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Four decades after it built the landmark Unity Plaza, On’ally Holdings PLC is once again in the spotlight this time for reasons that reach far beyond its real-estate portfolio. The appointment of Eng. Kumudu Lal, the Chairman of the Urban Development Authority (UDA) and Secretary to the Ministry of Housing, Construction & Water Supply, as Chairman of On’ally Holdings has ignited a fierce governance debate and revived allegations of a serious conflict of interest at the heart of the company.

Founded in 1982 by Onally Gulam Hussain, On’ally grew from a private property venture into one of Colombo’s most visible real-estate firms. Its flagship project, Unity Plaza, launched in 1987, remains Sri Lanka’s most recognized IT and commercial complex. But beneath its polished façade, a long-running ownership struggle continues to cloud its boardroom.

The company’s shareholding is split between two major players: Lanka Realty Investments PLC (LRI), which controls around 50.9 percent, and the UDA, which holds 44.8 percent. What should be a strategic partnership has turned into a bitter legal rivalry.

In 2021, the UDA filed a civil case in the Colombo Commercial High Court, accusing LRI of oppression and mismanagement of shareholder rights after it acquired its majority stake in 2020. The court initially restricted LRI’s voting rights, but the Court of Appeal in March 2024 suspended that order, allowing LRI to exercise control until the final judgment is delivered.

Against this volatile backdrop, the appointment of the UDA’s own chairman to head On’ally Holdings has alarmed investors and legal observers alike. Corporate governance experts point out that Lal now sits on both sides of the conflict representing the litigant UDA while chairing the very company involved in the dispute. 

Under Sri Lanka’s Corporate Governance Code and OECD principles for state-owned enterprises, such dual positions create an “unmanageable conflict” that threatens board independence and market confidence.

Financially, On’ally’s latest performance adds further tension. For the nine months ending December 2024, cash and cash equivalents dropped 25.7 percent, while net operating cash flow plunged over 56 percent, signalling liquidity pressure. 

The current ratio weakened from 4.83× to 3.31×, and despite a modest revenue increase from rental income at Unity Plaza, profit margins remain under strain due to rising costs and fair-value losses on property assets.

 At the Colombo Stock Exchange, the company’s share price has fluctuated sharply within a Rs 23–37 band over the past year, reflecting investor uncertainty. Analysts warn that unresolved governance issues could continue to depress sentiment even as the Unity Plaza refurbishment nears completion.

Market sources suggest that the Securities and Exchange Commission (SEC) may review whether the appointment complies with conflict-of-interest and disclosure rules applicable to listed entities. Legal professionals say that unless Lal recuses himself from matters involving the UDA, or the board appoints an independent chairperson, On’ally risks breaching basic fiduciary obligations.

For now, On’ally Holdings stands at a crossroads its balance sheet weakened, its leadership questioned, and its founding legacy overshadowed by an intensifying power struggle. What began as a proud Colombo real-estate story has become a case study in how corporate control, public influence, and governance lapses can collide under the same roof.

A woman has been arrested for defying traffic police orders, obstructing officers on duty, and falsely claiming to be the sister of a Senior DIG.

According to police, a viral video shows the suspect arguing with traffic officers in Udugampola after refusing to stop her vehicle when instructed to do so.

She was subsequently taken into custody and charged with dangerous and negligent driving, disobeying police orders, and obstructing law enforcement duties.

The Ceylon Electricity Board (CEB) is undergoing one of the most ambitious institutional restructurings in Sri Lanka’s power sector history. Under the amendments introduced by the Sri Lanka Electricity Act, No. 36 of 2024, the Board is to be unbundled into six separate entities, with four already established and their chairpersons and boards appointed through internal sources. At the same time, the utility has offered a voluntary retirement scheme (VRS) to staff unwilling to be absorbed into the successor companies.

So far, approximately 2,174 applications have been made for voluntary retirement at headquarters alone including 78 engineers, 18 accountants, and dozens of technical officers, clerks, and drivers. The Generation Division alone reportedly sees some 400 employees among the applicants.

 With the approved engineer cadre standing at 1,004 but only around 680 presently in service and roughly 70 working abroad, the retirement of 78 more would reduce the active engineering pool to about 532  an almost 50 percent reduction. The total approved staff number is 26,783, with roughly 21,800 currently employed. A further 2,200 departing would bring the workforce down to about 19,600  roughly a 10 percent cut.

