ECONOMYNEXT – Sri Lanka and Poland are set to sign an extradition agreement after the island nation’s cabinet of ministers approved the proposal, minister Nalinda Jayatissa said.

Sri Lanka’s Extradition Act, No. 5 of 1995, or the Transfer of Offenders Act No. 5 of 1995, has provisions for the bilateral exchange and repatriation of sentenced criminals.

“The proposal to sign an Agreement on Extradition between the Democratic Socialist People’s Government of Sri Lanka and the Polish People’s Government was approved by the Cabinet of Ministers to enable convicted nationals to serve their sentence in their home country and contribute to their social rehabilitation,” Jayatissa told reporters. (Colombo/Aug18/2026)

ECONOMYNEXT — Sri Lanka’s Cabinet of Ministers has approved publishing the draft ‘Protection of the State from Terrorism Bill’ in the Government Gazette and submitting it to Parliament for final approval, minister Nalinda Jayatissa said.

The new draft legislation aims to replace the Prevention of Terrorism (Temporary Provisions) Act (PTA), No. 48 of 1979.

The proposal was submitted following the work of a Technical Expert Committee appointed to prepare the preliminary draft.

The Cabinet initially granted in-principle approval on August 10, and the Legal Draftsman’s bill has now received official clearance from the Attorney General.

Reporters raised concerns regarding previous criticisms of the PTA, including prolonged detention without warrant, the admissibility of confessions as evidence, and broad definitions of terrorism that could affect public protests.

Jayatissa claimed the bill incorporates safeguards while maintaining national security.

“This Bill has been drafted in a manner that covers all of this: to protect the democratic freedoms and fundamental human rights of the people, as well as to prevent terrorism including organized crimes,” Jayatissa said.

Jayatissa’s party, the National People’s Power (NPP) came to power explicitly promising to scrap the Prevention of Terrorism Act (PTA).

On page 129 of their election manifesto, A Thriving Nation, A Beautiful Life, the NPP pledged the “Abolition of all oppressive acts including the PTA and ensuring civil rights of people in all parts of the country.”

Jayatissa claimed that while a broad public consensus has existed for decades to repeal the PTA, a modern legal framework remains essential to tackle organized crime and protect state security. (Colombo/Aug18/2026)

ECONOMYNEXT – Sri Lanka’s Cabinet of Ministers has granted in-principle approval to amend the Foreign Exchange Act No. 12 of 2017 to make unauthorized transfers of funds out of the country a criminal offence, Cabinet Spokesman Minister Nalinda Jayatissa said.

The proposed legal reform follows an ongoing investigation into a fraud where 74 billion rupees was transferred overseas across 10,151 transactions via 89 bank accounts under the guise of import advance payments, without the corresponding goods ever entering the country, he said.

Under current provisions of the Foreign Exchange Act, remitting advance payments abroad and failing to import the goods within a reasonable period is deemed an unauthorized transfer.

However, the only action the Central Bank of Sri Lanka can take is imposing a monetary penalty in rupees equal to the transferred amount.

Because the Act does not define such transfers as a criminal offence, authorities have lacked the legal framework to file criminal charges.

To address the gap, the Cabinet approved a proposal to introduce explicit provisions criminalizing unauthorized outward remittances, Jayatissa said.

Responding to media queries on whether suspects could exploit existing loopholes, Jayatissa stressed the necessity of closing legal gaps.

“This amendment is being presented specifically to rectify shortcomings that existed in enforcing the law. There is a necessity to treat this as a criminal offense and enforce the law accordingly,” Jayatissa said.

The probe began in January 2026 when the Additional Director General of Customs lodged a complaint with the Financial Crimes Investigation Division (FCID).

After obtaining court permission to inspect 210 bank accounts, police arrested a suspect in Negombo on June 19, who was subsequently remanded.

The investigation recently led to the arrest of four executive officers, including managers from four private banks, who are being investigated under the Prevention of Money Laundering Act and the Penal Code for conspiracy, aiding, and abetting unauthorized telegraphic transfers.

Asked by journalists whether influential politicians or business figures were involved behind the scenes, Jayatissa noted that investigations were continuing.

“At this stage, it cannot be said whether they are politicians or figures from the business sector. The Police are conducting their investigations, and those identified are being arrested and interrogated,” Jayatissa said.

He added that whether the proposed amendments will apply retrospectively remains subject to further legal inquiry.  (Colombo/Aug18/2026)

ECONOMYNEXT – Sri Lanka’s cabinet of ministers has approved a proposal to award contracts worth 580.12 million rupees (excluding VAT) for lottery ticket printing, supply and delivery to the State Printing Corporation (SPC) and Ceylon Business Appliances (Private) Ltd, minister Nalinda Jayatissa said.

