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Monday November 9th, 2026

EXPLAINER – Sri Lanka’s failure to ensure justice for Easter attack victims

ECONOMYNEXT – Seven years have passed since the morning of April 21, 2019, when the tranquility of Easter Sunday was shattered by a series of coordinated suicide bombings by Islamist extremists across Sri Lanka.

What remains today is not just the physical scars on the walls of St Sebastian’s Church, St Anthony’s Shrine or the Zion Church, but a profound and festering justice gap.

The delay in concluding a credible investigation has become a defining characteristic of Sri Lanka’s post-war era, transforming a national tragedy into a perennial wound.

Despite many promises by political leaders and numerous probes including a Presidential Commission of Inquiry (PCoI), the truth behind the tragedy is yet to be revealed beyond any doubt.

The Black Sunday

On that fateful morning, 9 suicide bombers affiliated with the local extremist group National Thowheeth Jama’ath (NTJ) targeted 3 luxury hotels in Colombo and 3 churches in Kochchikade, Negombo, and Batticaloa.

The blasts killed at least 270 people, including 45 foreign nationals, and injured more than 500.

It was the deadliest violence the country had seen since the end of the civil war in 2009.

The shock was compounded by the revelation that Indian intelligence agencies had provided specific warnings to Lankan authorities weeks and even hours before the attacks; warnings that were tragically ignored due to a catastrophic breakdown in communication between then-President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.

Independent Probe Matters

In the aftermath of such a complex crime, the independence of the inquiry is the only currency of trust.

For the Easter attacks, independence is not merely a legal requirement but a social necessity.

The public needs to know the grand mastermind behind the plot.

While the foot soldiers and immediate conspirators have been identified, questions linger about the deep state involvement and intelligence failures.

An investigation free from political interference is the only way to debunk conspiracy theories that continue to destabilize the nation.

Without it, the state remains complicit in the eyes of the bereaved.

Unfortunately, successive governments have been using the probe as a political tool to win elections. It was the case with former President Gotabaya Rajapaksa’s government followed by Ranil Wickremesinghe’s administration. So far, it has been the same with President Anura Kumara Dissanayake’s government despite some arrests from time to time.

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Shattered National Unity

The delay has acted as a slow-release poison for national unity.

In 2019, Sri Lanka was still healing from three decades of ethnic conflict.

The Easter attacks introduced a new fault line: Islamic extremism.

Because the legal system has failed to provide a final, transparent verdict, suspicions between communities still remain high.

Reconciliation requires a shared truth.

When the truth is suppressed, groups retreat into their own narratives of victimhood and suspicion, preventing the social cohesion necessary for a developing nation.

The failure to find the behind-the-scene details of this massacre has led to disharmony between Muslims and others, while some political actors still try to gain traction through the incident.

Most Affected 

The Catholic community has transitioned from grief to a relentless crusade for justice.

They feel betrayed by successive governments that promised the truth within weeks but delivered years of stalled commissions.

For many Catholics, the delay is seen as a deliberate cover-up of high-ranking officials.

Conversely, the Muslim community has faced a double burden.

They were victims of the extremist fringe within their faith, yet they became the targets of collective punishment.

The lack of a concluded investigation means the stigma of suspicion is never fully lifted from the community.

Frequent search operations and discriminatory rhetoric in the years following the attack have pushed the community toward a sense of alienation.

Investigation So Far

Since 2019, there have been multiple layers of inquiry to find out the truth about the Easter attacks.

The Malalgoda Committee was the first formal inquiry established in the immediate wake of the attacks, appointed by then-President Maithripala Sirisena.

Chaired by Supreme Court Justice Vijith Malalgoda, the 3-member board, which also included former Inspector General of Police (IGP) N K Illangakoon and former Law and Order Ministry Secretary Padmasiri Jayamanne, was tasked with investigating the causes and background of the attacks within a strict 2-week window.

The committee’s findings were foundational, as they were among the first to officially document the catastrophic intelligence failures and lapses in communication between the security apparatus and the political leadership.

Specifically, the Malalgoda Report highlighted that specific warnings from foreign intelligence agencies had reached top security officials but were not acted upon, a revelation that later paved the way for more extensive investigations, including the Parliamentary Select Committee and the Presidential Commission of Inquiry.

The Parliamentary Select Committee (PSC) appointed to investigate the attacks released a comprehensive report in October 2019 that placed heavy accountability on the state’s security and intelligence apparatus.

The findings revealed that senior officials had received specific intelligence regarding the impending attacks from foreign agencies as early as April 4, 2019, yet failed to act, leading to a catastrophic breakdown in national security.

The PSC highlighted a fractured relationship between then-President Sirisena and Prime Minister Wickremesinghe, which resulted in the Prime Minister and other key officials being excluded from National Security Council meetings.

