Sri Lanka’s Central Bank has identified Pro Care and Shade of Procare as entities involved in illegal pyramid schemes. A list of other implicated companies was released. SriLankan Airlines canceled flights to London due to airport power issues. ADB announced plans to help Sri Lanka with the issuance of thematic debt securities to support sustainability. A campaign on underutilized crops underscores the need for biodiversity conservation amidst population pressure.
On March 21, 2025, Sri Lanka’s Central Bank identified Pro Care (Pvt) Ltd. and Shade of Procare (Pvt) Ltd. as participants in illegal pyramid schemes under the Banking Act. The bank subsequently released a list of additional companies and applications implicated in such schemes, withholding one name due to an active court order.
The prohibited companies include:
– Tiens Lanka Health Care (Pvt) Ltd
– Best Life International (Pvt) Ltd
– Mark – Wo International (Pvt) Ltd
– V M L International (Pvt) Ltd
– Fast3Cycle International (Pvt) Ltd
– Sport Chain app
– OnmaxDT
– MTFE App and its affiliates
– Fastwin (Pvt) Ltd
– Fruugo Online App
– Ride to Three Freedom (Pvt) Ltd
– Qnet
– Era Miracle (Pvt) Ltd and Genesis Business School
– Ledger Block
– Isimaga International (Pvt) Ltd
– Beecoin App and Sunbird Foundation
– Windex Trading
– The Enrich Life (Pvt) Ltd
– Smart Win Entrepreneur (Pvt) Ltd
– Net Fore International (Pvt) Ltd/Netrrix.
SriLankan Airlines announced the cancellation of flights to London’s Heathrow Airport due to power supply issues caused by an electrical substation fire. The airline informed passengers that flights UL 503 and UL 504 would not operate on this date, expressing regret for the inconvenience and assuring customers of ongoing situation monitoring.
A joint campaign led by UNDP in Sri Lanka, the World Food Programme, and the Ministry of Environment highlighted the importance of underutilized crops. This initiative, funded by the Global Environment Facility, emphasized these crops’ potential to support sustainable food systems, particularly in light of Sri Lanka’s demographic pressures against its valuable biodiversity.
In a move to bolster sustainability, the Asian Development Bank (ADB) expressed plans to assist Sri Lanka in selling thematic debt securities. This approach expands on previous green bonds and includes sustainability-linked bonds. ADB aims to create an effective financing ecosystem to attract global investors, which could foster economic growth and job creation, facilitating projects that positively impact youth and women.
In conclusion, Sri Lanka’s Central Bank has taken decisive action against illegal pyramid schemes, noting significant entities involved. Additionally, the recent airline disruptions illustrate the ongoing operational challenges faced amid infrastructure incidents. The initiatives focusing on underutilized crops and sustainable finance reflect a broader commitment to economic resilience and environmental sustainability. Together, these developments mark important steps toward fostering a more secure and responsible economic environment in Sri Lanka.
Original Source: economynext.com
