By Adolf

The current government is hastily appointing private sector managers to key government positions without adequate vetting of their credentials or conflicts of interest. The recent fiasco involving the Speaker is a case in point, challenging the very foundation of the government’s credibility. Appointing individuals with clear conflicts of interest, particularly from the private sector, undermines the principles of good governance, accountability, and public trust. This approach jeopardizes institutional integrity, erodes public confidence, and leads to inefficiencies or abuses of power.

For instance, should the chairman of a premier business chamber serve as an adviser to the Ministry of Finance while simultaneously maintaining a tax consultancy practice? Similarly, the CEO of a real estate company has been appointed as chairman of a government property enterprise, and a business director from the airline industry now heads SriLankan Airlines. Even a telecom executive has been tasked with advising on technology development—without any cooling-off period. The list goes on.

Such appointments could be acceptable if these individuals relinquished their private sector roles and functioned independently. However, claiming to work “honorarily” while benefiting financially from related activities is indefensible. Adding to the concern, some of these appointees have been allowed to recommend their friends and associates for key positions, further entrenching conflicts of interest and eroding the credibility of the process.

A conflict of interest arises when personal, financial, or other interests compromise an individual’s ability to make impartial decisions in the public interest. Government officials are expected to act as stewards of public resources, upholding transparency and fairness. Appointing conflicted individuals creates a significant risk of decisions being influenced by private interests rather than the greater good. This undermines institutional legitimacy and hinders progress in critical areas such as economic development, infrastructure growth, and social equity.

One of the most significant consequences of such appointments is the erosion of public trust. Governments operate effectively when citizens believe in the fairness and integrity of public institutions. When appointments appear to be driven by cronyism or personal gain, citizens lose faith in governance, leading to reduced civic engagement and compliance with policies. This disillusionment can escalate into political instability, as seen in countries plagued by corruption scandals.

Economically, appointing conflicted individuals often results in resource misallocation. Decision-makers with vested interests may prioritize policies or projects that benefit their private enterprises, diverting resources away from pressing national needs like healthcare, education, and infrastructure. Over time, this hampers sustainable economic growth and social development.

Moreover, this practice discourages capable, ethical professionals from joining public service. When key positions are filled based on loyalty rather than merit, the quality of governance declines. Ill-informed decisions and policy failures become inevitable, diminishing institutional credibility.

To address this, the government must enforce stringent mechanisms for vetting appointments. Transparent guidelines on conflicts of interest should be established and rigorously applied. Independent oversight bodies can evaluate candidates’ qualifications and ensure they meet ethical standards. Transparency, including public disclosure of appointees’ affiliations, can deter conflicted appointments.

In conclusion, appointing conflicted individuals even though they are competent to key government positions erodes trust and weakens governance. The government must prioritize merit, accountability, and transparency to restore credibility. Failure to address this issue risks further public disillusionment and embarrassment, threatening the government’s standing with the people.

The Colombo Stock Exchange continued its bullish momentum, propelled by strong participation from retail and high-net-worth investors. Gains were observed across almost all sectors, with heightened activity in Banking, Food, Beverage and Tobacco, and selected Construction counters.

The All Share Price Index (ASPI) surged by 170 points to close the week at an all-time high of 14,205. Turnover reached Rs. 6.1 billion, reflecting a 40.3% increase compared to the monthly average, driven by multiple off-board transactions and active retail investor participation.

The Capital Goods sector led the day’s turnover with a 25% contribution, while the Banking and Food, Beverage and Tobacco sectors jointly accounted for 40% of the overall turnover. Foreign investors remained net buyers, with a net inflow of Rs. 126.4 million, further boosting market confidence.

This performance highlights the continued optimism and resilience of the Colombo Bourse amidst favorable market conditions and increasing investor engagement.

President Anura Kumara Dissanayake will undertake a State Visit to India from December 15 to 17, marking his first overseas trip since assuming office. The visit comes at the invitation of Indian President Droupadi Murmu and aims to strengthen the bilateral relationship between Sri Lanka and India.

During his visit, President Dissanayake will participate in a business event in Delhi to enhance investment and trade ties between the two countries. He will also visit Bodh Gaya, a site of great cultural and religious significance.

The visit, which follows the recently concluded Presidential and Parliamentary elections in Sri Lanka, includes bilateral discussions with Indian President Droupadi Murmu, Prime Minister Narendra Modi, and other senior Indian officials. The talks will focus on a wide range of issues of mutual interest, reflecting the strong and historic ties between the two nations.

The trip is expected to further consolidate the long-standing partnership between Sri Lanka and India, reinforcing cooperation across economic, cultural, and diplomatic spheres.

The Sri Lanka Bureau of Foreign Employment (SLBFE) has announced that the number of Sri Lankan workers going abroad for employment in 2024 is projected to exceed 311,000, marking the highest number of departures ever in a calendar year. As of December 13, 2024, 300,162 Sri Lankans have already left for foreign employment, surpassing the 300,000 mark for the second time in the past decade.

The previous record of 310,948 migrant workers was set in 2022. The SLBFE has forecasted that by the end of 2024, the total number of Sri Lankans migrating for work will likely exceed 311,000.

Of the total number, 60% are male workers (177,804), while 40% are female workers (122,358). A significant portion of the migrant workforce, 184,140, sought employment independently, while 116,022 went through employment agencies.

Kuwait remains the top destination for Sri Lankan workers, with 73,995 workers employed there, followed by 49,499 in the UAE. Other emerging destinations for Sri Lankan migrant workers include South Korea (7,002), Israel (9,211), Romania (10,274), and Japan (8,251).

Migrant remittances have played a crucial role in the Sri Lankan economy, with a total of US$ 5,961.6 million received in remittances by November 2024.

The Colombo Magistrate’s Court has directed the Fraud Investigation Bureau (FIB) to investigate candidates and their representatives who failed to submit proper expense reports under the Election Expenditure Regulation Act for the Presidential Election held on September 21, 2024. The Court also instructed the FIB to provide a progress report on the investigation by March 14, 2025.

The order was issued by Colombo Additional Magistrate Manjula Ratnayake after considering facts presented by the FIB regarding seven complaints filed by the Election Commission for non-compliance with the Election Expenditure Act.

During the hearing, the FIB informed the Court that, as per the Election Expenditure Act No. 03 of 2023, all candidates and their representatives were required to submit detailed reports of their election-related expenses to the Election Commission by October 13, 2024. However, the Election Commission had lodged complaints against several candidates and their representatives who had yet to fulfill this legal obligation.

Taking these details into account, the Court instructed the FIB to conduct a comprehensive investigation into the matter and ensure compliance with the Act.