An Echelon Media Company
Friday November 13th, 2026

Sri Lanka planters demand justice after Minister storms estate, drunken gang takes staff hostage

ECONOMYNEXT – Managers of Sri Lanka’s private plantations have called for justice after a cabinet minister stormed an estate demanding the re-instatement of suspended workers who had assaulted people involved in crop diversification.

Plantations Infrastructure Minister Jeevan Thondaman’s entry to an estate and threats against Kelani Valley Plantations staff were broadcast over national TV and social media.

Minister Thondaman and a drunken gang had stormed Pedro Estate of Kelani Valley Plantations where the firm’s Chief Executive had gone after a meeting at the Nuwara Eliya Assistant Comissioner of Labour, the Planters’ Association said in a statement.

Sri Lanka’s Television stations had also broadcast visuals of Minister Thondaman shouting and making staff at a factory stop work and leave.

Previously, a gang had surrounded the Labour Office where a meeting was taking place regarding the suspended workers, the PA said.

The workers had been suspended after they assaulted the driver of a backhoe machine which was clearing low yielding tea for a test planting of coffee to check whether higher yields would be available after crop diversification. Sri Lanka’s plantations are also facing labour shortages with young people leaving the sector in droves.

The firm had ledged a police complaint as assault was a criminal action. The Ceylon Workers Congress had then called a strike, leading to the discussion at the Labour Office.

The planters said a “large, intoxicated and unruly gang” was sent obstruct KVPL management from leaving the area after the meeting.

They had then left to Pedro estate to eat lunch packets as one the management staff had high blood pressure and gastritis according to company officials.

“Subsequently, the Minister and his associates who had learned that the CEO and his team were stopping by Pedro Estate, forcibly trespassed into the estate, blockaded it, and illegally detained them against their will for a harrowing four hours within the factory premises,” the Planter’s Association said in the statement.

After being held hostage for four hours the management had agreed to the Minister’s demands to re-instate the workers and took the CEO to hospital.

“They took the decision to re-instate the workers because the CEO could have died while being held hostage,” a company official said.

The manager was then hospitalized and released after three days.

“In the face of imminent danger and the arrival of a team from the Police Special Task Force (STF), KVPL management reluctantly agreed to Minister Thondaman’s demands to reinstate suspended workers to avoid potential violence, loss of life and irreparable damage to property,” the PA said.

“Such actions, taken under duress, underscore the severe challenges faced by the plantation sector and urge decisive action to uphold the rule of law,” the PA said.

“This incident underscores the paramount importance of upholding law and order within the plantation industry. The PA firmly condemns any actions that undermine the rule of law or jeopardize the safety of individuals.

“The PA urges the Sri Lankan Government and the Sri Lankan Police to conduct a comprehensive investigation into this incident. It is imperative that those responsible for such flagrant breaches of law and order are brought to justice swiftly and decisively.

“Additionally, immediate measures must be implemented to ensure the safety and security of all industry stakeholders.

“Confidence in the plantation sector cannot be restored without demonstrable actions to safeguard the well-being of workers, management, and all associated personnel.”

Sri Lanka’s Ministers and private plantations are also locked in a battle after a 70 percent pay hike was ordered by a gazette. The Plantations have gone to court over the order.

Several Ministers have threatened to re-expropriated the plantations, which were originally expropriated from British planters and domestic companies by the elected ruling class, in one of a series of actions that led to the Sri Lanka being a lagging nation in Asia.

Minister Thondaman could not be reached for a comment despite repeated attempts at the time of publication.

He has since responded to our story and key comments are reproduced below. He denied that anyone was held hostage and said the strike was unplanned event.

“The strike was unplanned and organic with 298 people striking,” he said.

“It was an unplanned strike and as per video evidence there were no drunk people. The video shows most of the protestors were women.”

The company had suspended the workers involved in blocking coffee cultivation but had delayed giving a hearing, he said.

“There were three people suspended and it is the right of the companies to suspend workers. However, they should give a hearing at the earliest possible time. Out of the three people, only one was from my trade union, the other two were not.

“We had a meeting with the Labor Commissioner and it proved that they acted unfairly according to Labor Law and ILO conventions.

He explained the original incident regarding blocking of coffee cultivation as follows:

The backhoe machine was clearing tea land to plant coffee.

“However, we cannot allow that. People are sentimentally attached to tea and they plant coffee to avoid giving the 1700 wage.”

Minister Thondaman denied intimidation or taking anyone hostage and strongly denied putting anyone in danger and said an offer was even made to bring medicine.

He explained the situation as follows:

“When the 300 workers – who have 300 families – were standing outside the police station, the CEO brought all the managers and they were brought into the police station room.

“We know that the tea plantation owners are some of the richest people in the country, but we can’t have one law for them and another for the workers.

“The managers ask the workers to work removing their pottus and earrings but they should be allowed to keep the pottus.

“With regards to the incident with the CEO, I did not hold anyone hostage. I told them you are free to leave at any time and purchase medication. I even asked if I can get medication from his driver. He said, no I’m fine.

“I also didn’t storm the place as was said. I went and even asked people if they want tea.
You will see video evidence of me talking very politely to the CEO.

“Now they have gone behind our back and filed a complaint to the police. I can afford to take this matter to court but the workers can’t.” (Colombo/June11/2024 – Update II – this story has been revised to include Minister Thondman’s response)

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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