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Janaka Ratnayake

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Janaka Ratnayake
Ratnayake in 2019
Born (1964-12-07) 7 December 1964 (age 60)
Kandy, Dominion of Ceylon
Occupations
  • Chairman and CEO Trillium Property Management & Services Limited (since 2014)
  • Chairman of the Public Utilities Commission of Sri Lanka (2021–2023)
  • Chairman, Export Development Board (2010–2013)
  • Chairman, Merchant Bank of Sri Lanka PLC (2007–2009)

Janaka Ratnayake is a Sri Lankan businessman currently serving as the Chairman of Trillium Property Management and Services Ltd, City Housing and Real Estate PLC, Trillium Residencies Pvt Ltd,[1] and Rent A Comp Pvt Ltd.

He served as Chairman of the Public Utilities Commission of Sri Lanka from 2021 until he was ousted in 2023.[2] He is the former chairman and chief executive of Export Development Board of Sri Lanka (EDB),[3]  Merchant Bank of Sri Lanka (MBSL), Merchant Credit Sri Lanka (MCSL), MBSL Savings Bank, and MBSL Insurance.[4]

On 24 May 2023, Ratnayake declared his candidacy for the 2024 Sri Lankan presidential election.[5]

Education and early career

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Educated at Dharmaraja College, Kandy,[6] Ratnayake graduated from the management faculty of University of Sri Jayewardenepura in 1990.[7] During his time as an undergraduate, he was able to obtain a scholarship to Moscow gaining a Diploma in Russian Language and International Relations from Russia.[8] Janaka's graduation with his undergraduate degree was delayed during the JVP insurgency in the late 80s when he was briefly imprisoned for taking part in student activism activities. He graduated with a BSc Special degree in Public Administration from the University of Sri Jayewardenepura,[9] gained a Master of Business Studies (MBS) from the University of Colombo[10] and during his tenure at Merchant Bank of Sri Lanka (MBSL), Ratnayake was able to attend a University of Harvard Executive Education program “Making Corporate Boards Effective”.[11][12]

He began his career as an audit trainee for Richard Pieris and moved on to working within sales and the information technology sector by joining Computer Link Pvt Ltd. and then later Precision Tech in 1990 after graduating.

Business ventures

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Information technology

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In 1993, Ratnayake ventured into the information technology industry as an entrepreneur, with his pilot project, Computer Island Group Pvt Ltd (CIL) [13][14] which won him the award for Entrepreneur of the Year in the year 2000.[15]

Real estate

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Janaka Ratnayake entered into the real estate industry with Trillium Property Management and Services Limited which was valued by PriceWaterHouseCoopers[16] at Rs. 1.7 Billion in 2016.[17] The company began its operations by entering the luxury residential market with key properties in the most affluent areas of Colombo,[18] and immediately diversified into the Commercial Property sector [19] with very strategic acquisitions of historically significant buildings such as the Dasa Building in Borella. Trillium made its move into the luxury hospitality sector with the Trillium Hotel Colombo. Valued at $4.5 million,[20] the Trillium Hotel Colombo is based in one of the most affluent parts of Colombo and is categorised as boutique city hotel.[21]

State sector

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At a press conference at Expo2012 sitting beside Group Chief Operating Officer Ashroff Omar and Chairman of MAS Group Mahesh Amalean
At a press conference at Expo2012 sitting beside Group Chief Executive Officer Ashroff Omar and Chairman of MAS Group Mahesh Amalean
Speech given at the swearing-in ceremony at the Public Utilities Commission of Sri Lanka
Speech given at the swearing-in ceremony at the Public Utilities Commission of Sri Lanka

Chairman of Merchant Bank of Sri Lanka PLC (2009–2011)

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In 2008, he was appointed the chairman of Merchant Bank of Sri Lanka (MBSL) a financial services provider in Sri Lanka specialising in trade finance and investment banking.[22] He was instrumental in leading an expansion strategy aimed at improving the banks strength within diverse sectors of the banking and finance industry.[23] However, this was done within a time of economic recession (2008/2009) where Sri Lanka saw the collapse of one of the largest conglomerates, the Ceylinco Group collapse causing much damage to the financial stability.[24] Most of the financial institutions under the Ceylinco Group faced a high risk of collapsing due to the withdrawal of money by depositors and investors.[25]

