Vetted by NeuralPress's Multi-Agent Verifier for strict factual validity and event relevance. Our compliance engine cross-checks and filters search results to ensure zero false correlations or misleading content.
Primary Sources
Sri Lanka Insurance Bond Scam Puts Rs.10B at Risk -
Sri Lanka Insurance bond scam allegations raise alarm over Rs.10B Treasury bond purchase, policyholder funds and Finance Ministry links. Sri Lanka Insurance bond scam allegations have erupted after Niroshan Padukka claimed that policyholders’ funds were exposed to massive financial risk through a controversial Treasury bond purchase. Addressing a media briefing, Padukka alleged that the Sri Lanka Insurance Corporation purchased Treasury bonds worth Rs. 10,000 million, or Rs. 10 billion, at an interest rate lower than the market rate and without official approval. He described the transaction as a premeditated financial crime and warned that the decision could cause serious losses to one of the country’s most important state-linked financial institutions. Follow The Morning Telegraph WhatsApp Channel Get breaking updates, instant alerts, and exclusives. Join Now According to Padukka, the market interest rate at the time was at a higher level, ranging between 10.12 percent and 10.15 percent. However, he claimed that the Insurance Corporation purchased the bonds at a much lower interest rate of 9.75 percent. He further stated that the transaction involved the investment of Rs. 16,000 million of policyholders’ funds. Padukka said the loss already incurred from this bond purchase exceeds Rs. 500 million. He warned that if interest rates rise to 11.5 percent in the future, the total loss to the Insurance Corporation could exceed Rs. 2,000 million, or Rs. 2 billion. This raises concerns about whether policyholders’ money was used with proper safeguards, professional oversight, and approval from the required internal bodies. Padukka emphasized that President Anura Kumara Dissanayake and Secretary to the Ministry of Finance Harshana Suriyapperuma should be held directly responsible for the financial crisis. He also alleged that the person behind the transaction was Somadasa Paliyawadana, a director of the Insurance Corporation. According to Padukka, Paliyawadana’s role as managing director of Sherwood Capital, a private company dealing in government bonds, represents a serious conflict of interest. The allegation has placed renewed attention on the relationship between public institutions, private market actors, and the handling of state-linked investment funds. Padukka further claimed that Secretary to the Ministry of Finance Harshana Suriyapperuma appointed his associate, Paliyawadana, to the position within seven days of assuming office. He also ...
Sri Lanka's only national business newspaper | Daily FT
April tourist arrivals slip to weakest so far in 2026 Tuesday, 5 May 2026 00:30 Sri Lanka’s tourism sector recorded its weakest monthly performance of 2026 in April, with visitor arrivals falling sharply amid seasonal travel cha .. Melstacorp appointed authorised importer and distributor for BMW vehicles in Sri Lanka Tuesday, 5 May 2026 00:26 Mels Automobiles Ltd., the fully owned subsidiary of Melstacorp PLC, has been officially appointed as the authorised importer and dealer for BMW autom .. Govt. says VAT changes to simplify taxation, not impose additional burden Tuesday, 5 May 2026 00:25 The Government yesterday said recent Value Added Tax (VAT) amendments are intended to simplify and streamline the tax structure on financial services, .. NTB absorbs Rs. 36.6 b assets, Rs. 142.8 b liabilities from HSBC retail deal Tuesday, 5 May 2026 00:23 Nations Trust Bank PLC (NTB) has absorbed Rs. 36.6 billion in assets and Rs. 142.8 billion in liabilities following the acquisition of Hongkong and Sh .. Browns Beach Rs. 30 per share exit offer opens today Tuesday, 5 May 2026 00:20 Melstacorp PLC and Aitken Spence Hotel Holdings PLC have made an exit offer to acquire shares held by minority shareholders of Browns Beach Hotels PLC .. Fuel dealers challenge CPC’s Rs. 36.4 b profit, allege margin cuts and lack of pricing transparency Monday, 4 May 2026 04:57 The Ceylon Petroleum Corporation (CPC) has come under scrutiny from fuel dealers, who have raised concerns over the reported Rs. 36.4 billion profit f .. SLPA posts highest profit, up 12% YoY to Rs. 42.8 b in 2025 Monday, 4 May 2026 04:51 The Sri Lanka Ports Authority (SLPA) has reported improved operating and profit performance for the year ended 31 December 2025, with group net Profit .. NDB posts 1Q PAT of Rs. 1.75 b, after adjusting for financial impact of fraud Monday, 4 May 2026 04:49 National Development Bank PLC (NDB) said it has posted a Profit After Tax (PAT) of Rs. 1.75 billion in the first quarter of 2026 after adjusting for t .. Union Bank records strong start to 2026 with PBT of Rs. 465 m Monday, 4 May 2026 00:42 Building on its 2025 performance, during which the Bank doubled its bottom-line Union Bank has commenced 2026 with strong momentum, reinforcing its tr .. Menzell Doehle Group expands footprint with strategic stake in Westport Marine Monday, 4 May 2026 00:37 The Hamburg-based Menzell Doehle Group has announced the acquisition of a 40% stake in Colombo’s Westport Marine Ltd., marking a...
Newswire - Sri Lanka's largest News aggregator
New York Times spotlights Sri Lanka's Brief Garden Sri Lanka-Italy driving licence agreement effective from April Visual Stories PM says a proper inquiry is underway to take action against those responsible for the Treasury cyber theft "There's a major issue concerning the country's financial security" - Opposition Leader
Sri Lanka News Around the Clock | Sri Lankan News.Net
Streaming Sri Lanka news with global updates and business reports. Readers can comment on individual news stories, access a poll, Sri Lankan newspapers and government portals.