Crucially, the committee noted that the intelligence failure was not merely a technical oversight but was exacerbated by deep state complexities and the politicization of intelligence wings.

The report concluded that the attacks could have been prevented, or their impact significantly minimized, had the existing intelligence been shared and acted upon through the proper institutional channels.

The Presidential Commission of Inquiry (PCoI) into the Easter Sunday attacks, appointed in September 2019, produced the most extensive official record of the tragedy, concluding its mandate with a final report running into thousands of pages.

The commission’s findings centered on a grave failure of the state’s duty to protect its citizens, specifically recommending criminal proceedings against former President Maithripala Sirisena and top security brass for criminal negligence.

The PCoI detailed how a lack of structural synergy between the State Intelligence Service (SIS) and other security agencies allowed the National Thowheeth Jama’ath (NTJ) to operate and radicalize undetected for years.

Beyond immediate security lapses, the commission provided a controversial set of recommendations aimed at preventing future extremism, including the banning of certain extremist organizations, the regulation of madrasas, and reforms to the national education curriculum.

While it provided an exhaustive chronological map of the attacks, the PCoI has faced criticism from victims’ groups and the Catholic Church for failing to definitively identify the mastermind or the intellectual authors behind the plot.

Finally, in a landmark judgment delivered on January 12, 2023, the Supreme Court of Sri Lanka held former President Maithripala Sirisena and several top security officials personally liable for failing to prevent the attacks despite receiving credible intelligence.

A 7-judge bench ruled that the respondents had violated the fundamental rights of the victims by their reckless inaction and failure to convene the National Security Council.

The court ordered the former president to pay 100 million rupees in compensation from his personal funds to a victim benefit fund.

Other officials, including former IGP Pujith Jayasundara and former State Intelligence Service (SIS) Director Nilantha Jayawardena, were also ordered to pay significant sums.

This ruling was hailed as a historic victory for judicial accountability in Sri Lanka, as it marked the first time a Head of State was held legally responsible for executive negligence regarding national security, providing a measure of civil justice to the survivors and the families of the perished victims.

Despite all these, the criminal prosecution of the intellectual authors of the crime remains stagnant, with many cases bogged down in preliminary legal hurdles.

Tool for Political Leverage

The Easter Sunday attacks have been described as the most potent political tool in modern Lankan history.

In the 2019 elections, the promise of national security and finding the culprits were central pillars that brought the Gotabaya Rajapaksa administration to power.

However, once in office, the momentum for the investigation appeared to shift.

Since then, various parties have used the tragedy to either claim the mantle of protectors of the faith or to accuse rivals of being part of a deep state conspiracy.

This politicization of grief has ensured that the victims’ quest for justice is always secondary to the electoral cycle.

Exploitation by Extremists

Following the attacks, extremist elements within the Buddhist clergy and nationalist groups exploited the tragedy to advance an Islamophobic agenda.

They utilized the fear generated by the bombings to call for boycotts of Muslim-owned businesses and to push for controversial legislation regarding personal laws and traditional dress.

These groups framed the attacks not as the act of a fringe cult, but as an existential threat to the Sinhala-Buddhist character of the country, leading to localized anti-Muslim riots in places like Minuwangoda.

Why the Delay?

The 7-year delay is attributed to 3 main factors including systemic bureaucracy.

The sheer volume of evidence and the complexity of international links (with groups like ISIS) have overwhelmed local investigators. It needs more resources and legal processes in place to speed up the investigations.

The second factor, analysts say, is the intelligence sensitivity. Much of the evidence involves the secret service and intelligence assets. Exposing the full truth risks revealing the inner workings, and the failures, of the state’s security apparatus, they say.

The lack of political will is also a key factor for the delay. There is a pervasive belief that a truly independent investigation might lead to the doorstep of powerful political figures across the spectrum, creating a mutual protection pact among the elite.

Some politicians citing US intelligence reports say the mastermind was already found and there is no more probes needed. Some say the mastermind was Noufar Moulavi, who is now under arrest and facing criminal charges. There are some conspiracy theorists who say India had a hand on it. But none of these are proven and conclusive except that it was Zaharan Hashim who led the suicide bombers to kill innocent Lankans against his own religious belief.

Forgotten in the Paperwork

Lost in the political debates and the legal jargon are the victims.

Seven years later, many survivors are still undergoing surgeries to remove shrapnel.

Families have lost their primary breadwinners, and children have grown up without parents.

While financial compensation has been distributed, the victims consistently state that money is not justice.

The psychological toll of living in a country where you can be blown up in a place of worship, and where the state cannot or will not explain why, is a burden that continues to weigh down the Lankan psyche.

Until the final mastermind is brought to light, the ghosts of Easter 2019 will continue to haunt the halls of power in Colombo, serving as a reminder that a nation without justice is a nation without peace. (Colombo/April 21/2026)

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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