 The VRS is governed by regulations gazetted on 26 August 2025. Permanent employees with over ten years of service are eligible for compensation calculated at two months’ salary for each year completed, plus 1.5 months for each year of service foregone  subject to a minimum of Rs 900,000 and a maximum of Rs 5 million. Those with under ten years of service receive five months’ salary per year served. Contractual employees and those under disciplinary inquiry are excluded. Importantly, employees who opt for VRS cannot join any of the successor companies.

From a financial standpoint, the CEB reported robust profit figures for the first ten months of 2024: revenue from electricity sales fell 5.1 percent to Rs 472.8 billion, but a steep 31.4 percent fall in direct generation cost to Rs 260.7 billion lifted gross profit to Rs 112 billion (vs. Rs 41.1 billion in 2023). 

Net profit before tax was Rs 139.4 billion compared to a loss of Rs 0.36 billion previously. Outstanding payables to major suppliers and IPPs fell to around Rs 20.5 billion by end-October 2024. 

However, for the first half of 2025 the Board posted a loss of Rs 9.525 billion on revenue of Rs 201.509 billion (38 percent lower year-on-year) with finance costs still at Rs 7.78 billion. For the last three months of 2025 the company estimates a deficit of Rs 7.694 billion with revenue of Rs 112.372 billion and cost of Rs 125.3 billion.

The workforce reduction and structural transformation aim to make the power utility leaner and more competitive, shifting legacy generation, transmission, and distribution functions into dedicated units with clearer mandates. 

The government’s target is to ultimately reduce the cadre from 26,000 down to as few as 5,000 core staff, while successor companies recruit only for essential functions. Critics warn, however, that the loss of experience especially in maintenance, generation control, and system operations  poses major risks. Union leaders say some plants may be left with just one engineer on duty.

For employees, the picture is mixed: those opting for VRS receive generous packages but give up rights to join successor firms and must forego potential future progression. Those transferring face uncertainty over roles, places of work, and promotion pathways  a challenge confirmed when the Ceylon Electricity Board Engineers’ Union lost a court petition challenging assignation letters that lacked detail on new roles.

Looking ahead, the restructuring may help the CEB shed legacy cost burdens and become more flexible in procurement, generation planning, and distribution. The 2025–2044 Long-Term Generation Expansion Plan already outlines a pivot to renewables (targeting 70 percent by 2030) and LNG/hydrogen thermal backup. 

Nevertheless, successful transition depends on maintaining operational stability during the cutover phase, retaining key technical talent, and ensuring that successor companies are properly capitalised, governed, and accountable. The next 12–24 months will be critical as much for the national grid’s reliability as for the livelihoods of thousands of CEB employees.

Galagoda Aththe Gnanasara Thera, General Secretary of the Bodu Bala Sena (BBS), stated that Muslim women should be allowed to access health services while wearing the hijab, but opposed the wearing of the niqab and burqa.

Addressing the media, the Thera said that as Sinhalese nationals, it is wrong to oppose the hijab, which allows women to be identified, but garments covering the entire face, such as the niqab and burqa, should be discouraged.

He explained that while the hijab does not conceal identity, the burqa can make identification difficult, adding that some Muslim women wearing the burqa have obtained driving licenses and identity cards.

The Thera further argued that there is no need to adopt such foreign cultural practices in the country, and claimed that some criminals have used the burqa and niqab to carry out illegal activities.

He urged the Muslim community not to dispute this position, noting that wearing the hijab is permitted and should continue, while the burqa and niqab should be opposed.

(Source - Dailymirror)

Sri Lanka is moving closer to a next-generation telecommunications revolution with SLT-Mobitel and Japan’s Rakuten Symphony joining forces to introduce the country’s first Open Radio Access Network (Open RAN) pilot project. The initiative, which integrates both 4G and 5G Non-Standalone (NSA) and Standalone (SA) networks, is expected to transform Sri Lanka’s connectivity landscape, enhance competition, and accelerate the growth of its digital economy.

Under the Memorandum of Understanding (MoU), SLT-Mobitel will deploy Rakuten Symphony’s advanced Open RAN solutions, including virtualised Centralised Units (CUs) and Distributed Units (DUs), along with pre-certified third-party 4G and 5G Radio Units (RUs). This marks a key milestone in Sri Lanka’s telecom modernization efforts, as Open RAN technology enables interoperability between different network equipment providers—reducing dependence on a single vendor and cutting long-term costs.