Managing the financial crisis

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During his tenure as the Chairman of Merchant Bank of Sri Lanka, he restructured and rehabilitated many of the financially distressed companies under the Ceylinco Group.[26][27] MBSL took the responsibility of restructuring and reviving many financial institutions[28] such as The Finance Company PLC (the oldest finance company in Sri Lanka),[29] City Housing and Real Estate PLC (the oldest real estate company in Sri Lanka),[30] Asian Finance PLC, Standard Credit, Ceylinco Savings Bank, Finance & Guarantee, Ceylinco Building Society, Fingara Country Club,[31] Ceylinco Sussex Network of Colleges (the largest private school network in Sri Lanka)[32] and ABC Insurance Ltd.[33] In order to further strengthen the financial stability of the banking sector, MBSL acquired the Ceylinco Savings Bank (now MBSL Savings Bank) and ABC Insurance Company (now MBSL Insurance) with an infusion of capital.[34]

Chairman of Export Development Board of Sri Lanka (2011–2013)

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In the year 2010, Janaka was appointed as the chairman and chief executive officer of the apex body for promoting the Export Sector - the Export Development Board of Sri Lanka (EDB).[35] During his term at EDB he successfully restored many international trade related ties between countries such as Japan,[36] India,[37] Pakistan,[38] and the UK.[39] One of the EDB's notable achievements during his tenure at the EDB, was hosting Sri Lanka's largest Export, Investment, and Tourism symposium, EXPO 2012[40] that gave Sri Lankan exporters a platform to showcase their products to both potential foreign and local clients.[41] Rallying many exporters together, he successfully managed to attract over 1000 delegates [42] including several trade and commerce ministers from Israel, India, Pakistan and the Maldives to name a few [43][44] With Sri Lanka still looking for a second branded export after Ceylon Tea, the EDB ensured that Sri Lanka secured a head-start with Ceylon Cinnamon which was registered and patented in all economically strategic locations worldwide as "Pure Ceylon Cinnamon"[45] Along with the EDB, Janaka Ratnayake was tasked with serving on the board the Sri Lanka Gem and Jewellery Authority.[46][47]

Speaking at opening day press conference of the Largest Expo in Sri Lanka. Seated besides Former Minister Rishard Bathiudeen and the Former Minister for Economic Development.
Speaking at opening day press conference of the Expo2012 in Sri Lanka. Seated besides Former Minister Rishard Bathiudeen and the Former Minister for Economic Development.

Commonwealth Games 2018 bid

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He was also appointed as a director on the committee responsible for organising the bid for Sri Lanka to host the Commonwealth Games in 2018.[48]

Chairman of Public Utilities Commission of Sri Lanka (2021–2023)

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In the year 2021, Janaka was appointed as the Chairman of the Public Utilities Commission of Sri Lanka.[49] Amidst rumors of an apparent abolishment of the commission, he was tasked with reinstating the importance of this entity as a power and water regulator.[50] Within the first few months of his appointment, the PUCSL approved Sri Lanka's largest power plant in over a decade, which will contribute 300MW to the national grid.[51] Subsequently, the PUCSL launched the first phase of its program to provide National Vocational Qualification (NVQ 3 Level) free to trained electricians islandwide in March 2021 with the aim of qualifying 45,000 electricians within the next two years.[52]

In 2022, he gained national attention with the Public Utilities Commission making commitments on maintaining the national power supply amidst the Sri Lankan economic crisis.[53]

In 2023, he was removed by parliament.[54]

