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Monday November 9th, 2026

UN HR Chief Zeid Ra’ad Al Hussein’s full statement in Sri Lanka

ECONOMYNEXT – The full statement made in Colombo by UN Human Rights Chief Zeid Ra’ad Al Hussein.

I come to you shortly after wrapping up my visit here with meetings with President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe and the Leader of the Opposition, in which we discussed a wide range of issues that will have an important bearing on the future of Sri Lanka. Since arriving here on Saturday, I have also met the Ministers of Foreign Affairs, Justice, National Dialogue, and Prison Reforms, Rehabilitation and Resettlement, as well as the Defence Secretary, Chief of Defence Staff, Army and Air Force Commanders and the Chief of Staff of the Navy.

In addition, here in Colombo, I visited the Human Rights Commission of Sri Lanka, and the Task Force that will lead the forthcoming National Consultations on transitional justice. I also met a number of Sri Lanka’s finest thinkers and analysts, including members of its vibrant civil society organizations.

On Sunday, I visited the Northern and Eastern Provinces, where I met the Chief Ministers and members of the Provincial Councils as well as the Governors, and yesterday morning I was honoured to visit the revered Sri Dalada Maligawa, or Temple of the Sacred Tooth in Kandy, where I was graciously received by the Mahanayakas (Chief Monks) of the Malwatte and Asgiriya Chapters. I am very grateful to them for according me this great privilege, as well as to the members of the Hindu, Muslim and Christian communities I met in Colombo, Jaffna and Trincomalee.

This has been a much more friendly, cooperative and encouraging visit than the one my predecessor endured in August 2013, which as you may recall was marred by vituperative attacks on her integrity, simply because she addressed a number of burning human rights issues that any High Commissioner for Human Rights would have raised at that time.

I am aware that some of the same people have given me a similar welcome – I’ve seen the posters – but I am pleased that in the new environment in Sri Lanka, all voices, including the moderate voices of civil society, can at last be heard, even if sometimes the voices of hatred and bigotry are still shouting the loudest, and as a result are perhaps being listened to more than they deserve.

Sri Lanka has come a long way in the past year, as you, the media, are only too aware – given the much greater freedom you now have to write what you wish to write, and report what you feel you should report. The element of fear has considerably diminished, at least in Colombo and the South. In the North and the East, it has mutated but, sadly, still exists.

Virtually everyone agrees there has been progress, although opinions differ markedly about the extent of that progress. The ‘white van’ abductions that operated outside all norms of law and order, and – as intended – instilled fear in the hearts of journalists, human rights defenders and others who dared criticise the Government or State security institutions, are now very seldom reported. The number of torture complaints has been reduced but new cases continue to emerge – as two recent reports, detailing some disturbing alleged cases that occurred in 2015, have shown – and police all too often continue to resort to violence and excessive force.

Several recent highly symbolic steps have been taken that have had a positive impact on inter-communal relations, including the decision taken to sing the national anthem in both Sinhala and Tamil on Independence Day, for the first time since the early 1950s. The following day, in a reciprocal gesture, the Chief Minister of the Northern Province paid a respectful visit to a Buddhist temple in Jaffna. And in January, the President pardoned the convicted LTTE prisoner who once plotted to assassinate him. These are significant steps on the path of reconciliation between these two communities, both of which bear their own deep scars from the years of conflict. I was pleased to learn that some major inter communal events are planned in the North and East to bring together large numbers of young people from all across Sri Lanka. In both provinces, the Governors are now civilians, which is another key improvement.

One of the most important long-term achievements over the past year has been the restoration of the legitimacy and independence of Sri Lanka’s Human Rights Commission. The appointment of new leadership of great integrity, through the proper constitutional process, offers a new start to revitalise this all-important national institution. I hope the Government will now swiftly provide it with the resources, and above all the institutional respect it needs, to enable it to fulfil its great potential, not only to provide human rights protection for all Sri Lankans, but also to offer expert advice on laws and policies from a human rights perspective.

Despite these advances – and others I have not mentioned – after nearly 30 years of conflict and acrimony, that not only cost tens of thousands of lives but also eroded so many vital components of the State, Sri Lanka is still in the early stages of renewal.

During this visit, I have met Sinhalese, Muslim and Tamil victims of the ruthless LTTE and other paramilitary groups. Family members of those who were assassinated. Mothers of children who were abducted or recruited. Muslims from the north who were forcibly evicted and expelled from their homes. Mothers of soldiers who never returned, and some of the many thousands of war widows from both sides. I am all too conscious of the suffering and fear that the years of bombings, killings and other abuses inflicted on this society.

