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Dhammika Perera

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Dhammika Perera
Minister of Investment Promotion
In office
24 June 2022 – 10 July 2022
PresidentGotabaya Rajapaksa
Prime MinisterRanil Wickramasinghe
Member of Parliament
for National List
In office
22 June 2022 – 24 September 2024
Preceded byBasil Rajapaksa
Transport Secretary
In office
January 2011 – January 2015
PresidentMahinda Rajapaksa
Preceded byB. M. U. D. Basnayake
Succeeded byLalithasiri Gunaruwan
Personal details
Born (1967-12-28) December 28, 1967 (age 56)
Payagala, Kalutara, Sri Lanka.
Political partySri Lanka Podujana Peramuna (2022 - present)
SpousePriscilla Perera[1]
Children3
EducationTaxila Central College, Horana
OccupationBusinessman, corporate raider, politician
Websitewww.dhammikaperera.lk

Kulappu Arachchige Don Dhammika Perera, commonly known as Dhammika Perera (born December 28, 1967), is a Sri Lankan billionaire businessman and politician. A top corporate leader, he is one of the wealthiest people in Sri Lanka, controlling 23 listed companies on the Colombo Stock Exchange. Perera owns a controlling stake in the conglomerates Hayleys and Vallibel One, a company he founded. Through Hayleys, Perera controls Amaya Leisure, The Kingsbury and Singer (Sri Lanka) while Royal Ceramics, LB Finance, and Lanka Tiles are controlled by Vallibel One. Perera has been closely linked to the former President Mahinda Rajapaksa, having served as chairman of the Board of Investment of Sri Lanka from 2007 to 2010 and Transport Secretary from 2011 to 2015. He was appointed a Member of Parliament in the National List in June 2022, succeeding Basil Rajapaksa from the Sri Lanka Podujana Peramuna, briefly serving President Gotabaya Rajapaksa as his Minister of Investment Promotion from June to July 2022.

Early life and education

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Dhammika Perera was born in 1967 in Payagala in the Kalutara District. His father was a grocery businessman and his mother was a school teacher. He had two brothers and a sister.[2] He completed his primary and secondary education at the Taxila Central College, Horana and started on the NDT program at the Institute of Technology, University of Moratuwa. Dropping out, he began a business venture in 1986 at the age of 19.[3]

Business career

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Early business ventures in manufacturing and gambling

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As a teenager, Dhammika Perera started putting money into a street hawker who ran a business in front of his uncle's café. He then rented slot machines, installing them in his uncle's café. In 1987, dropping out of the NDT program, Perera went to Taiwan for three months of technical training. On his return to Sri Lanka, he started a machine manufacturing business making slot machines close to his residence in Payagala and continued until 1991, when President Ranasinghe Premadasa imposed a ban on jackpot/slot machines. Following the ban he moved into car sales in Payagala, before moving into the gambling business by starting his first casino in 1993, which is now owned and managed by his two brothers.[4][2][5] He also ran Tito Electronics, an electronic shop repairing electronic circuit boards in Colpetty. He started a business producing and selling neon bulbs in 1995, at a time when none of the manufacturers was keen on selling those bulbs.[3]

Corporate leader

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In 1999, his business career took a new direction after he met Nadeem ul Haque, then senior resident representative of the International Monetary Fund in Sri Lanka, who became his mentor. Ul Haque organized a seminar for him on infrastructure and business development at KfW in Germany, where he learnt the use of mathematical modelling in business acquisitions and aspects of risk and cash-flow management. With Ul Haque he drew up a 20-year plan, targeting 12 sectors.

Banking and finance

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He acquired a majority stake in Pan Asia Bank in 2000, at a time when the bank was regarded as a loss-making financial institution.[6] He met investor Nimal Perera after acquiring the Pan Asia Bank stake, who become his close business partner until the duo parted ways in 2017.[7] In 2003, his holding company Vallibel Holdings took over LB Finance. He acquired the family-owned The Rupee Finance Company Limited in 2005, which was later rebranded as Vallibel Finance and took it to an initial public offering in 2010. He has been the executive director of Vallibel Finance since 2014.

Manufacturing, trading and leisure

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In 2002, Dhammika Perera, through his Vallibel Holdings, bought controlling stakes in four companies in the stock market, having made short-term transactions during the bull run. In 2003, he took over Royal Ceramics having become the major shareholder and buying out minority shareholders.[8] That year he gained a 56.07% stake of Ruhunu Hotels and Travels Limited which owned Club Horizon Hotel, Koggala which was later renamed as The Fortress Resort & Spa. In 2008, Perera acquired a controlling stake in Hayleys PLC, the Sri Lankan conglomerate founded in 1878. In 2010, Perera's Vallibel One took over the Delmege Group, which had been founded in 1850. By 2013, Dhammika Perera and Nimal Perera had taken over majority control over Hayleys, becoming its co-chairman.[9] With Hayleys, Perera gained control over several subsidiaries owned by Hayleys, including Amaya Leisure, Haycarb, Hayleys Fabric PLC, The Kingsbury and Dipped Products. In 2013, Vallibel One-owned Royal Ceramics took over Lanka Ceramics PLC, and with it came Swisstek.