The project forms part of a broader global initiative spearheaded by Rakuten Mobile, Rakuten Symphony’s parent company, and supported by the Japanese Government, to promote Open RAN adoption across emerging markets. Similar projects have already been rolled out in India, Vietnam, Kuwait, and Kenya, making Sri Lanka among the first in South Asia to test this transformative model.

According to Rakuten Symphony President Sharad Sriwastawa, the partnership will help SLT-Mobitel achieve a leaner, more efficient network operation while reducing total cost of ownership and accelerating service delivery. “Adopting open network principles enables faster innovation and improved network outcomes, ultimately enhancing customer experience,” he said.

SLT-Mobitel Chief Operating Officer Sudharshana Geeganage described the partnership as a strategic step in strengthening Sri Lanka’s digital competitiveness. “This collaboration underscores SLT-Mobitel’s commitment to implementing next-generation technologies. The Open RAN trial will bring unprecedented flexibility, improved network performance, and greater innovation capability supporting our mission to advance Sri Lanka’s digital economy,” he noted.

Open RAN allows mobile networks to be built using hardware and software from multiple suppliers, rather than relying on proprietary systems from a single vendor. This open and modular approach is expected to reduce network rollout costs, enhance scalability, and stimulate local innovation. It also provides a pathway for Sri Lankan engineers and technology firms to participate in future telecom infrastructure development.

Rakuten Symphony’s collaboration is backed by achievements derived from Japan’s NEDO (New Energy and Industrial Technology Development Organisation) program, focusing on network automation and cloud-edge capabilities. The Sri Lankan pilot could pave the way for a nationwide Open RAN deployment, driving faster 5G adoption and enabling new digital services in sectors like education, healthcare, logistics, and manufacturing.

With this pioneering initiative, Sri Lanka stands poised to become a regional frontrunner in telecom innovation, ensuring wider connectivity, better affordability, and enhanced resilience in its national communications network.

Five officers from the Excise Department’s Narcotics Control Unit have been taken into custody by the Criminal Investigation Department (CID) over their alleged involvement in a Rs. 102 million robbery at two gold jewellery stores in Hettiweediya, Colombo 11, earlier this year.

Police said the arrests were made by the CID’s Organised Robbery Investigation Division, which has been investigating the incident that occurred on 5 June. The suspects had reportedly posed as officers conducting an official raid at the jewellery shops, during which they seized Rs. 102 million in cash and detained seven individuals.

Further investigations later revealed that four of those arrested were in possession of illegally imported cigarettes, a matter that was subsequently reported to the Maligakanda Magistrate’s Court. It has also come to light that approximately Rs. 50 million of the confiscated money was later returned to the suspects.

The arrested officers, aged between 30 and 46, are residents of Kosgama, Hanwella, Dankotuwa, Millewa, and Madakalapuwa. They were produced before the Colombo Chief Magistrate’s Court yesterday (30) and were remanded until 11 November, pending an identification parade.

The CID’s Organised Robbery Investigation Division is continuing further inquiries into the case.

The landmark Colombo Lotus Tower, known locally as Nelum Kuluna, has entered a new phase of growth as its management company reports strong financial results for 2025. Once criticised as a costly vanity project, the tower has now emerged as one of Sri Lanka’s most profitable entertainment and tourism ventures.

According to Colombo Lotus Tower Management Private Limited (CLTMC), revenue for the first eight months of 2025 reached Rs. 1.43 billion, up 31 percent compared with the same period last year. Gross profit increased by 77 percent to Rs. 786.86 million, while profit before tax surged 192 percent to Rs. 539.93 million. Profit margins improved from 18 to 38 percent, indicating a significant turnaround in the tower’s operations.

The results mark a major recovery for a project once labelled a “white elephant.” Built mainly with Chinese financing, the Lotus Tower faced years of delays and criticism over high costs and limited returns. When it opened in 2022, it generated only Rs. 268 million in its first three months. Now, stronger management, cost control, and diversified operations are driving sustained profitability.

CLTMC Chairman Shirantha Pieris attributed the turnaround to disciplined financial management and new revenue streams. The tower’s management has expanded beyond observation deck ticket sales to include events, restaurants, and retail leasing, along with plans for digital entertainment and innovation zones.