I also met the mothers and wives of people who were apprehended, or surrendered to the security forces, and then disappeared. I have met relatives of people who have been in detention for years, without being charged with any crime, or who were charged solely on the basis of allegedly forced confessions. I met one woman carrying the emotional scars of her rape by security forces nearly 30 years ago during the JVP insurgency. Her pain, and that of all these victims and their families is terrible to behold, and it is cruel to prolong it if ways of alleviating it are available.

Distracted by this conflict, Sri Lanka has also failed to address critical issues facing women, people with disabilities, people with different sexual orientations, and other groups suffering discrimination such as the Plantation Tamils in Central Sri Lanka. I hope that these and other neglected or discriminated-against groups and minorities will now receive the attention they deserve, not least in the constitutional reform process.

Repairing the damage done by a protracted conflict is a task of enormous complexity, and the early years are crucial. If mistakes are made, or significant problems are downplayed or ignored during the first few years, they become progressively harder to sort out as time goes on. While the glass is still molten, if you are quick and skilful, you can shape it into a fine object that will last for years. Once it starts to harden in misshapen form, it becomes more and more difficult to rectify. Likewise if any of the four key elements of post conflict resolution – truth-telling, accountability, reparations and institutional reform – are neglected or mishandled, unresolved resentments will fester, new strains will emerge, and a tremendous opportunity to establish long-term stability, which in turn should result in greater prosperity, will be lost.

In the case of Sri Lanka, large parts of the country have been physically, politically, socially and economically separated from each other to a greater or lesser degree for much of the past three decades, and the effort to rebuild trust in the State, and between communities, will take years of political courage, determination and skilled coordination and planning.

When you visit Colombo, you see a bustling city, a mass of construction sites, clean streets, and flourishing businesses. You see a thriving tourist industry.

When you visit the North and the East, you see, in patches at least, damaged and depressed areas, poverty and continued displacement.  Signs of physical development, certainly. And positive vision and ambitions among the elected representatives. But also more ominous signs of hopes that are not yet bearing fruit, and optimism that is already showing some signs of souring.

While there is much support for the very important proposed Constitutional reform, which should ensure that the rights of all Sri Lankans are fully recognised, there are also fears that at a later stage this may be achieved at the expense of other equally important processes such as truth-telling, justice and accountability.

While the Task Force appointed to lead the National Consultation process includes high quality representatives of civil society, there are concerns – including among the TaskForce members themselves – that the process is too rushed and has not been properly planned or adequately resourced.

There are some measures that could be taken quickly which would reverse this trend of draining confidence. First of all, the military needs to accelerate the return of land it has seized and is still holding to its rightful owners. While some land has been returned in the Jaffna and Trincomalee areas, there are still large tracts which can and should be swiftly given back. Once the land has been given back, the remaining communities of displaced people can – if given the necessary assistance – return home, and a lingering sore will have been cured once and for all. In parallel, the size of the military force in the North and the East can be reduced to a level that is less intrusive and intimidating, as a first step in security sector reform.

The Government must also quickly find a formula to charge or release the remaining security-related detainees. In addition, the Prime Minister’s recent statement that nearly all the disappeared persons are dead has created great distress among their families, who until then still had hope. This statement must be followed by rapid action to identify precisely who is still alive and who has died or been killed, properly account for their deaths – including whether or not they were unlawful – identify the location of their remains, and provide redress.

High on the agenda in every meeting I have had here, of course, were issues relating to the implementation of the resolution adopted by the UN Human Rights Council on 1 October last year, a resolution that was co-sponsored by Sri Lanka and agreed with the consensus of all 47 Member States of the Council. The resolution laid out an eminently sensible pathway for the country to follow, and my Office was charged with following up on its implementation, including by reporting back to the Council on progress – or lack of it – next June, and again in March 2017.

The Human Rights Council resolution, and the comprehensive report on which it was based, and which it endorsed, aim to promote reconciliation, accountability and human rights. The release of the report, and the ensuing resolution, unleashed a great surge of hope that finally we were all turning a corner in terms of starting to fully recognise what happened during the final years of Sri Lanka’s hugely corrosive and tragic conflict.

The Human Rights Council resolution was in many ways a reflection of the reform agenda that Sri Lankans had voted for in last year’s Presidential and Parliamentary elections. It sets out some of the tough steps that must be taken to achieve reconciliation and accountability and, through them, lasting peace.

