Legal

Sri Lanka Lawyers Collective call for end to executive presidency, online policing law, PTA

Thursday December 5, 2024 10:19 pm

ECONOMYNEXT – Sri Lanka’s Lawyers Collective has called on the National Poeople’s Power administration to abolish of the executive presidency, repeal an anti-terror law and an online policing law.

“The autocratic rule made possible in the role of the executive president has been extremely damaging to democracy, the rule of law and the independence of institutions including the judiciary,” the lawyers said in a statement.

“The abuse of power and undermining of all public institutions and the corruption that has accompanied this have been witnessed by citizens for decades, especially in 2009-2024.

The grouping also raised an issue a university.

The full statement is reproduced below:

Lawyers’ Collective Statement – 2024 December 05

Lawyers Collective on a Legislative Agenda for the New Government and Parliament and Rule of Law Issues

The Lawyers’ Collective writes to the new Cabinet of Ministers and all members of the newly elected 10th Parliament of Sri Lanka on the importance of recognizing the legislative mandate signalled by the people at this election. We congratulate all elected representatives of the new parliament and emphasize that the mandate given is a clarion call to ensure that the legislative agenda reflects the sovereign will of the people.

We urge the new government to recognize now and without further delay the need for action on the promises given to the nation on an urgent national legislative agenda. The absence of a 2/3 majority hampered progress on earlier attempts at constitutional reform and this type of agenda. The massive mandate given by the Sovereign People of Sri Lanka for vital legislative reform must be accompanied by swift action to carry this promised agenda forward, with due attention to urgent priorities.

In light of the massive mandate to carry forward this vision of accountable governance to the Sovereign People of Sri Lanka, the Lawyers’ Collective wishes to highlight the need to carry forward promised reforms in a new legislative agenda prioritizing the following areas:

The Preamble to the Constitution has been a reminder of the purpose of the confidence reposed by the People in their Representatives. It is to ‘…constitute SRI LANKA into a DEMOCRATIC SOCIALIST REPUBLIC whilst ratifying the immutable republican principles of REPRESENTATIVE DEMOCRACY and assuring to all Peoples FREEDOM, EQUALITY, JUSTICE, FUNDAMENTAL HUMAN RIGHTS and the INDEPENDENCE OF THE JUDICIARY as the intangible heritage that guarantees the dignity and well-being of succeeding generations of the People of SRI LANKA and of all the People of the World, who come to share with those generations the effort of working for the creation and preservation of a JUST AND FREE SOCIETY:’
Towards constituting this vision of Sri Lanka, the Lawyers Collective highlights the most urgent of the legislative reform that must be prioritized.

1. Abolish the Executive Presidency
The autocratic rule made possible in the role of the executive president has been extremely damaging to democracy, the rule of law and the independence of institutions including the judiciary. The abuse of power and undermining of all public institutions and the corruption that has accompanied this have been witnessed by citizens for decades, especially in 2009-2024.

The Janatha Vimukthi Peramuna drew attention to this reality and sought the abolition of the Executive Presidency through the Twentieth Amendment to the Constitution, 2018. The Samagi Jathika Balavegaya, the main opposition party, unsuccessfully brought the Twenty-First Amendment to the Constitution, 2022, during the last government to achieve this goal. Both the National People’s Power and the Samagi Jathika Balavegaya promised this reform in their manifestos as a foundational basis to eliminate corruption and achieve accountable governance for the Sovereign People of Sri Lanka.

The Lawyers’ Collective urges the President and the Government to place this matter at the top of the legislative agenda and take the necessary steps towards achieving it as a matter of priority. A great deal of work has already been done on this issue reform, and there are important reports from both official agencies and civil society organizations in the public domain. We also have the Constitution Bill of 2000 and the Twentieth and Twenty-first Amendment Bills referred to above. The Constitutional Assembly of 2016-17, to which the Janatha Vimukthi Peramuna contributed immensely, also worked on this issue and presented an Interim Report and a draft constitutional bill. Thus, the task of drafting a constitution to abolish the Executive Presidency can be completed in a few months in the first year of office. This can enable the President, as promised, to head the government as the Prime Minister of the country, responsible for accountable governance to Parliament and the People.

Prioritizing this reform is vital. As the reform requires approval at a referendum, history has shown us that proposing such reform at later stages of a parliamentary term becomes a referendum on a government’s performance instead of a referendum on the constitutional amendment. Governments also have to deal with political opposition by spoilers and an opposition that finds political gain making in retracting support for necessary reforms. To put it in another way, the Government must strike when the iron is hot. As the late Maduluwawe Sobhitha Nayaka Thero put it in pithy Sinhala in 2015 when advocating the immediate abolition of the Executive Presidency, the roti must be made while the pan is hot (‘thatiya rathvela thiyanakota rotiya puchchanna’).