A key highlight is the planned bungee-jump facility from the tower’s upper deck, set to be the tallest such attraction in the world. The new feature aims to position the Lotus Tower as an international adventure tourism destination. Additional upgrades include an expanded food court, rooftop events space, and digital exhibitions designed to attract both local and foreign visitors.

The partnership between CLTMC and Citrus Leisure PLC to manage hospitality operations on the 25th to 28th floors has drawn scrutiny. The agreement provides for a 3.5 percent management fee and 10 percent of gross revenue (excluding salaries), plus 20 percent of operating profit. However, even when Citrus Leisure incurred losses of Rs. 20.3 million in late 2023, CLTMC still paid management and staff fees, raising questions about the contract’s risk-sharing structure.

Further, auditors noted weak oversight in staff hiring and salary decisions, with Citrus having full discretion while CLTMC bore all salary costs. There was also an unapproved payment of Rs. 1.01 million for mobile phones and additional spending of Rs. 1.08 million to repair vandalism damage at the observation deck.

Despite these concerns, CLTMC’s strong financial rebound demonstrates improved governance and operational focus. The company says increased security measures, new visitor attractions, and better asset management have all contributed to profitability.

For Sri Lanka, the Lotus Tower’s revival offers both financial and symbolic value—showing that disciplined management and innovation can turn a once-criticised state asset into a viable, revenue-generating venture that supports tourism and the national economy.

Sri Lanka Podujana Peramuna (SLPP) National Organiser and MP Namal Rajapaksa said that a collective force representing a genuine opposition with new ideas and fresh thinking must come together.

He stated that his party’s support for the rally to be held in Nugegoda on 21 November is driven by that very objective.

Rajapaksa further noted that the government has shifted public attention towards national security in an attempt to cover up other pressing issues in the country.

(Source - Asianmirror)

Sri Lanka’s power sector is inching toward digital transformation, but progress remains slow and uneven, constrained by funding shortages, weak coordination, and the absence of a comprehensive national roadmap. The Institute of Policy Studies (IPS), in its State of the Economy 2025 report, reveals that while the National Energy Policy (NEP) 2019 laid out a vision for a digital energy ecosystem, its implementation has been fragmented amid the country’s recent economic turmoil.

According to IPS, the multiple crises that followed 2019 from import restrictions to foreign exchange shortages — severely disrupted the energy sector’s modernization efforts. Despite this, a few pilot projects and international partnerships have pushed the sector toward limited digital adoption.

One of the most notable developments is the $200 million Asian Development Bank (ADB) loan aimed at strengthening the national grid and introducing battery storage and smart-grid technologies. This initiative includes a smart-grid pilot project at the University of Moratuwa, which is enhancing local research capacity and building a skilled workforce for future grid management.

The Sri Lanka Sustainable Energy Authority (SLSEA), Ceylon Electricity Board (CEB), and Lanka Electricity Company (LECO) are also advancing renewable-energy digitalization through pilot projects. Feasibility studies are underway for establishing renewable energy control centres capable of monitoring power generation in real time through digital platforms. “The digital monitoring system will be extended to wind power plants with ADB assistance,” the IPS report states.

LECO has been at the forefront of operational digitalization. It has introduced an Enterprise Resource Planning (ERP) system and over 5,600 smart metering pilot projects. Out of approximately 38,000 consumer accounts, about 25% now use smart meters, enabling remote billing and consumption tracking. In addition, LECO has installed weather-monitoring stations at major transformers to facilitate predictive maintenance and quicker fault detection within 10–15 kilometres.

Meanwhile, the CEB, which serves 7.2 million customers, has developed its own customer service platforms. The CEB Care app and SMS service allow consumers to access billing data, report outages, and manage accounts through GPS and GIS-integrated tools. Similarly, LECO’s MyLECO app provides real-time usage data, multi-language support, and customer alerts. Both apps were locally developed and have been integrated to enhance consumer engagement.

The IPS identifies these digital efforts as the foundation for a broader energy transformation. However, it warns that targets under the 2020–2024 energy policy remain only partially achieved. Resource limitations, lack of data governance, and poor coordination have prevented Sri Lanka from realizing the full potential of digitalisation.

Although LECO is developing GIS-based automation and renewable forecasting tools, and the CEB is digitizing its operations, many structural gaps persist. Proposed data-governance policies and mandatory building-management systems under the Urban Development Authority (UDA) have yet to be implemented.