References

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  1. ^ Sunday Times: (print edition 23 September 2007): Trillium Residencies shows real estate still hot investment:Retrieved 31 December 2019
  2. ^ (May 24, 2023). "123 MPs vote to remove Janaka Ratnayake". Newswire.lk. Retrieved on May 25, 2023.
  3. ^ "Global launch of Ceylon Cinnamon today in Cologne". Daily FT. Daily FT. 11 October 2011. Retrieved 3 January 2020.
  4. ^ "PUCSL to remain as regulator: Ratnayake". Daily FT. Daily FT. 9 February 2021. Retrieved 11 June 2021.
  5. ^ (May 24, 2023). "Janaka Ratnayake says he will run for president". Adaderana. Retrieved on May 25, 2023.
  6. ^ Perera, Harshini (15 September 2009). "MBSL helps failed finance companies". Daily News. dailynews.lk. Retrieved 16 June 2021.
  7. ^ "Janaka Ratnayake - Biography". invest-srilanka. The Ceylon Chamber of Commerce. 6 May 2021. Retrieved 11 June 2021.
  8. ^ "Janaka Ratnayake - Biography". https://invest-srilanka. The Ceylon Chamber of Commerce. 6 May 2021. Retrieved 11 June 2021.
  9. ^ "Alumni Directory (Updated May 2018)" (PDF). Faculty of Management Studies and Commerce, University of Sri Jayewardenepura. University of Sri Jayewardenepura. Retrieved 16 June 2021.
  10. ^ "New EDB Chairman". Daily News. dailynews.lk. 22 May 2010. Retrieved 16 June 2021.
  11. ^ "New Chairman EDB" (PDF). The Island. The Island. theisland.lk. 25 May 2010. Archived from the original (PDF) on 24 June 2021. Retrieved 16 June 2021.
  12. ^ "New EDB chairman assumes duties…". Ada Derena. Retrieved 3 January 2020.
  13. ^ "Janaka takes over as Chairman of Trillium Residencies, CH&RE". DailyFT. No. 18 March 2011. Daily FT. Daily FT. Retrieved 16 June 2021.
  14. ^ "New Chairman of Merchant Bank". Daily News. dailynews.lk. 13 February 2008. Retrieved 16 June 2021.
  15. ^ "New EDB chairman assumes duties…". Ada Derena. Ada Derena. adaderena.lk. 21 May 2010. Retrieved 16 June 2021.
  16. ^ "Trillium unveils Trillium Tower, new head office complex". Daily News. dailynews.lk. 9 December 2016. Retrieved 16 June 2021.
  17. ^ "Trillium Property Management to invest Rs 1 b on two projects". Daily FT. 10 November 2014. Retrieved 3 January 2020.
  18. ^ "Work starts on Trillium Colombo 7". Daily FT. 12 December 2014. Retrieved 3 January 2020.
  19. ^ "Trillium unveils Trillium Tower, new head office complex". Daily News. 9 December 2016. Retrieved 3 January 2020.
  20. ^ Malik, Safna (2 October 2018). "Trillium Group unveils Trillium Hotel". DailyFT. Daily FT. www.ft.lk. Retrieved 16 June 2021.
  21. ^ "Trillium Group unveils Trillium Hotel". Daily FT. Daily FT. 2 October 2018. Retrieved 3 January 2020.
  22. ^ "New Chairman of Merchant Bank". Daily News. dailynews.lk. 13 February 2008. Retrieved 16 June 2021.
  23. ^ Devan Daniel (15 January 2010). "DESPITE TURBULENT 2009 MBSL EXPECTS 30 PERCENT PROFIT GROWTH TROUBLED FINANCE COMPANIES TO RECOVER STRONGLY IN 2010" (PDF). FCCISL News Alert Weekly Business Highlight 11th–17th January 2010. pp. 49–50. Retrieved 3 January 2020.
  24. ^ "MBSL to manage two more Ceylinco companies". The Nation. The Nation. 1 September 2009. Retrieved 3 January 2020.
  25. ^ "Trouble for Ceylinco Group finance firms, high exposure to real estate". Sunday Times. Sunday Times. Sunday Times. 8 March 2009. Retrieved 16 June 2021.
  26. ^ "Janaka takes over as Chairman of Trillium Residencies, CH&RE". DailyFT. No. 18 March 2011. Daily FT. www.ft.lk. Retrieved 16 June 2021.
  27. ^ "TFC, MBSL take over crisis-ridden Ceylinco Sussex College". Sunday Observer. Sunday Observer. sundayobserver.lk. 27 September 2009. Retrieved 16 June 2021.
