific May 19, 2017 commitment to replace the PTA. In 2020, the Rajapaksa government backtracked from that commitment, but following the European Parliament resolution, it announced renewed plans to replace the law.

The European Commission should consider launching the process of heightened scrutiny known as an “enhanced engagement” with the Sri Lankan government under the GSP+ scheme, setting out a timeline and concrete benchmarks for replacing the PTA and fulfilling other human rights obligations, Human Rights Watch said.

President Rajapaksa’s decision to pardon Silva, who was among four people convicted of murder for the shooting death of Bharatha Lakshman Premachandra and three others during a local election campaign event in 2011, highlights the government’s disregard for accountability for serious crimes. The Supreme Court upheld the conviction in 2018.

The United Nations human rights office condemned the pardon as “another example of selective, arbitrary granting of pardons that weakens rule of law and undermines accountability.” The United States ambassador to Sri Lanka, Alaina Teplitz, welcomed the early release of PTA prisoners but said that pardoning Silva undermines the “rule of law.”

The Bar Association of Sri Lanka said that without a transparent rule-bound procedure, “The pardon granted to Duminda Silva would be unreasonable and arbitrary and will result in erosion of the Rule of Law and result in loss of public confidence in respect to the administration of justice.”

Such a procedure needs to include obtaining a report from the trial judges before granting a pardon, as required under the constitution, the bar association said. Similar concerns over the arbitrary use of the presidential pardon were raised in 2020 when Rajapaksa pardoned Sunil Ratnayake, a soldier convicted of killing eight Tamil civilians.

Rajapaksa has also undermined the rule of law by forming a presidential commission that recommended dropping charges against dozens of his allies and relatives who are under investigation or on trial for alleged human rights abuses or corruption. He has also undermined the independence of the judiciary by passing an amendment to the constitution that gives the president full control over the appointment of senior judges.

“President Rajapaksa’s assault on the rule of law heightens with each passing day,” Ganguly said. “Sri Lanka’s international partners need to keep up the pressure until there is genuine reform to end systemic abuses, and not allow themselves to be deflected with unreliable promises or empty gestures.”

(Colombo/June29/2021)

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)

 

Continue Reading

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)

 

Continue Reading

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)

Continue Reading

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)

 

Continue Reading

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)

Continue Reading

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)

Continue Reading