EconomyNext : Sri Lanka’s Hayleys paid 2.57 billion rupees to buy a 40 percent stake in Harischandra Mills, the company said in stock exchange filing.
The company paid 3,300 rupees a share for 779,946 shares.
Senthilverl Holdings was the seller.
Asia Securities handled the transaction.
In retail trade Harishchandra closed up 2,475 rupees at 7,424 rupees.
Today marks the 60th birthday of one the greatest batsman Sri Lanka has ever produced and one of the finest the world has ever seen. Much time has passed since he lit up the cricketing world during the 1996 World Cup and gave all Sri Lankans a magnificent reason to celebrate at a time when there was little to cheer back home. Even cricket fans who were just babies at the time or were born thereafter would have heard of that amazing run. No cricket fan alive today can say ‘I have not heard of Aravinda de Silva.’
I was one among hundreds of thousands of Sri Lankans who were glued to the television on that historic day when Aravinda scored a century to defeat Mark Taylor’s Aussies in Lahore.
I had the privilege of knowing Aravinda de Silva as a close friend for many decades. For nearly four to five years of my life we were even flatmates. During that time, I came to know him not just as a cricketer but as a man driven by an extraordinary will. Aravinda thrives on challenges. Whether it is cricket, business, or love. Put simply, he never gives up until he gets what he wants. His determination borders on the relentless and his self-belief even in the face of adversity is truly something to behold. I saw it all, first hand.
I once heard Sri Lanka’s World Cup winning captain Arjuna Ranatunga say that there will never be another batsman like Aravinda, that there is and always will be only one Aravinda. It is a sentiment that every Sri Lankan cricket fan, regardless of background or allegiance and regardless of which era he or she was born, will share. He is, without question, the most naturally gifted batsman our country has produced; elegant, fearless, and original. He soaked the praise, he suffered the occasional insult and remained humble and unfazed through it all. Focused on his cricket. From the first day he donned the Sri Lankan cap until the day he retired.
He always had the support of his fans. He was and is revered as a legend. On the other hand, he would probably count his family as his greatest strength and if asked would say that they, more than anyone else, shaped his indomitable spirit. Among them, naturally, is his wonderful father in Uncle Sam (the late Sam de Silva), his gracious mother in Aunty Rani, his devoted sister Araliya and loving wife Anushka.
Today, my friend Aravinda turns 60. He will be surrounded by the near and dear. They will all celebrate. I, unfortunately, will not be there to share in the celebrations. My thoughts however are with Aravinda. May he continue to bat on healthily, steadily, and joyfully for many, many more years to come.
A case has been filed against a lawyer accused of digitally altering a photograph of a female lawyer using artificial intelligence (AI) to create explicit images and sharing them online.
The case, bearing number B 41701/01/25, was taken up today (14) before the Colombo Chief Magistrate’s Court, presided over by Magistrate Asanga Bodaragama. The court observed that the actions of the accused lawyer, identified as Kingsly Sandun Sanjeewa, were unbecoming of the legal profession. The magistrate further noted that a record of this observation would be included in the case file and instructed the victim’s legal team to consider filing a complaint with the Supreme Court.
According to the case, the accused allegedly took a photograph of his colleague—also a lawyer and a member of his group at the Open University—and used AI technology to create nude versions of her image. He then reportedly distributed these fabricated images, along with her real name and phone number, via social media platforms such as Facebook, WhatsApp, and Telegram.
Investigations revealed that the accused had been communicating under her identity for nearly two years, sharing the manipulated images and engaging in sexually explicit conversations with individuals online. Screenshots of these chats were also circulated in online groups.
The female lawyer became aware of the incident only after friends, clients, and acquaintances who had seen the posts on social media informed her about them.
Following a technical investigation conducted by the Computer Crimes Division of the Criminal Investigation Department (CID), the suspect was arrested on 3 October 2025. However, he was later released on bail due to health reasons, having recently undergone surgery related to diabetic complications.
When the case was called again today, Magistrate Bodaragama expressed strong disapproval of the accused’s conduct and ordered the case to be recalled on 28 October 2025.
A legal team led by Senior Attorney Jaliya Samarasinghe and Attorney Udul Premarathne appeared on behalf of the aggrieved female lawyer.