  28. ^ Perera, Harshini (15 September 2009). "MBSL helps failed finance companies". Daily News. Daily News. Retrieved 3 January 2020.
  29. ^ Samath, Feizal (4 April 2010). "Jaffna's first share issue thro' new hotel". Sunday Times. Sunday Times. Sunday Times. Retrieved 16 June 2021.
  30. ^ Perera, Maheshi (14 September 2012). "City Housing launches 10-unit housing project with Rs. 350 m investment". DailyFT. Daily FT. Daily FT. Retrieved 16 June 2021.
  31. ^ "Janaka takes over as Chairman of Trillium Residencies, CH&RE". DailyFT. No. 18 March 2011. Daily FT. www.ft.lk. Retrieved 16 June 2021.
  32. ^ De Silva, Charumini (16 September 2009). "MBSL takes over Ceylinco Sussex College". Daily News. dailynews.lk. Retrieved 16 June 2021.
  33. ^ "MBSL regains investor confidence". Sunday Observer. Sunday Observer. 17 January 2010. Retrieved 3 January 2020.
  34. ^ "Rs. 700 Mn infusion to MBSL Insurance – Reports". Ada Derana. Ada Derena. 9 January 2019. Retrieved 3 January 2020.
  35. ^ Ondaatjie, Anusha (18 November 2011). "Kate's Sapphire Gives Royal Boost to Sri Lanka's Exports". Bloomberg. Bloomberg. Retrieved 3 January 2020.
  36. ^ "Sri Lanka: Asia's Emerging Wonder" (PDF). No. Special Economic Reports. The Japan Times. The Japan Times. 11 October 2012. Retrieved 3 January 2020.
  37. ^ "Q&A: Janaka Ratnayake, Sri Lanka Export Development Board".
  38. ^ http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=41080 [dead link‍]
  39. ^ "Sri Lanka crosses the $ eight billion export mark" (PDF). Karmantha-Vanija Kirula. Vol. 1, no. 1. April 2011. p. 1. Retrieved 3 January 2020.
  40. ^ LBO (6 December 2011). "Sri Lanka Expo 2012 fair expects 1,000 delegates". www.lankabusinessonline.com. Lanka Business Online. Retrieved 16 June 2021.
  41. ^ KOVILAGODAGE, Jayantha (8 March 2012). "Sri Lanka mulls convention centre near airport: official". Lanka Business Online. Retrieved 3 January 2020.
  42. ^ Hewage, Indunil (7 December 2011). "EDB campaign ahead of 'Sri Lanka Expo 2012'". Daily News. Daily News. Retrieved 3 January 2020.
  43. ^ Andree, Mario (15 March 2012). "Govt. looking towards exports for way out of balance of payments crisis". The Island. The Island. Retrieved 3 January 2020.
  44. ^ Hewage, Indunil (7 December 2011). "EDB campaign ahead of 'Sri Lanka Expo 2012'". Daily News. Daily News. Retrieved 3 January 2020.
  45. ^ "Sri Lanka's second Global Brand born" (PDF). Press Communique – Ministry of Industry & Commerce. 17 July 2012. Retrieved 3 January 2020.
  46. ^ "Sri Lanka plans expansion for gem industry". Financial Times. Financial Times. 8 November 2013. Retrieved 3 January 2020.
  47. ^ "Sri Lanka targets export revenue from Gem & Jewellery to top one billion in 2015". Times Lanka. 8 December 2012. Retrieved 3 January 2020.
  48. ^ "Big guns for Games". DailyFT. Daily FT. Daily FT. 25 June 2011. Retrieved 16 June 2021.
  49. ^ "PUCSL to remain as regulator: Ratnayake". Daily FT. Daily FT. 9 February 2021. Retrieved 11 June 2021.
  50. ^ Gamage, Ishara (9 February 2021). "PUCSL will not be abolished – Chairman". Ceylon Today. Ceylon Today. Archived from the original on 11 June 2021. Retrieved 11 June 2021.
  51. ^ Jayasinghe, Uditha (15 February 2021). "PUCSL approves PPA for 300MW LNG plant". Daily FT. Daily FT. Retrieved 11 June 2021.
  52. ^ "Over 45,000 electricians to get NVQ3 certifications within two years". Sunday Observer. Sunday Observer. 30 May 2021. Retrieved 11 June 2021.
  53. ^ "U turn : One hour Islandwide power cut on Monday". newswire.lk. Retrieved 22 February 2022.
  54. ^ Indrajith, Saman (25 May 2023). "NEWSMotion to remove PUCSL Chairman passed by Parliament". The Island. Retrieved 27 June 2024.
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