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Tokyo Cement Chairman Cabral appointed NSB Chairman



Dr. Harsha Cabral PC, a veteran legal professional, has been appointed as the new Chairperson of National Savings Bank (NSB).

Dr. Cabral is a President’s Counsel in Sri Lanka with 35 years’ experience in the field of Intellectual Property Law, Company Law, Commercial Law, Commercial Arbitration, Securities Laws and International Trade Law

He has been a President’s Counsel for 17 years. He holds a doctorate in Corporate Law from the University of Canberra, Australia.

He was a sitting member of the International Chamber of Commerce (ICC) International Court of Arbitration in Paris for a period of six years till 2021.

He is a Representative Member of the Federation of Integrated Conflict Management (FICM) as well as a Representative Member of the International Commercial Disputes Tribunal (ICDT).

Dr. Cabral is a Fellow of the Institute of Chartered Governance Institute (UK & Ireland). He is a former member of the Board of Investment (BOI) of Sri Lanka. He was the Founder Board Member of the Sri Lanka International Arbitration Centre and was involved in the drafting of the Arbitration Act, No. 11 of 1995, the current Act.

Dr. Cabral is also a member of the Law Commission of Sri Lanka, a member of the Intellectual Property Advisory Commission in Sri Lanka and the Chairman of the Intellectual Property Law Reform Project of the Ministry of Justice, a member of the Corporate Governance Faculty and the Corporate Governance Committee of the Institute of Chartered Accountants of Sri Lanka, and University Grants Commission (UGC) nominee on the Post Graduate Institute of Medicine (PGIM).

As a member of the Advisory Commission on Company Law in Sri Lanka, Dr.  Cabral was one of the architects of the Companies Act No. 7 of 2007.

Dr. Cabral serves as the Chairman of the Tokyo Cement Group, which commands the largest market share for cement in Sri Lanka. He was the past Chairman of LOLC Finance PLC, one of the largest Finance Companies in Sri Lanka.

He was also a director of LOLC Insurance Company Limited, Commercial Leasing & Finance Limited and Richard Pieris Distributors Limited (Arpico Supermarkets). He was also the past Acting Chairman of Hatton National Bank PLC (HNB). In addition, Dr. Cabral was a senior Director of the Union Bank of Sri Lanka. He was also a member of the Cabinet appointed Committee on the National Trade Policy and also a member of the Presidential Commission appointed on reformulating laws of Sri Lanka.

Dr. Cabral currently serves as Independent Non-Executive Director of DIMO PLC, Hayleys PLC, Alumex PLC, Tokyo Cement Company (Lanka) PLC, Chevron Lubricants Lanka PLC, Ceylinco Life Insurance Co Ltd, Darley Property Holdings Ltd., CCC-ICLP International ADR Centre (Guarantee) Limited, National Olympic Committee (NOC) Ethics Committee (Chairman) and Sri Lanka Institute of Information Technology (Guarantee) Ltd., (SLIIT), and he serves on several Audit Committees, Nomination Committees, Remuneration Committees, Recoveries Committees and the Related Party Transaction Committees, chairing most of them.

Dr. Cabral is a senior visiting lecturer at several Universities here and abroad, a regular speaker at public seminars and an author of several books. He has also presented several papers on Corporate Law, Intellectual Property Law, Commercial Arbitration, and International Trade Law here and abroad. In addition to his active practice in courts and lecturing, he has been a counsel in many Arbitrations and has served as Sole-Arbitrator, Co-Arbitrator and Chairman in a large number of Arbitrations, domestic and international.

Dr. Cabral is also an accomplished author who has published several books including “Corporate Law, Derivative Actions: A Comparative Approach” and “Intellectual Property Law in Sri Lanka”.

NSB General Manager/ CEO Ajith Peiris and other officials participated in the event where the new chairman assumed duties.


