Corruption
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Sri Lanka Launches National Integrity Week to Tackle Corruption in the Public Sector
FINANCIAL CHRONICLE — Sri Lanka has officially designated July 27 to 31 as National Integrity Week, aiming to combat corruption within the public sector and promote transparent governance practices. This initiative was initially planned to coincide with Anti-Corruption Day in 2025 but was postponed in March due to logistical challenges and fuel shortages. It will…
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Sri Lanka’s Central Bank Enforces Rs.14.6 Million Fines on Major Companies for Regulatory Violations
FINANCIAL CHRONICLE – The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka has levied administrative fines totaling Rs. 14.6 million against 11 entities, including Indian Overseas Bank, due to violations of the Financial Transactions Reporting Act (FTRA). This information was released in a statement by the Central Bank. The fines were imposed…
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Sri Lanka’s President Investigates $1 Billion Capital Outflow Lacking Corresponding Imports Since 2023
Sri Lanka’s President Anura Kumara Dissanayake announced that an investigation is currently underway regarding the illicit transfer of approximately US$ 1 billion out of the country since the beginning of 2023, purportedly as advance payments for imports. During a parliamentary session on Thursday, June 26, the President noted that these funds were transferred using Telegraphic…
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Sri Lanka’s anti-corruption chief demands asset and liability disclosures or risks legal consequences.
FINANCIAL CHRONICLE – The Director General of Sri Lanka’s anti-corruption agency has called upon all public sector officials and legally obligated personnel to disclose their assets and liabilities as mandated by law, warning that failure to comply may result in legal consequences. In a video message shared with the media, Ranga Dissanayake, the Director General…
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Sri Lanka’s CoPF interrogates Central Bank officials over regulatory failures in NDB scandal
FINANCIAL CHRONICLE – The parliamentary Committee on Public Finance (CoPF) of Sri Lanka interrogated senior officials from the Central Bank, including Governor Nandalal Weerasinghe, regarding critical lapses in regulation and oversight that permitted an internal fraud of Rs. 13.2 billion to occur undetected at the National Development Bank PLC (NDB). This high-profile inquiry unveiled significant…
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Former Sri Lankan President Interrogated Regarding Airbus Agreement Following Passing of Crucial Witness
FINANCIAL CHRONICLE – Former Sri Lankan President Mahinda Rajapaksa recently appeared before the nation’s anti-corruption authority to provide a statement regarding a contentious Airbus procurement agreement from 2013. Rajapaksa was subjected to nearly two hours of questioning by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) concerning the deal. Documents from a British…
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Former SriLankan Airlines CEO Linked to Corrupt Airbus Transaction Discovered Deceased
FINANCIAL CHRONICLE – Authorities in Colombo reported the death of Kapila Chandrasena, the former CEO of SriLankan Airlines and a primary suspect in a controversial Airbus bribery case, on Friday morning (May 8). This incident occurred shortly after he was released on bail. Chandrasena was arrested on March 12 for allegedly accepting bribes during his…
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Former SriLankan Airlines CEO linked to Airbus corruption case discovered deceased
FINANCIAL CHRONICLE – In a troubling development, Kapila Chandrasena, the former CEO of SriLankan Airlines and a primary suspect in a corrupt Airbus transaction, was discovered deceased early Friday morning (May 8) in Colombo, just days after being released on bail. According to police, his death followed a recent arrest warrant issued by the Colombo…
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Sri Lanka’s anti-corruption agency detains military members for allegedly accepting bribes from a former official.
Sri Lanka’s Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has announced the arrest of a current military member suspected of accepting a bribe from a former army officer to aid in the resolution of a pending loan. This information was disclosed in a statement released by the anti-corruption agency. On April 30, CIABOC…
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In-Depth Analysis: Controversial Coal Agreement in Sri Lanka Leads to Energy Minister’s Resignation
FINANCIAL CHRONICLE – In a significant upheaval within Sri Lanka’s political landscape, Energy Minister Kumar Jayakody has resigned amid allegations regarding a coal procurement scandal linked to the quality of coal supplied for the Norochcholai Power Plant, which was constructed by China. This situation has compelled President Anura Kumara Dissanayake’s administration to undertake extraordinary measures…
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In-Depth Analysis: Controversial Coal Agreement in Sri Lanka Leads to Energy Minister’s Resignation
FINANCIAL CHRONICLE – In a significant development that has rocked Sri Lanka’s political arena, Energy Minister Kumar Jayakody has resigned amid allegations concerning a coal procurement contract that resulted in inferior quality coal being supplied. This issue, which relates to the coal imported for the Norochcholai Power Plant, constructed by China, has compelled President Anura…
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The Coal Question
Procurement, Power, and the Price of Failure Inexperience, Fraud, or Corruption? When the lights flicker in a country, the problem is rarely just technical.It is systemic. The controversy surrounding coal procurement for the Lakvijaya Power Station has now moved beyond routine criticism. It has entered the realm of national concern where governance, cost, and accountability…
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Deep Dive: Unpacking Sri Lanka NDB’s Rs.13.2 Billion Internal Fraud Scandal
FINANCIAL CHRONICLE – The recent internal fraud incident at National Development Bank PLC (NDB), a publicly traded financial institution in Sri Lanka, emerged in early April 2026 as one of the most significant operational risk failures in the country’s banking sector history. While both the bank and the regulatory authorities have taken steps to manage…