An Echelon Media Company
Friday November 13th, 2026

Over 200 Sri Lanka ex-soldiers dead in Ukraine-Russia drone killing fields: escapee

DRONE WARFARE: Aftermath of an attack photographed by a Ukrainian drone.

ECONOMYNEXT – Sri Lanka ex-soldiers recruited by multiple teams were dying in their hundreds in the killing fields of the Russia-Ukraine border amid drone warfare, according to a fighter who escaped the region.

Over 200 Sri Lankan ex-soldiers are believed to have died and a similar number are being treated in hospitals in regions like Donetsk, he said in an interview broadcast by Sri Lanka’s Derana Television.

The ex-soldier said he went to Russia after paying 1.6 million to a recruiting team made up of retired senior military officers, to be a ‘camp helper’ providing support services for its military.

The kingpin behind the recruitment operation appeared to be an Indian national named Ramesh, he said. They were also received in Russia by a Tamil speaker, he said.

Sri Lankans who arrived on tourist visas and were then asked to sign a contract in the Russian language for the ‘Wagnet’ (sic) mercenary group supervised by an Indian lady who appeared to be a lawyer who assured them that it was a one-year camp helper contract.

Escalating Recruitment Op

He and 33 other Sri Lankans were then taken to a camp in Rostov where they underwent a 14-day training course. There were about 70 Sri Lankans in the training camp at the time he was there.

He had learned that around 600 to 700 Sri Lankan may have been taken to Russia over the past year, most of them in the past three or four months.

About 200 to 300 are believed to have died and a similar number are in hospitals in areas like Donetsk, he said.

There were a larger number of mercenaries from countries like Cuba. Foreign mercenaries outnumbered Russians by about 7 to 1 in his unit.

The recruitment process had gathered pace in the last three months, after only 3 or 4 were believed to have been recruited each month last year, he said.

Daily 10 to 15 tourist visas were being issued in Colombo by the Russian embassy, he said. The passports came back with the stamped visa within a week and they were dispatched to Russia in the next two days.

Sri Lanka’s Foreign Minister Ali Sabry told reports Wednesday that there was no official count of citizens fighting for Russia or Ukraine, but attempts were being made to help them.

“We don’t know,” Minister Sabry told reporters. “None of them go through formal or official channels.

“So your guess is as good as mine.

“We are trying to see what we can do wherever possible. We can deal with the government of any other country. We are being asked to deal with a mercenary group which is not a formal government. It’s a very difficult task.”

Cash Extraction

The soldier said he had to pay 1.6 million rupees to his recruiters on the promise of high salaries while sending ex-soldiers to almost certain death. He learned from fellow Sri Lankans that other recruitment teams charged less.

Some had been charged 350,000 rupees, while others were charged 1 million. It was not clear whether other recruiters told the ex-soldiers that they would have to go to the frontlines.

When his group protested that they were hired as camp helpers and refused to take up active duty, the Russian officials had said they had to go to the frontlines as a one year contract had been signed.

At the mercenary camp he was told that recruiters were paid the equivalent of 2.5 million Sri Lanka rupees for each person sent to Russia.

His group was then broken up into three teams and sent to the frontlines.

He was shifted around four camps where he encountered Sri Lankan soldiers who also showed him dog tags from dead colleagues. Families back home were apparently not informed of their death, he said.

At the frontline, the Russian soldiers were psyched up on the drug ‘ice’, apparently to maintain their fighting spirit and Sri Lankans were not in a position to refuse to go to battle any longer for fear of being shot out of hand, he said.

Drone Fodder

That night they were ordered to take over a Ukrainian ammunition dump but he refused to go without knowing about the terrain. After his insistence, he was taken to a signals room where terrain was shown to him through a drone camera.

Asked about possible risks to guard against he was informed that there were only drones and snipers and not to worry.

As soon as they stepped out of the bunker, five Ukrainian drones hit them and one Sri Lankan was hit and they jumped back in.

The fallen Sri Lankan was heard screaming and groaning in pain but no one helped him. He then went out with another Sri Lankan colleague under drone fire and dragged the wounded fighter back into the bunker. He learned later that the wounded person was in hospital.

They were then pushed out of the bunker and told to take the ammo dump. They entered the ammunition going through open ground under drone fire, where one person died and a Pakistani was wounded.

Killing Fields

They gave him what first aid as they could with the medical kits they had and also injections that they had to relieve his pain.

After four days they were asked to return and leave one soldier with the Pakistani fighter. An older Sri Lankan fighter who was also slightly wounded elected to stay with him.

When they returned to the Russian lines braving drones, they were sent 1.5 kilometers back from the frontline to rest and return for a second operation in the night. They were fed and kept under armed guard.

The Sri Lankan ex-soldier and two others then escaped in the night while going to the toilet by distracting the sentry. He later learned that his two friends were captured.

The Russian used drones to track escapees and re-capture them. He however lay low and later managed to escape to Moscow with the help of Russians and Ukrainians in the Donetsk region and contact the Sri Lankan embassy.

He said he decided to speak out to stop others from falling into the same trap. Sri Lankans were also fighting for Ukraine, he said. (Colombo/May09/2024)

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)

Continue Reading

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)

Continue Reading

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.

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

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

Continue Reading

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)

Continue Reading

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)

Continue Reading

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)

Continue Reading