Thilini Priyamali hospitalized ; case adjourned




The Colombo High Court Judge Adithya Patabendige today (June 05) ordered a case filed before the Colombo High Court against Thilini Priyamali, the businesswoman who is accused of massive financial fraud, to be taken up for hearing on August 11.

The order was issued when the case against Priyamali over the misappropriation of Rs. 08 million, which was obtained from a person in the Matara area promising to provide a vehicle, was taken up for hearing.

At the time, the defendant Thilini Priyamali did not appear before the courts, and her attorney stated before the courts that her client is receiving treatment at a private hospital in Colombo due to an illness.

Accordingly, the judge who ordered the case to be adjourned until August 11, also ordered the defending party to appear before courts on the relevant date with an accepted medical report of the defendant.

The relevant case has been filed by the Attorney General, accusing that an amount of Rs. 8 million, which was obtained by the accused in the year 2010, promising an individual in the Matara area a vehicle, had been misappropriated.


(Except for the headline, this story, originally published by has not been edited by SLM staff)

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Building occupied by Raju Radha, entangled in shady dealings!




A group of around 50 people have reportedly tried to take over the Green Lanka building at Navam Mawatha in Colombo 02, after gradually entering the building since Saturday night (03).

The building is said to have been forcibly occupied by Indian businessman Raju Radha for some time now.
The first group of around 12 persons had entered the building around 10.45 pm last Saturday, and entered the sixth and seventh floors of the building where the Indian businessman is residing.

This was followed by a group of nearly 50 people entering the same floors around 1.00 am yesterday.

Subsequently, the Kompanna Vidiya police had entered the building, removed the trespassers and recorded statements.

Officials of Mercantile Investments – the company currently owning the building, have also given statements to the police.

Police later said that 23 people who were arrested for trespassing the building were released.

However, reports say that the police chief had acted in favour of Mr. Radha. A ministry-level inquiry is also to be launched in this regard, reports add.

According to reports, a retired Senior Superintendent of Police by the name Bandula, has been tasked with the building’s security by Mr. Radha.

‘Shady dealings’
This nine-storey building initially belonging to Green Lanka has been mortgaged by its owners to Mercantile Investments, a leasing company located in Kollupitiya.

The leasing company has filed a case in the Supreme Court that the Indian national Raju Radha is illegally occupying and using this building through a Malaysian company, Asia Capital PLC.

The Criminal Investigation Department (CID) has launched an investigation into the allegations that Mr. Radha has been staying in the building since 2014 with the backing of political and high-ranking police officials and had rented out the floors of the building to several companies.

The second floor of the building has been rented by Pastor Jerome Fernando to conduct religious services.
It is also reported several relatives of the Thondaman family, former Financial Crimes Investigation Division (FCID) director – Ravi Waidyalankara and his son, as well as former President Mahinda Rajapaksa’s private secretary – Uditha Lokubandara, have houses in this building.

It was reported that a nightclub owned by well known businessman Nalin Fonseka, is also located in the building.

A cafe owned by Raju Radha’s daughter is located at the rooftop, reports add.

Previously, media had reported that some individuals in this building had been accused of forcibly seizing property and land worth billions after deceiving wives of Colombo businessmen.

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Cancer vaccine misused as skin-whitening




The National Medicines Regulatory Authority (NMRA) said that complaints have been received that some people use Glutathione vaccine to whiten the skin.

Glutathione is given on low-doses to reduce complications of cancer patients.

NMRA Chief Food and Drug Inspector Amith Perera said that some private hospitals use the vaccine for cosmetic purposes, and it has been reported that customers who come for skin whitening are charged about Rs.100,000.

Information has been revealed that this vaccine is given to both male and female customers belonging to different ages who come for skin whitening at some beauty salons as well as in apartments.

Mr. Perera said the use of glutathione tablets and creams to whiten and lighten the skin is allowed by law, but the use of the vaccine is not allowed.

“People who use the vaccine develop many side effects, especially kidney issues, complications related to blood vessels, and various thyroid disorders. We are working to take legal action against private hospitals and salons that use these injections,” he said.

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