There are many myths and misconceptions about the resolution, and what it means for Sri Lanka. It is not a gratuitous attempt to interfere with or undermine the country’s sovereignty or independence. It is not some quasi-colonial act by some nebulous foreign power. The acceptance of the resolution was a moment of strength, not weakness, by Sri Lanka. It was the country’s commitment to both itself and to the world to confront the past honestly and, by doing that, take out comprehensive insurance against any future devastating outbreak of inter communal tensions and conflict.

The world wants Sri Lanka to be a success story. It has seen the opportunity for lasting success in Sri Lanka, and that is why it has invested so much time and energy into providing that pathway laid down in last October’s Human Rights Council resolution. I urge all Sri Lankans to make an effort to understand what that resolution and the report underpinning it actually say, and I urge all those in a position to do so, to make a greater effort to explain why the recommendations are so important, and why the United Nations and all those individual States – Sri Lanka included – endorsed them. Then perhaps the siren voices, who wish to undermine all reforms, all attempts to provide justice, accountability and reconciliation, will get less traction. The people who are trying to undermine confidence in these crucial initiatives are playing a game that is endangering the future peace and stability of this country.

For a country to be stable, to be a success, it needs to have a strong, impartial and credible justice system. The security services and the judiciary must function in the interests of all its citizens. And it was in these areas, that the country’s key institutions were seriously corroded and corrupted during three decades of conflict and human rights violations, including through its reliance on the draconian Prevention of Terrorism Act and other emergency powers. And it is the integrity of these institutions, which depends on having the trust of the population, that the international community is trying hard to help Sri Lanka restore through the implementation of the recommendations contained in the report and in the resolution.

Sri Lanka has many excellent judges, lawyers, and law enforcement officials. But over the years the system they depended on, and which depends on them, became highly politicised, unbalanced, unreliable. The country’s history over the past few decades is littered with judicial failures. Virtually all Sri Lankans recognise this, and the Prime Minister commented on it at great length, and with admirable candour, during a 27 January debate in Parliament. Virtually every week provides a new story of a failed investigation, a mob storming a court-room, or another example of a crime going unpunished. Sexual violence and harassment against women and girls is particularly poorly handled by the relevant State institutions – especially when the alleged perpetrators are members of the military or security services – and, as a result it remains all too widespread.

It is for these reasons that the report and the Human Rights Council resolution suggest international participation in the accountability mechanisms set up to deal with international crimes and gross human rights violations committed by individuals on both sides. This is a practical proposal to solve the very real and practical problems I mentioned earlier. But it is only one aspect – albeit a very important one – of the broad range of measures outlined in the 2015 UN report and resolution, and the extent to which it has been allowed to dominate the debate in Sri Lanka in recent days is unfortunate. Extreme nationalistic tendencies lay at the heart of Sri Lanka’s conflict, and they should not be allowed to undermine the country’s long term chances of recovery once again.

Only a year ago, large numbers of Sri Lankans voted for change, for reconciliation, for truth, for justice. It would be a great shame if a minority of extreme voices – on both sides – who are bent on disruption, were allowed to prevail by creating fear where there should be hope. Sri Lanka needs a serious debate about these very serious issues, on which its future depends. This needs to start with a thorough, frank and honest discussion of the detailed findings of the September 2015 UN report, as it is important that all Sri Lankans rally behind the process and better understand the point of view of all the victims on all sides.

The Government has shown the will to make great changes. But from the victims in the North and in the East, and also from some of the wisest analysts here in Colombo, I have heard fears that the Government may be wavering on its human rights commitments. I was therefore reassured this morning to hear both the President and the Prime Minister state their firm conviction in this regard.

Let me make it as plain as I can: the international community wants to welcome Sri Lanka back into its fold without any lingering reservations. It wants to help Sri Lanka become an economic powerhouse. It wants Sri Lanka’s armed forces to face up to the stain on their reputation, so that they can once again play a constructive role in international peace-keeping operations, and command the full respect that so many of their members deserve.

But for all that to come to fruition, Sri Lanka must confront and defeat the demons of its past. It must create institutions that work, and ensure accountability. It must seize the great opportunity it currently has to provide all its people with truth, justice, security and prosperity. I, for my part, will do all in my power to help that come about, and will continue to offer the services of my Office to accompany Sri Lanka through this very difficult process.
Thank you
 

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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