Presidential aspirants in debt

• Dilith tops list with Rs. 411 m in unpaid loans
• SJB’s Sajith Premadasa records 20 loans amounting close to Rs. 93.54 m, with Rs. 95.31 m still to be paid
• Youngest candidate Namal Rajapaksa also reports five loans with combined outstanding balance of Rs. 81.79 m
• Ranil Wickremesinghe, Field Marshal Sarath Fonseka, and Janaka Ratnayake owe Rs. 834, 407, Rs. 51.4 m, and Rs. 50 m respectively 
• Anura Kumara Dissanayake and Wijeyadasa Rajapakshe emerge as only key candidates with no personal debt 

By Maneshka Borham

The asset and liabilities declarations of Presidential candidates released by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) have also given the public an insight into the debt profiles of each candidate. 

Recent disclosures reveal significant personal debts held by some of the leading contenders and may raise questions about their financial management. 

Businessman Dilith Jayaweera, who is contesting under the Communist Party of Sri Lanka ticket, has declared a significant monthly allowance of Rs. 16,500,000, making him the highest earner among all candidates in the 2024 Presidential election. Despite this impressive income, Jayaweera is also the candidate carrying the most substantial debt burden.

According to his declarations to the Election Commission of Sri Lanka (ECSL), Jayaweera has accumulated seven loans totalling Rs. 758.5 million, with Rs. 411.56 million still unpaid. 

Among the loans is a mortgage of Rs. 300 million for an apartment. 

Samagi Jana Balawegaya (SJB) Presidential hopeful Sajith Premadasa also appeared to have significant financial obligations. He has obtained at least 20 loans amounting close to Rs. 93.54 million, with Rs. 95.31 million still to be paid according to the declaration. 

The youngest Presidential candidate Namal Rajapaksa’s declaration has also revealed an intricate financial situation. He has provided personal loans amounting to Rs. 240 million, with an additional Rs. 3 million in annual interest from a Rs. 200 million loan given in 2017/2018. However, Rajapaksa also holds a significant amount of unpaid debt, including Rs. 8 million from a personal loan taken in 2011, Rs. 47.45 million from Hello Corp, and Rs. 14.91 million from Link Asia Holdings. His credit card debt, held jointly with his wife, amounts to Rs. 8.53 million. In total, he has five loans with a combined outstanding balance of Rs. 81.79 million. 

Field Marshal Sarath Fonseka also appeared to be grappling with unpaid loans, including a Rs. 50 million loan taken in 2015 from Rider Holdings and Rs. 4.8 million from BOC, with Rs. 4.1 million still outstanding.

Presidential candidate and former Public Utilities Commission of Sri Lanka (PUCSL) Chairperson Janaka Ratnayake has recorded one substantial personal loan of Rs. 60 million from the National Development Bank of which Rs. 50 million remains outstanding.

The declarations also revealed that President Ranil Wickremesinghe, along with his wife Maithri Wickremesinghe, have taken personal loans of Rs. 1.85 million each from the National Savings Bank in 2019. Wickremesinghe still owes Rs. 834,407, while his wife has Rs. 809,864 remaining on her loan. Although relatively modest compared to other candidates, these debts still represent ongoing financial commitments. 

Presidential candidates Anura Kumara Dissanayake and Wijeyadasa Rajapakshe in contrast, stand out having reported no personal debt. 

Redacted versions of the relevant asset and liability declarations, with certain non-disclosable information removed as per Subsection 88(1) of the Anti-Corruption Act, have now been made public via https://ads.ciaboc.lk.