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Friday November 13th, 2026

Ranjagate: The perils of undermining the Rule of Law

The seizing of taped conversations that former Deputy Minister Ranjan Ramanayake had with an assortment of persons on a variety of subjects, including personal foibles, was one of the outcomes of a police raid on his home.  An unexpected outcome has been the almost immediate release of a large number of these recordings into the public realm after the police raid.  This has provided the general public with an unexpected diversion into the lives, conversations and peccadillos of those in the film industry of which the former minister is a leading member.  More controversially there is more serious stuff that has come to light associated with his being a member of the former government, which brought him in contact with politicians, judges and police, some of whom should not have been speaking to him at all on the matters they did.

The question is how these taped conversations reached the social media no sooner than the police took them into custody. According to the media, there are over 120,000 such recordings taken over a number of years, which seem to have come out the day after the police seized them.  If they leaked through the police it would be a grave security breach and breach of trust that parallels that of the former minister.  His actions have breached the trust of those with whom he spoke to while recording their conversations for some perverse or other motives of his own.  On the other hand, if there is a police hand in the leak of the tapes, it would be a breach that undermines the credibility of the legal process and erodes confidence in state institutions.

The government has acted decisively in the matter and has immediately interdicted the former head of the CID, Shani Abeysekera, and who prior to his downfall was regarded as one of the country’s most top-notch police investigators.    His interdiction is not because he leaked the tape but because he was one of those caught on tape.  There is now doubt being cast on his past work investigating crimes.  These included heinous crimes that took place and in which politicians were involved.  This is fuelling demands from politicians that those who were even sentenced to death in the past should be let off the hook on the grounds that the legal process was so hopelessly biased and the course of justice so perverted that their guilt beyond reasonable doubt no longer can be assured.

The tapes reveal Ramanayake was acting as a crusader for justice

So far the tapes that have been released regarding former Minister Ramanayake do not indicate that he was asking the judges and police personnel he was engaging in conversation to do illegal things, to make the innocent into guilty parties or make the guilty parties innocent, or to fabricate evidence to put people into trouble.  He seems to have seen himself as a crusader for justice, like in the films he acted, trying to find out what was happening in investigations, and exhorting those to whom he was speaking to do their jobs without stepping back.  This was against the code of ethics, where those entrusted by the state to investigate wrongdoing should be left to do their work independently without being influenced in any way.  The larger fault lies with those in the judiciary and police who spoke to him about things they should have kept to themselves instead of giving him information or seeking his support.

There is the old adage that justice must not only be done it must also be seen to be done.  The evidence that the former minister was engaging behind the scenes with those who have sworn to enforce the law independently and impartially will lead to further erosion in confidence about the rule of law.  It is therefore appropriate that government leaders have referred the matter to the Judicial Services Commission headed by the Chief Justice to take action.  The stories about politicians calling judges are not new.  What is new is that the engagement has been captured on tape.  This gives an opportunity to make a start at putting an end to this unacceptable practice.  The need to restore confidence in the judicial and legal processes is of paramount importance. The stakes are much higher than the individual cases that are being brought to the fore and where it is being canvased that decisions already taken should be reversed.  The reputation of the country and the protection of its leaders from the long reach of international law should also be considered.

The upholding of law and order is the single most important feature of any society as it gives people an assurance of what they can expect which gives stability to society.  Investors want a stable legal environment which is predictable and consistent.  However, the situation with regard to stability is murky as some persons are being pursued by the law such as seen recently when opposition parliamentarians are being arrested while charges are being dropped against others.  Some of these are actions that the majority of people may approve.  But this too undermines the rule of law. This includes the fulfilling of election campaign promises by the release of soldiers convicted by the courts of wartime crimes.   Following the police raid on former minister Ramanayake’s house, there is a sequence of the release of tapes, which are being used to cast aspersions against the judiciary and police.  This is leading to a loss of confidence in the rule of law.  Such a situation can undermine the prospects for development that the government has prioritised for the country.

Undermining the credibility of the judiciary and law enforcement is dangerous

There is a further reason why undermining the credibility of the judiciary and law enforcement agencies is unwise and should not be encouraged.  Apart from taking the country on a development path, another one of the government’s priorities is to extricate itself from the commitments made by the previous government to the international community with regard to dealing with the issues arising from the three-decade-long war.  In particular, the government would be looking to abrogate the commitment to set up a special judicial mechanism to probe alleged war crimes and serious violations of human rights.  But this would become difficult if government politicians themselves are publicly running down the judiciary and law enforcement agencies and accusing them of being corrupt and biased. International human rights law comes to bear on countries that are suffering from the breakdown of their domestic legal systems.

UNHRC Resolution 30/1 of 2015 which was co-sponsored by the former government referred to the commitment “to establish a judicial mechanism with a special counsel to investigate allegations of violations and abuses of human rights and violations of international humanitarian law, as applicable; affirms that a credible justice process should include independent judicial and prosecutorial institutions led by individuals known for their integrity and impartiality; and also affirms in this regard the importance of participation in a Sri Lankan judicial mechanism, including the special counsel’s office, of Commonwealth and other foreign judges, defence lawyers and authorized prosecutors and investigators.”

The basic principle of international law in relation to domestic law is that it comes into operation if the domestic legal system is seen to have broken down and the people of that country, and internationally, have lost confidence in it.   Hybrid courts of the sort that the UNHRC resolution can drive towards have been set up in countries where the domestic legal system had collapsed or was seen by the international community to have collapsed, such as Cambodia, Sierra Leone and Rwanda.  Unfortunately, the present movement in Sri Lanka can take the appearance of being in the direction of a breakdown.  The fact that the Inspector General of Police Pujith Jayasundera and former Defense Secretary Hemasiri Fernando are languishing in prison for over three months itself shows that the system of law and order is in crisis. Now the Ramanayake tapes are being used to campaign for a reversal of legal decisions taken in the past.  None of this will be helpful for Sri Lanka to extricate itself from its peril.

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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