2. Repeal the Prevention of Terrorism Act of 1979 (PTA)
The PTA has made a mockery of the anti-terrorism legal framework in Sri Lanka and has been repeatedly used by successive governments against individuals, groups and institutions to suppress legitimate freedoms of expression, assembly and other civic rights. The law has become infamous for its draconian provisions, which fully undermine the human rights safeguards that ought to be ordinarily provided to citizens. The PTA gives broad powers of arrest and detention based on a vague and broad definition of terrorism, and such powers are not subject to judicial review. It also provides for broad, extraordinary presidential powers. Repealing this law is thus crucial from human rights as well as reconciliation, accountability and institutional reform point of view.

The Lawyers’ Collective is distressed to note that the draconian PTA is still being used even in cases where the ordinary law of the land can be used.

3. Repeal the Online Safety Act of 2023

The Online Safety Act was proposed under the guise of protecting the rights of women and children, and its scheme is overwhelmingly focused on defamation and critique. This law regressed Sri Lanka’s position of removing criminal liability from defamation. The law serves no purpose and is poorly crafted with overly broad definitions and powers. As such, it cannot sit in the law books of Sri Lanka as a necessary piece of legislation.

4. Some current and recent issues of governance of concern

The Lawyers’ Collective notes that the powers of the executive presidency have been abused to undermine the autonomy of the public University system in Sri Lanka. We urge the legislature to consider the reforms that strengthen the independence and internal accountability mechanisms of the public university system.

The most recent issue that the Lawyers Collective takes this opportunity to highlight is the long-standing need for independence of institutions. An example of concern is the matter relating to the Vice Chancellor of Ruhuna University. The recent incidents in Ruhuna University demonstrate the manner in which governing bodies and academic bodies in public universities have become dysfunctional due to the years of political interference in university administration. The Lawyers’ Collective notes that the Minister of Education has exercised powers under the University’s Act to manage the current crisis. A Competent Authority has been appointed as an interim measure. However, for the Rule of Law to be followed and sustained, there must be an independent inquiry, with due process and respect for norms of natural justice and the right of the Vice-Chancellor of the Ruhuna University to be heard before a Competent Authority is appointed or he is removed from office. This is a Presidential appointment and it is the President who can remove a Vice-Chancellor in consultation with the UGC. Such a decision would also require due process be observed by all involved in the decision. The President may act on the basis of a report by an inquiry committee forwarded to him by the Minister of Education with her recommendation.
The legislative agenda outlined above represents a clear break from autocratic and oppressive centralized rule to ruling by people for people. Signalling this break with these legislative reforms will be received as a fulfilment of the mandate and will set the tone for institutional governance that is people-focused.
The Lawyers’ Collective has been a voice for democracy, the rule of law and the independence of the judiciary in Sri Lanka. As evidenced by our several statements in the last few years, the process of law-making has failed the people of this country. We remind the government and the representatives in the legislature that it is important to adopt a transparent and inclusive process of policy and law-making that is proportionate and responsive to the needs of the people. Dialogue and communication with the sovereign people of this country will deepen legitimacy and public trust in governance.

Yours faithfully,
On behalf of the Lawyers’ Collective
Mr. Upul Jayasuriya, President’s Counsel
Dr. Jayampathy Wickramaratne, President’s Counsel
Professor Savitri Goonesekere, Attorney-at-Law
Mr. Geoffrey Alagaratnam, President’s Counsel
Mr. Saliya Pieris, President’s Counsel
Mr. S.T. Jayanaga, President’s Counsel
Professor Deepika Udagama
Professor Camena Gunaratne
Rev. Fr. Noel Dias, Attorney-at-Law
Mr. K.W. Janaranjana, Attorney-at-Law
Mr. Srinath Perera, Attorney-at-law
Ms. Ermiza Tegal, Attorney-at-Law
Mr. Darshana Kuruppu, Attorney-at-Law

Bonds & Forex

Sri Lanka rupee closes at 332.53/59 to US dollar spot, bond yields edge up

Monday November 9, 2026 5:05 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 332.53/59 to the US dollar spot on Monday, from 332.55/60 the previous day, while bond yields closed higher, dealers said.

A bond maturing on 15.09.2029 closed at 190/98 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 closed at 11.07/12 percent, up from 11.05/10 percent.

A bond maturing on 01.02.2031 closed at 11.30/40 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 closed at 11.65/70 percent, up from 11.55/65 percent.

A bond maturing on 01.11.2033 closed at 11.95/12.00 percent, up from 11.90/95 percent.

A bond maturing on 15.10.2034 closed at 12.10/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 closed at 12.40/50 percent, up from 12.30/40 percent. (Colombo/Nov9/2026)

Markets

Sri Lanka stocks close up 1.37-pct, banks lead turnover

Monday November 9, 2026 3:29 pm

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)

Information Technology

Sri Lanka’s Hayleys Retail to launch supermarket chain with Blue Yonder

Monday November 9, 2026 3:12 pm

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)

Stocks & Companies

Sri Lanka’s Citrus Leisure extends Lotus Tower management pact

Monday November 9, 2026 1:16 pm

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)

Markets

CIC Holdings Sept quarter net profit rises 20-pct to Rs1.7bn

Monday November 9, 2026 11:50 am

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)