-By A Staff Writer
(Lanka-e-News -26.Jan.2025, 11.20 PM) It’s a story that reads like a cross between a business manual and a political thriller: Daya Gamage, a man from Ampara who climbed the ladders of both business and politics, now stands at the center of financial controversy. Questions swirl around his rapid rise to billionaire status, his political connections, and alleged dealings that have sparked investigations by Sri Lanka’s Parliamentary Committee on Public Enterprises (COPE).
Among the allegations are unpaid loans, undervalued assets, and suspected violations of exchange control regulations. And yet, years after the COPE committee began investigating his financial dealings, the public is still left asking one question: what happened to the inquiry into Bimputh Finance and Daya Gamage?
Daya Gamage’s story begins in the quiet town of Ampara, but it quickly transforms into a tale of ambition, politics, and—critics argue—financial wizardry. From owning businesses to entering the political arena, Gamage’s career has been marked by bold moves. He even added a touch of extravagance, acquiring helicopters to soar above the competition, both figuratively and literally.
But with rapid success came whispers of suspicion. How did Gamage amass billions? Was it business acumen or something more questionable? As scrutiny mounted, the spotlight fell on his role in Bimputh Finance and allegations of misappropriation.
Central to the controversy is a loan worth 350 million rupees, borrowed from the Housing Development Finance Corporation (HDFC). Reports suggest that this loan was defaulted, raising concerns about how Gamage managed his finances.
Adding fuel to the fire, the land tied to the loan—an HDFC-owned property in Colombo 30—was allegedly undervalued, leading to questions about whether state resources were manipulated to benefit private interests. The COPE investigation sought to uncover the truth behind this incident.
Was this a simple case of financial mismanagement, or did Gamage’s political connections play a role? Did he exert influence over state banks to secure loans under favorable conditions? These are the questions that remain unanswered.
Beyond the defaulted loan, Daya Gamage’s involvement with Bimputh Finance raises serious concerns. A key question is how someone accused of financial mismanagement was allowed to play a role in a financial institution.
Critics argue that his alleged actions—including the misappropriation of public funds—erode trust in the financial sector. “If a person linked to defaulted loans and questionable transactions can lead a financial organization, it sets a dangerous precedent,” said a financial analyst familiar with the case.
The COPE committee, tasked with investigating public enterprise mismanagement, began probing Gamage’s financial dealings. Yet, years later, there’s little to show for it.
Why did the investigation stall? Was it a lack of evidence, political interference, or something else entirely? Observers point to a pattern of delays and distractions in cases involving powerful individuals, suggesting that political influence may have derailed the inquiry.
“There’s a sense that cases involving high-profile figures like Daya Gamage are deliberately stalled,” said a former COPE official. “It’s a tactic to let the public forget and let the accused slip away.”
With the National People’s Power (NPP) government promising to prioritize accountability, there’s renewed hope that cases like Gamage’s will be revisited.
For the NPP, this is an opportunity to prove its commitment to transparency. If they fail to act, it risks losing public trust. If they succeed, it could set a precedent for holding powerful individuals accountable.
Another aspect of the allegations involves possible breaches of Sri Lanka’s exchange control regulations. Critics have raised concerns that Gamage may have transferred assets overseas without proper authorization, violating the country’s financial laws.
Such breaches, if proven, could have serious consequences, not just for Gamage but for Sri Lanka’s financial integrity.
The controversy surrounding Daya Gamage is not just about one man—it’s a reflection of broader systemic issues in Sri Lanka. From weak regulatory oversight to political interference in financial investigations, the case highlights the challenges facing the country’s institutions.
For the COPE committee, the Gamage investigation is a test of its credibility. Will it pursue the truth, or will it succumb to the pressures of political power?
Daya Gamage’s rise from Ampara to billionaire businessman and politician is a story filled with ambition, intrigue, and controversy. But it’s also a story that raises serious questions about accountability in Sri Lanka.
The COPE investigation into Bimputh Finance and Gamage’s dealings remains unresolved, leaving the public in the dark. With the NPP government in power, there’s hope that the case will be revisited and justice served.
Until then, the 350-million-rupee question lingers: what happened to the investigation, and will the truth ever come to light?
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by (2025-01-26 18:58:10)
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