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Monday November 9th, 2026

Sri Lanka’s Grisly Recent History Goes Unpunished

ECONOMYNEXT – They lie buried in numerous mass graves, all evidence of Sri Lanka’s murderous recent past which has been punctuated by multiple civil conflicts.

Whatever remains is evidence of Sri Lanka’s grisly history of the extrajudicial executions of rebels in both Northern and Southern insurrections.

Most of the bodies remain in mass graves that stretch from Chemmani and Duraiappah Stadium in  Jaffna to burial sites in the Colombo and Matale Districts and the Southern and Central Provinces.

The dead could be anyone; captured rebels, those caught in crossfires and others who were deemed to be “inconvenient,” according to a report titled ‘Gotabaya Rajapaksa’s War Time Role’ released by the International Truth and Justice Project (ITJP) on 17 January 2024.

A horrific record

Sri Lanka’s recent blood-soaked history is replete with mass killings and many “disappearances” from the various incidents during the insurgencies of the JVP as well as the Tamil separatist war.

The activist group Journalists for Democracy and affiliated organisations claim that at least 32 mass graves have been identified across the island. A report published in Groundviews in January said these graves “dotted across the country that hold the remains of not just the casualties of the civil war but also those who disappeared during the two JVP uprisings in 1971 and from 1988 to 1989.”

A 1999 United Nations study noted that Sri Lanka has the second-highest number of enforced disappearances in the world with around 12,000 people missing after being detained by government Security Forces. Figures vary with Amnesty International reporting that the number of disappeared persons could be as high as 60,000.

There is no official government figure.

Evidence against GR

Now, fifteen years after the separatist war in Sri Lanka ended, mounting evidence has emerged against former President, Gotabaya Rajapaksa, for his pivotal role in the commission of war crimes and crimes against humanity during the civil war, say Human Rights lawyers in this new report.

Rajapaksa figures in two serious passages of time where suspected cadres of the Janatha Vimukthi Peramuna were killed at Matale in the 1988-89 period and LTTE cadres and civilians on the frontlines of Nandikadal which proved to be the final battle of the Eelam War.

The ITJP report quotes its Executive Director Yasmin Sooka as saying if Sri Lanka “is serious about dealing with its violent past, the litmus test is to hold (former President) Gotabaya Rajapaksa criminally accountable for war crimes and crimes against humanity.”

The report presents detailed evidence connecting the former President when he was Secretary to the Ministry of Defence to numerous massacres of civilians. Although not the army commander, nor Chairman of Joint Chiefs of Staff, Gotabaya had command and effective control of the security forces during the Civil War as the Defence Secretary and the younger brother of then President Mahinda Rajapaksa.

The ITJP report says the then Defence Secretary Rajapaksa had “contemporaneous knowledge of the violations of international humanitarian law and international criminal law being committed, and failed to take any steps to prevent them, or to hold those under his command accountable. He and successive Sri Lankan governments have had countless opportunities since the war ended to initiate credible investigations into allegations of gross human rights violations and to establish prosecutions. Instead of allowing the truth to come to light, Gotabaya and his successors have perpetuated denial of the complicity of the security forces in these violations, rewarding and protecting the alleged perpetrators.”

The 104-page document examines evidence of Rajapaksa’s involvement in and knowledge of attacks on the No Fire Zones set up to protect civilians, his failure to prevent and investigate summary executions, enforced disappearances, torture, rape and sexual violence, arbitrary detention and the denial of humanitarian aid to civilians.

Individual stories that were leaked at the time gave credence to these incidents.

One was the evidence of the killing of LTTE Leader Velupillai Prabhakaran’s younger son Balachandran. The boy, according to some reports, had been escorted to the Sri Lanka Army lines by an LTTE bodyguard at Mullivaikkal. Photos purported to have been taken at that stage show the boy wrapped in a Sri Lanka Army issue sarong eating a biscuit behind the Sri Lanka Army lines. A second photo shows him dead at the same location, his body riddled with bullets.

Another set of pictures was that of the LTTE’s TV icon Issapriya whose image was widely circulated. There were unconfirmed reports that she had been sexually assaulted along with other young women who had been captured as the LTTE unravelled. That is followed by another picture of her corpse shot at close range.

Eventually, the Sri Lankan government during President Maithripala Sirisena’s tenure acknowledged that some 65,000 persons were missing and granted close surviving relatives rights to manage their properties, the ITJP report states.

Matale Mass Grave

Rajapaksa was the military Coordinating Officer for the Matale District in 1989 when the area was rocked by the so-called Deshapremi Janatha Vyaparaya a JVP offshoot. He was a Lt. Colonel at the time.

In December 2012, reports emerged that a mass grave had been found in the grounds of the Matale Hospital.

Accusations were made at the time that the remains unearthed were that of JVP cadres who had been captured and allegedly killed during the insurrection, a claim the party repeatedly made.

No government however pursued an investigation into the discovery because politics got in the way; after all the UNP was in power when the killings were supposedly carried out and the officer responsible, Gotabaya, was the brother of Mahinda Rajapaksa at the time, a prominent leader in the SLFP.

The government of the day meanwhile claimed the bodies were of victims of a landslide in the 1950s.

However, there was no proper investigation to prove which theory was factual.

The ITJP report also contains the names of former Army Commander, Lt Gen Shavendra Silva and others who are seen as Gotabaya loyalists in the Army.  The report also claims that Army top brass, other than Field Marshall Sarath Fonseka, who was Commander of the Army at the time the civil war ended, had close personal connections to Rajapaksa.

These incidents, however, are not the only horrific events of our island nation’s history; abductions and disappearances of young men, allegedly by members of the armed forces, the massacre of a group of Buddhist monks at Aranthalawa, the killing of pilgrims at Anuradhapura, the latter two by the LTTE, random killings of public servants and others by rebel groups, and more recently the Easter Sunday bombings, the list goes on. And the powers that be, govern with impunity.

So, it is unlikely that the relatives of the victims will find closure until justice is served and those whose hands are bloodstained are held accountable for their actions.

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

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)

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

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)

 

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

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)

 

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Sri Lanka’s Citrus Leisure extends Lotus Tower management pact

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)

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

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)

 

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Sri Lanka stocks trend up; ASPI gains 0.78-pct

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trading higher on Monday, CSE data showed, with the benchmark All Share Price Index moving up 0.78 percent.

The ASPI was up 165.73 points at 21,405.38, while the more liquid S&P SL20 was up 0.61 percent, or 37.04 points, at 6,082.42.

Positive contributors to the ASPI were Commercial Bank (up 1.55 percent at 213.25 rupees), Ceylon Cold Stores (up 2.61 percent at 128.00 rupees), Asiri Hospital Holdings (up 10.00 percent at 30.80 rupees), Hemas Holdings (up 1.27 percent at 32.00 rupees), and Ambeon Holdings (up 6.02 percent at 37.00 rupees).

Namunukula Plantations (down 3.92 percent at 63.70 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), and Chevron Lubricants Lanka (down 0.12 percent at 205.25 rupees) were top negative contributors.

Market turnover was 428.31 million rupees. Capital goods led turnover with 82.53 million rupees. (Colombo/Nov09/2026)

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