Human Rights Watch (HRW) yesterday warned that Sri Lanka’s flawed tax policies were central to the country’s 2022 economic collapse and continue to deprive citizens of essential public services. The rights group called on President Anura Kumara Disanayake’s government to overhaul a system that favours corporations and the wealthy while failing to generate sufficient revenues for public welfare.
In its 101-page report, “Tax Giveaways, Struggling Schools: How Low Taxes Drove Sri Lanka’s Economic Crisis and Squandered its Education Lead,” HRW highlighted how decades of revenue-starving policies have weakened the State, leaving it heavily dependent on regressive consumption taxes.
“For decades, Sri Lanka has been hostage to economic policies that starve its Government of revenue and focus narrowly on GDP growth,” said HRW Senior Economic Justice Researcher Sarah Saadoun. “These ruinous tax policies have left education spending far behind, turning Sri Lanka from a global leader in public education to a laggard.”
The report found that public education spending fell from 3–5% of GDP in the two decades after independence to just 1.5% in 2022, among the lowest globally. Funding gaps forced schools to charge fees for basic resources, exacerbating inequality and undermining children’s right to free education.
HRW said Sri Lanka’s low revenue base contributed to the April 2022 debt default, triggering job losses, soaring inflation, and a prolonged social crisis. The group traced the roots of the problem to liberalisation policies of the late 1970s, worsened by 2019 tax cuts under former President Gotabaya Rajapaksa, which significantly reduced government revenues.
By 2022, tax exemptions for companies cost the Treasury 56% of total revenue, nearly three times the national education budget, while 80% of tax income came from goods and services, disproportionately burdening low-income households.
Saadoun emphasized, “Growth alone is not enough to fulfil human rights. The Government should establish a progressive tax system and ensure funds are used to support education and public services for all.”
HRW recommended eliminating costly corporate exemptions, introducing a wealth tax, and strengthening enforcement. While the current administration has taken limited measures, such as a Rs. 6,000 transfer to low-income families, HRW urged the government to raise education spending to 4–6% of GDP in line with international standards and human rights obligations.
HRW Calls for Tax Reform to Rescue Sri Lanka’s Education Sector
Human Rights Watch (HRW) has warned that Sri Lanka’s tax policies played a major role in the 2022 economic collapse and continue to deprive citizens of essential services. In its 101-page report, HRW said successive governments favoured corporations and the wealthy while failing to generate adequate revenue, leaving the country reliant on regressive consumption taxes.
The report noted that education spending fell to 1.5% of GDP in 2022, forcing schools to charge fees for basic resources and widening inequality. Tax exemptions for companies cost the Treasury 56% of total revenue, nearly three times the national education budget, while 80% of tax income came from goods and services, disproportionately affecting low-income households.
HRW urged President Anura Kumara Disanayake’s government to introduce a progressive tax system, eliminate corporate exemptions, and increase education spending to 4-6% of GDP to uphold human rights and strengthen social services.
Virtusa Corporation has announced a major expansion of its Sri Lanka Delivery Centre, creating over 200 new career opportunities across high-growth technology sectors such as Artificial Intelligence (AI), Data Science, Full Stack Development, DevOps, and BPO/KPO services. The move marks a renewed phase of investment in Sri Lanka as Virtusa advances toward its goal of becoming a $5 billion enterprise by 2030.
The announcement aligns with the strategic vision of Virtusa CEO Nitesh Banga, who has committed to positioning the company as the world’s leading domain-driven engineering partner for the AI-driven enterprise. During his recent visit to Sri Lanka, Banga underscored the country’s pivotal role in Virtusa’s global operations, noting that Colombo remains the firm’s founding centre of excellence and a key contributor to its global delivery model.
The newly announced positions, open to both fresh graduates and experienced professionals, will enable Sri Lankan talent to work on cutting-edge AI and digital transformation projects for Fortune 500 clients across industries such as banking, financial services, insurance, telecom, healthcare, and technology.