The IPS stresses that a national digitalisation framework is crucial for sustained progress. “Implementing data-governance systems, enforcing building-management regulations, and executing a full digital transformation plan for the energy value chain are prerequisites for long-term success,” it concludes

The Ceylon Petroleum Corporation (Ceypetco) has announced a revision of fuel prices effective from midnight today (31). 

According to the announcement, the price of Petrol 92 Octane will be reduced by Rs. 5 to Rs. 294 per litre, and Super Diesel will be increased by Rs. 5 to Rs. 318 per litre. 

Meanwhile, there will be no change in the prices of Petrol 95 Octane and Auto Diesel. 

The revised rates are as follows:

Petrol 92 Octane – Rs. 294 (reduced by Rs. 5)
Super Diesel – Rs. 318 (increased by Rs. 5)

Auto Diesel – (not revised)
Petrol 95 Octane – (not revised)
Kerosene – (not revised)

The Department of Examinations says that conducting tuition classes, lectures, and seminars related to the upcoming G.C.E. Advanced Level Examination will be prohibited starting after midnight on the 4th of November.

Commissioner General of Examinations, Indika Kumari Gamage, says that this ban will remain in effect until the examination concludes.

The G.C.E. Advanced Level Examination is scheduled to be held from the 10th of November to the 5th of December at 2,362 examination centers.

Sri Lanka’s rubber industry has entered a critical phase, driven by new rules from the European Union Deforestation Regulation (EUDR) and a government-led mapping initiative aimed at smallholder lands. The government recently approved a national programme to digitally map and register rubber plantations using GIS technology and QR codes, with the goal of meeting traceability requirements for exports into the EU. 

Under the initiative spearheaded by the Rubber Development Department and the Survey Department of Sri Lanka, all smallholder rubber holdings must be geocoded, registered and assigned a unique QR code. That code links each plot to ownership, planting data and verification of land use. The mapping is scheduled for completion by end-2025. 

The urgency stems from the EUDR, which from 2025 onwards will only allow rubber and rubber-based products into the EU if production can be proven “deforestation-free” and fully traceable to the plot. 

But Sri Lanka’s rubber sector faces headwinds. Output has fallen sharply, with natural rubber production expected to come in at around 60 million kg in 2023 a drop of 15 % compared with the prior year due to disease, fertiliser shortages and ageing plantations. 

Meanwhile, the industry, which employs over 150,000 tappers across smallholder estates, is under pressure from diminishing yields and rising global competition. 

The mapping initiative could therefore serve as a lifeline: compliance would protect market access, while failure risks exclusion and export losses. A recent report estimated that two-thirds (68 %) of the roughly 98,000 ha of rubber land is under smallholder control many of whom currently operate without formal titles or digital documentation. 

From a financial perspective, the stakes are material. Sri Lanka’s rubber product exports in 2024 reached roughly USD 1 billion, with a target to double to USD 2 billion by 2030. 

Any disruption to EU supply chains due to EUDR non-compliance could trigger sharp revenue declines, denting foreign-exchange earnings and jeopardising rural incomes. Consider: if even 10 % of exports are blocked or face higher compliance costs, that could translate into losses of USD 100 million or more; for smallholders and downstream processors working on thin margins, the ripple effect is significant.

Yet implementation risks loom. On-the-ground, mapping progress is described as slow, with rural connectivity weak, human-resource shortages acute and manual record-keeping still common. 

Economists argue that ineffective compliance could lead to higher verification costs, delayed shipments and long-term damage to Sri Lanka’s export reputation. “Without full compliance, Sri Lanka risks even greater export losses, product rejections, and long-term market damage,” one policy study warns. 

Governance matters too. Successfully registering tens of thousands of small-scale growers demands strong institutional coordination, digital infrastructure, farmer training and credible audit trails. In that sense, the mapping initiative is not just about land-registration—it is about reviving the entire rubber value-chain with sustainability and resilience at its core.

In conclusion, Sri Lanka’s push to map smallholder rubber lands under the EUDR framework is a timely but challenging endeavour. If executed well, it could unlock sustained export earnings, protect rural livelihoods and modernise the sector. If not, the consequences could be harsh: lost markets, contracting production and livelihoods at stake. As the 2025 deadline looms, the rubber industry is racing to prove that it can rise to the global environmental bar and the clock is ticking.