The National Lotteries Board (NLB) called bids for the procurement of printing, supply and delivery of computer-based lottery tickets Govisetha, NLB Handahana, Mega Power, Dhana Nidhanaya, NLB Jaya, Ada Sampatha and Subha Davasak for one year.

5 bids were received.

SPC was awarded the contracts for Govisetha, NLB Handahana, Mega Power, and Dhana Nidhanaya, for 356.1 million rupees (excluding VAT).

Ceylon Business Appliances (Private) Ltd was awarded the contracts for Ada Sampatha NLB Jaya, and Subha Davasak for 224.02 million rupees (excluding VAT). (Colombo/Aug18/2026)

ECONOMYNEXT – Pullman, an Accor brand, partnering with Softlogic Holdings, has entered Sri Lanka with the opening of Pullman Colombo City Centre and Pullman Bentota Resort & Spa.

“Pullman has always been a brand built around bringing people, cultures and ideas together, making it a natural fit for a destination that continues to attract travellers seeking authentic experiences alongside world-class hospitality,” Ranju Alex, CEO, Accor South Asia, said.

“Sri Lanka is an important and growing market within South Asia, with tremendous potential across business, leisure and experiential tourism. With Pullman Colombo City Centre and Pullman Bentota Resort & Spa, we are bringing two distinctive hospitality experiences that reflect the energy of Colombo and the natural beauty of Bentota.”

The Pullman Colombo City Centre property was previously known as the Mövenpick Hotel Colombo and later operated as NH Collection Colombo, while the Pullman Bentota Resort & Spa was previously the Ceysands Resort.

“Partnering with Accor to introduce the internationally acclaimed Pullman brand to Sri Lanka, with flagship 5-star properties in Colombo and Bentota, marks a defining milestone for Softlogic Holdings,” Ashok Pathirage, Chairman and Managing Director of the Softlogic Group and Softlogic Holdings PLC said.

“We believe Pullman Colombo City Centre and Pullman Bentota Resort & Spa, both 5-star destinations, will set new benchmarks in premium hospitality, becoming preferred choices for business travellers, conferences, social celebrations, and leisure guests alike, while contributing significantly to employment, tourism growth, and the overall development of Sri Lanka.”

Pullman Colombo City Centre features 219 rooms and suites, with a collection of dining venues including AYU, Thai Rasa, Adityaa, Collections Café, Mansion Lounge & Bar and Vistas Rooftop Bar.

Guests can enjoy a rooftop infinity pool, tranquil spa, fitness centre and versatile meeting and event spaces.

The hotel offers flexible social spaces where guests can work, connect and recharge throughout the day.

Pullman Bentota Resort & Spa sits between the Bentota River and the Indian Ocean, with a the guest journey beginning with a ferry ride.

The property features 165 rooms, family rooms and suites, offering views of the ocean, river and pool. A selection of dining experiences, water sports, wellness facilities, family-friendly activities and scenic venues for meetings, weddings and celebrations enhance the resort experience.

Pullman Hotels & Resorts is a premium global hospitality brand designed for the modern, connected traveller, with a focus on supporting blended lifestyles.

As participating properties in ALL Accor, Accor’s booking platform and loyalty programme, guests have access to member rates and can earn and redeem Reward points across participating hotels, restaurants and experiences worldwide.

Accor India & South Asia currently operates 75 hotels across luxury, premium, midscale, and economy segments under brands including Raffles, Fairmont, Sofitel, Pullman, Grand Mercure, Novotel, Mercure, ibis, and ibis Styles. (Colombo/Aug18/2026)

ECONOMYNEXT – Sri Lanka lender Sampath Bank has entered into a partnership with GV Auto by Gavinro International, to provide preferential financing for customers to buy select electric vehicles.

The collaboration allows customers to enjoy a preferential interest rate with a 0.5 percent reduction from the bank’s published vehicle loan rate when purchasing eligible electric vehicles from GV Auto.

GV Auto offers a range of transport solutions, including the premium Skywell BE11 electric SUV and Keyton commercial electric vehicles.

The partnership is designed to make sustainable mobility more accessible while delivering greater value, affordability, and long-term savings to customers seeking environmentally responsible transport options, the bank said.

“Combining Sampath Bank’s customer-centric financing solutions with GV Auto’s growing EV portfolio and comprehensive after-sales support network, the partnership supports the wider adoption of electric mobility in Sri Lanka while helping customers transition to cleaner and more cost-effective transportation.”
(Colombo/Aug18/2026))