Virtusa’s Sri Lankan operations have long been central to its success, combining deep domain expertise with agile engineering and a culture of continuous innovation. The Colombo centre also leads advancements in Virtusa Helio, the company’s proprietary suite of AI-powered accelerators that help enterprises achieve faster and measurable business outcomes through intelligent automation.
“Sri Lanka continues to be a strategic centre of excellence for Virtusa,” said Virtusa Corporation Chief Operating Officer Venkatesan Vijayaraghavan. “Our recruitment drive reflects confidence in the country’s exceptional talent and its ability to deliver world-class AI and engineering solutions to global clients.”
Reinforcing its focus on AI-led innovation, Virtusa continues to upskill its workforce through the Virtusa Thrive Academy, offering specialized programs in AI orchestration, prompt engineering, and domain-specific AI applications. These initiatives aim to prepare employees for the next wave of technological disruption while contributing to Sri Lanka’s growing digital economy.
Virtusa Joint Country Head (Sri Lanka) Denver De Zylva added, “As we move toward our $5 billion goal by 2030, our commitment remains to nurture world-class Sri Lankan talent ready to lead in an AI-first world.”
Candidates can explore and apply for open roles through Virtusa’s careers portal, as the company continues to position Sri Lanka as a global innovation hub within its international delivery network.
The Government is moving ahead with a sweeping overhaul of Sri Lanka’s labour laws, with four new bills set to be introduced as part of efforts to modernise the country’s employment framework and align it with evolving economic and social realities, the Parliament Secretariat announced yesterday.
The initiative, presented at the Ministerial Consultative Committee on Labour Affairs, focuses on simplifying and consolidating existing laws while balancing worker protection and employer flexibility. Labour Minister Dr. Anil Jayantha Fernando and Deputy Minister Mahinda Jayasinghe took part in the discussions outlining the reform strategy.
A 17-member expert committee has been appointed to review 14 existing labour laws and draft four new bills covering key areas such as trade unions, labour relations, occupational safety, and termination of employment. The committee has also agreed to propose interim amendments to existing laws until the new legal framework is fully enacted.
The upcoming reforms will also address women’s night-time employment rights, labour protection mechanisms, and employment termination insurance provisions, aiming to bring Sri Lanka’s labour standards in line with international best practices.
Officials said the new legal framework seeks to create a fair balance between safeguarding worker rights and improving the competitiveness and adaptability of businesses in a rapidly changing global environment.
According to Labour Ministry sources, the National Policy on Occupational Safety and Health (OSH) has reached its final drafting stage and will be published soon. The Ministry is also working on a major digitalisation initiative, upgrading the Labour Department’s database to ensure that every worker is registered in the national system as soon as they enter the labour force.
Officials noted that this digital registry will enhance transparency, compliance, and social protection coverage while reducing administrative delays.
The labour reform programme is seen as a critical step toward creating a modern, inclusive, and dynamic labour market capable of supporting investment, productivity, and sustainable growth.
Sri Lanka could be losing between $450 million and $1 billion each year to cybercrime, according to Asian Development Bank (ADB) Digital Sector Office Director Antonio Zaballos, who urged stronger cybersecurity frameworks and a national shift in digital awareness to safeguard the country’s growing online economy.
Speaking at the ADB’s Serendipity Knowledge Program (SKOP) on Digital Transformation: Cybersecurity and Data Protection for Digital Economy Development held in Colombo, Zaballos said global cybercrime losses have now reached $10.5 trillion nearly 9% of global GDP.
“If we consider even 0.5-1% of Sri Lanka’s GDP, the annual cost of cybercrime could easily fall between $450 million and $1 billion,” he said, emphasizing that as economies become more digitally interconnected, their exposure to cyber threats rises sharply.
“The more connected we are, the more at risk we are,” Zaballos warned, noting that cybersecurity is no longer just a technical issue but a development challenge that demands collaboration between governments, private enterprises, and citizens.
He highlighted that Sri Lanka’s push toward a digital economy through online banking, e-commerce, and digital governance makes the country particularly vulnerable without adequate cyber protection, adding that proactive investment in cybersecurity infrastructure is essential to prevent economic disruption and loss of public trust.
Meanwhile, Data Protection Authority Chairman Rajeeva Bandaranaike stressed that Sri Lanka’s biggest hurdle lies not merely in technology but in building a culture of cybersecurity and data privacy.
