Among the physical assets owned by Sri Lanka Telecom (SLT) to be sold, it is reported that the most valuable asset is the cable system consisting of five underground cables (submarine fiber optic cable system) that provides communication facilities from Sri Lanka to foreign countries.
Meanwhile, it was reported that both Malaysia and India are trying to buy the SLT.
However, it is said that if SLT were to sell the 49.5% shares owned by the government, Malaysia’s Global Telecom Holding (GTH), which owns 44.98% of the SLT, should first be invited.
According to the SLT Privatization Agreement, shares of GTH owned by Malaysian Tamil Buddhist Ananda Krishnan of Sri Lankan origin and the Sri Lankan Government are prohibited from being sold to third parties.
The government can sell its 49.5% stake to a third party only if the Malaysian company refuses to buy the shares.
Lalitha Hewagamage, a social media activist, in a post on his Facebook page said that Malaysia’s Dialog Axiata already owns more than 82.74% of Dialog’s shares. If GTH owns SLT, Malaysia will be the lead telecommunications owner in Sri Lanka.
He said that this is a beautiful acquisition compared to the South Indian, Portuguese, Dutch and English conquests.
He also said that the minions of President Ranil Wickremesinghe are trying to violate the agreement and transfer the shares owned by the government to a third buyer like Lycamobile or Reliance.
Mr. Hewagamage warned that if the agreement is violated, the country will have to pay compensation to GTH in an international court in the future.
He said the amount of compensation could be more than the amount obtained by selling the shares owned by the government.
Who is behind the idea?
Economic experts pointed out that developed countries with large economies have achieved their economic growth by moving to the world of e-commerce.
Accordingly, it is important for the government to have a stake in the country’s communication system to develop a country.
Meanwhile, security analysts pointed out that India is already working carefully to acquire the printing of national identity cards and its database, and its second step is to take over the national communication network.
Indian wolves vying for SLT
It has been confirmed that Reliance company owned by the Mittals family, as well as Jio company owned by Mukesh Ambani and Lycamobile owned by Subaskaran Aliraja are interested in buying SLT.
Reliance also owns Airtel in Sri Lanka.
Rohan is the most unsuccessful chairman…
Meanwhile, SLT trade unions said that current Chairman Rohan Fernando is the most unsuccessful chairman in SLT history.
Though the Chairman has told the media how SLT has become profitable, they said he is now silent about selling such a profitable company.
What Nanda Malini said about selling country’s resources:
The Constitutional Council (CC) has approved the appointment of two High Court judges as Justices of the Court of Appeal.
It is reported that the Constitutional Council, chaired by Speaker Dr. Jagath Wickramaratne, met recently and approved the nominations submitted by President Anura Kumara Dissanayake on the recommendation of Chief Justice Murdu Fernando.
Accordingly, approval has been granted for the appointment of Colombo High Court Judge Aditya Patabendige and High Court Judge (Civil Appeals) Frank Gunawardena as Justices of the Court of Appeal.
However, it is reported that the proposal to appoint Acting President of the Court of Appeal, Justice Mohammed Thahir Laffar, as a Supreme Court Justice was not considered by the Constitutional Council.
It is stated that the government withdrew the nomination concerning him, as there is currently no vacant seat on the Supreme Court bench.
Meanwhile, on March 11, three newly appointed Court of Appeal Justices were formally sworn in before President Anura Kumara Dissanayake at the Presidential Secretariat.
(adaderana.lk)
(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)
The Colombo Commercial High Court has ordered to publicly auction three companies said to be belonging to former MP Daya Gamage.
According to the Registrar and Deputy Fiscal of the Colombo Commercial High Court, the auction will be held on July 02 at 10am.
The decision to auction these 03 companies was made to recover a sum of Rs. 104,229,342 owed to a leasing company, People’s Leasing & Finance PLC.
As the respondents have paid approximately Rs. 4,080,000 out of the Rs. 108,309,342 to the leasing company, the auction will proceed in accordance with the judgment issued on Nov. 10, 2022, to recover the remaining amount.
The companies scheduled to be auctioned are Daya Group of Ltd., Daya Apparel Exporter (Pvt) Ltd., and Olympus Construction (Pvt) Ltd.
President Anura Kumara Disanayaka has returned to Sri Lanka today (June 15) after a successful visit to the Federal Republic of Germany from June 11 -13.
A statement issued in this regard by the Sri Lankan Ministry of Foreign Affairs, Foreign Employment and Tourism further notes :
President Disanayaka undertook the visit at the invitation of the President of Germany, Frank- Walter Steinmeier, who welcomed him at the Bellevue Palace in Berlin on 11 June 2025, with a ceremonial Guard of Honour accorded by the German Armed Forces.
During the bilateral talks, the two heads of state focused on further strengthening the cordial bilateral relationship and utilizing emerging economic opportunities in areas such as vocational training and the tourism industry. President Disanayaka also briefed the German President on the recent developments in Sri Lanka, including the economic stabilization and reconciliation efforts undertaken and envisaged future action.
During the visit, the German Foreign Minister Dr. Johann Wadephul and German Federal Minister for Economic Cooperation and Development Ms. Reem Alabali-Radovan called on President Disanayake. The discussions with the German Foreign Minister Dr. Wadephul focused on increasing the growing bilateral exchanges between the two countries, economic stabilization efforts, enhancing German investment, the GSP plus trade facility with the European Union, and strengthening cooperation in the multilateral arena.
During the meeting with Minister Alabali-Radovan, President Disanayaka appreciated the development assistance from the German government, which had benefitted the country for more than 65 years, with recent examples being the German-Sri Lanka Friendship Maternity Hospital in Galle and the German Technical Training Institute in Kilinochchi. Discussions also focused on future projects, especially expanding vocational education and training opportunities.
During the visit, the State Secretary of the German Federal Ministry for Economic Affairs and Energy, Dr. Thomas Steffen called on Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism Vijitha Herath and discussed Sri Lanka’s recent economic progress, improved political stability, and the government’s ongoing efforts to create a more investor- friendly environment.
The visit primarily focused on strengthening economic cooperation between the two countries, including considerable opportunities in emerging areas. Addressing a business forum organized by the Sri Lanka Embassy in Berlin, the German Chamber of Commerce and Industry (DIHK) and the German Asia-Pacific Business Association (OAV) and held at the headquarters of the DIHK, President Disanayake reiterated that Sri Lanka will create a conductive and transparent investment climate and invited the business community to make use of opportunities presented by Sri Lanka’s development potential and strategic location.
At a meeting with key tourism industry associations in Germany focused on outbound tourism, President Disanayake explained the plans of the government to protect the sustainable nature of the tourism industry of Sri Lanka and to address constraints such as human resource development to ensure the continued growth of the vital industry. The President also addressed aspects related to investment in the tourism industry.
The President was accompanied to the meetings by the Minister of Foreign Affairs, Foreign Employment and Tourism Vijitha Herath; Sri Lanka’s Ambassador to Germany Varuni Muthukumarana; Director General for Europe and North America at the Ministry of Foreign Affairs, Foreign Employment and Tourism Sugeeshwara Gunaratna; Chairman of the Board of Investment Arjuna Herath; and other Senior Government officials.
