Business
Real coconut arrack may soon become history warns Harry J
“100% coconut products out of reach of the customer due to prevailing taxes”
Distilleries Company boss Harry Jayawardena has warned that “real coconut arrack will soon be out of the market” if the concerned authorities do not look into the “step-motherly treatment” now being accorded to the coconut arrack industry.
Jayawardena, the Chairman and Managing Director of the Distilleries Company of Sri Lanka PLC (DCSL) has sounded this warning in the recently published annual report of the company where he has complained about prevailing exorbitant pricing structure of coconut arrack with sales volumes shrinking daily.
“One hundred percent coconut products are out of the reach of the consumer due to prevailing taxes,” he has said. “The government must seriously look into this matter to reduce prices in order to divert some of the ENA customers to coconut products.”
The DCSL report says that arrack is one of Sri Lanka’s most celebrated offerings to the world. It claims that Sri Lanka coconut arrack is undeniably one of the purest naturally derived alcoholic beverages in the world, distilled through a natural fermentation process.
“Sri Lanka has perfected the technique of making coconut arrack through the years,” the report said. “Today it has acquired the perfect balance for the discerning palate and coconut arrack reigns as the alcoholic beverage of choice in the country.”
Jayawardena has once again repeated his long-held complaint about increasing volumes of illicit products, adulterated and artificial toddy manufactured daily in large quantities.
“Today it is an industry by itself, formed into a cottage industry dominated by a section of Mudalalis,” he stated. “The proof is that the situation has multiplied byy 20 times over what it has been for years and spread over the whole island. Recent raids made by the Department of Excise and other enforcement authorities is proof that this situation exists.”
He accused some regulatory officials of conniving with with the illicit trade to avoid detection. As soon as one plant is detected it will start running under another name, he said adding that moonshine is being distilled in some luxurious houses without the knowledge of the enforcement authorities.
Jayawardena demanded action to control this situation as it has reduced legal alcohol volumes. With the STF and armed forces authorized to monitor illicit liquor, there have been more detections in the recent past compared to previous years and “there has been somewhat of a dip in the illegal activity.”
DCSL, previously a State near-monopoly, was privatized in 1991 with Harry J connected companies assuming control, helping to make Jayawardena one of the country’s best known tycoons. The company today has nearly Rs. 20.9 billion in assets and is one of the wealthiest businesses in Sri Lanka.
In the year under review, DCSL paid Rs. 53.8 billion in excise duty to the government, marginally below Rs. 54 billion the previous year and earned an after tax profit of Rs. 5.8 billion against the previous year’s Rs. 5.4 billion.
The dominant shareholder of DCSL is Melstacorp PLC, a Harry J company (92.46%). Other companies connect5ed to him in the Top 20 shareholders list are Milford Exports (3.21%), Lanka Milk Foods (0.98%), Stassen Exports (0.05%) and his son, Hasitha Jayawardena (0.05%).
The directors of the company are Messrs: Harry Jayawardena (Chairman/MD), CR Jansz, R. Seevaratnam, Niranjan Deva Adittya, Capt. (Rtd.) KJ Kahanda, Dr. Naomal Balasuriya, Hasitha Jayawardena, Ms. VJ Senaratne and Amitha Gooneratne.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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