“We don’t have a culture of data privacy and data protection, and awareness levels remain very low,” he said. “Policymakers need to take ownership and embed a sense of responsibility across all sectors of society.”
Bandaranaike said that Sri Lanka’s forthcoming Data Protection Act and cybersecurity legislation will set an important legal foundation for digital governance. However, he cautioned that legislation alone will not be enough unless supported by continuous education and public engagement.
“Like wearing helmets or seatbelts, data protection needs to become second nature,” he added. “That will take consistent enforcement, awareness campaigns, and digital literacy efforts.”
Experts at the forum agreed that Sri Lanka must accelerate its institutional readiness and cross-sector collaboration to mitigate rising cyber threats as digital adoption expands. Without stronger protections, they warned, cybercrime could significantly undermine investor confidence, financial stability, and long-term economic growth.
All travelers visiting Sri Lanka for short-stay purposes, including tourism or business, are required to obtain an Electronic Travel Authorization (ETA) prior to arrival.
Travelers can find more information and apply online through the following official websites:
🔹 www.eta.gov.lk
🔹 www.immigration.gov.lk
The ETA system streamlines the visa process, allowing visitors to secure entry authorization before travelling to Sri Lanka.
The government has decided to establish an operations committee comprising officials from both the public and private sectors to take swift and coordinated measures to promote sports tourism in Sri Lanka.
Tourism Minister Vijitha Herath announced the initiative during a special meeting held today (16) at the Ministry of Tourism, attended by representatives from the Ministry of Youth Affairs and Sports, Sri Lanka Cricket, and several national sports federations.
The discussion centered on strategies to attract international visitors by hosting and promoting major national and international sports events, including cricket, rugby, and football tournaments. Officials noted that Sri Lanka already draws thousands of athletes, coaches, officials, and spectators annually for various sporting activities.
Sri Lanka’s growing popularity for surfing, white-water rafting, mountaineering, cycling, and marathons was also highlighted as an opportunity to expand the sports tourism segment. According to officials, around 40 cricket matchesare scheduled for the first four months of next year, alongside numerous other events.
However, participants pointed out that the tourism potential of sports events remains underutilized, prompting the decision to form the new operations committee to link sports with broader tourism promotion efforts.
Minister Herath emphasized that sports tourism is a key component of Sri Lanka’s long-term tourism strategy.
“The new committee will help identify the unique potential of this sector and guide future development initiatives to position Sri Lanka as a leading sports tourism destination,” he said.
The committee will also develop strategies to connect the sports and tourism industries, enhance international promotion, improve infrastructure, and provide policy guidance for the sector’s sustainable growth.
The meeting was also attended by Deputy Minister of Tourism Ruwan Ranasinghe and Minister of Youth Affairs and Sports Sunil Kumara Gamage.
The Sri Lanka Police Headquarters has issued a public alert urging citizens to exercise caution when obtaining loans via the Internet or mobile applications, following a surge in complaints about fraudulent and exploitative lending practices.
According to the Police, numerous entities are currently advertising instant loans online and through mobile platforms, often promoting them with misleadingly attractive offers. In some cases, individuals have received unsolicited phone calls encouraging them to apply for loans that purportedly require no collateral.
However, police reports indicate that many borrowers have fallen into severe financial distress after taking such loans without properly reviewing interest rates or repayment conditions.
Daily complaints reveal that some borrowers are being charged exorbitant interest rates, while others face harassment from lenders, including frequent phone calls and defamatory social media posts aimed at shaming those unable to make timely payments.
In response, the Sri Lanka Police, together with the Non-Banking Financial Institutions Supervision Department of the Central Bank of Sri Lanka (CBSL), conducted a joint investigation. Findings confirmed that many online lending entities are not regulated by the Central Bank.
The CBSL has since announced that measures are being taken to bring such operators under proper regulatory oversight.
The Police urged the public to obtain loans only from institutions licensed and regulated by the Central Bank, warning that unregulated lenders pose serious risks of financial exploitation.
Citizens are advised to report any suspicious or unethical lending activities to their nearest police station or visit the official Central Bank website for guidance and verification.