In 2013, Perera became Sri Lanka's wealthiest individual, with a net worth estimated by Forbes Asia at 72.6 billion LKR (approx. 550 million US dollars).[10]

Perera (second from left) inspecting the construction site of Denawaka Ganga Mini Hydro Power Project, a subsidiary of Vallibel Power Erathna, October 2010

Perera became the chairman of Lanka Tiles in 2017 and was appointed the co-chairman of Singer (Sri Lanka) in October 2017 after Hayleys agreed to buy Singer.[11][12] Perera was appointed the chairman of Director Board of Lanka Ceramic PLC in 2017, but he resigned from the position on 31 August 2018.[13] He was also appointed chairman of Board of Directors of Lanka Walltiles in 2017.[14]

Gambling

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Perera continued to own three of the five casinos in Colombo, namely Bally's Colombo, Bellagio Colombo and The Ritz Club.[15] In 2014, Dhammika Perera planned to start a joint venture project with Australian gambling tycoon James Packer's Crown Casino of a value more than US$300 million, but the project was rejected by the newly elected United National Front Government.[16]

Importation of clinical waste

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In July 2019, Perera and his company Hayleys were accused by MP Kanaka Herath of earning income through the illegal import of garbage from the United Kingdom.[17][18] Hayleys has since denied any wrongdoing in the matter and highlighted the fact that the Group's logistics arm was merely providing logistics services including storage, value addition and re-exportation for its client Ceylon Metal Processing Corporation for a resource recovery operation.[19] Calling for a press conference on 22 July 2019, the managing director of Hayleys Advantis Limited, Ruwan Waidyaratne, categorically denied the allegations levelled against the company. Concerning 130 container loads of used mattresses that were stored at their Free Zone yard premises, the company clarified that the mattresses were imported by Ceylon Metal Processing Corporation (Pvt) Limited, the actual owner of the cargo.[20]

Political career

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Board of Investment of Sri Lanka

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President Mahinda Rajapaksa, appointed Perera as chairman of the Board of Investment of Sri Lanka (BoI) in April 2007, he served till May 2010. During his tenure, Perera came under fire for changing the approval process for new investment projects in Sri Lanka, by reducing the role of the BoI in gaining approvals from other institutions on behalf of the investor and for not carrying out proper checks before providing its own approval.[21]

Transport Secretary

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During Rajapaksa's second term, he appointed Perera Secretary to the Ministry of Transport in January 2011, making little headway until he resigned in January 2015 following the Rajapaksa's defeat in the 2015 Sri Lankan presidential election.[22][23]

Sri Lanka 2030: A Developed Nation

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In January 2019, he stated that he was willing to take the post of Treasury Secretary to the Ministry of Finance if invited to do so.[24] In September 2019, Perera published a document Sri Lanka 2030: A Developed Nation, with policy recommendations for 21 ministries with the aim of increasing Sri Lanka's per capita income to $12,000 by 2030.[25] Following is the list of recommendations given for individual ministries:

  1. Ministry of National Security: A nation rich in safety and freedom[26]
  2. Ministry of Finance and Planning: A nation rich in wealth[27]
  3. Ministry of Education: A nation rich in human capital[28]
  4. Ministry of Higher Education: A nation rich in human capital[29]
  5. Ministry of Technical, Vocational Education and Training (TVET): A nation rich in human capital[30]
  6. Ministry of Social Development: A nation rich in happiness[31]
  7. Ministry of Regional Development: A nation rich in convenience[32]
  8. Ministry of Justice and Prison Reforms: A nation rich in discipline[33]
  9. Ministry of Agriculture and agro-based industry: A nation rich in prosperity[34]
  10. Ministry of Environment and Natural Resources: A nation rich in biomes[35]
  11. Ministry of Health: A nation rich in wellbeing[36]
  12. Ministry of Investment Promotion and Job Creation: A nation rich in industries[37]
  13. Ministry of Foreign Affairs: A nation rich in diplomacy[38]
  14. Ministry of Information and Communication Technology: A nation rich in technology[39]
  15. Ministry of Transport: A nation rich in mobility[40]
  16. Ministry of Ports and Shipping: A nation rich in maritime logistics[41]
  17. Ministry of Tourism: A nation rich in hospitality[42]
  18. Ministry of Religious Affairs and Interfaith Harmony: A nation rich in unity[43]
  19. Ministry of Arts and Culture: A nation rich in heritage[44]
  20. Ministry of Fisheries: A nation rich in fish trade[45]
  21. Ministry of Civil Aviation: A nation rich in connectivity[46]

Dhammika and Priscilla Perera Foundation

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In October 2019, Perera and his wife Priscilla founded a private charity, Dhammika and Priscilla Perera Foundation (DP Foundation) with the aim of improving education and healthcare standards in Sri Lanka.[47] The foundation is organized into two impact areas: education and healthcare.

DP Education

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In 2019, Perera launched DP Education on YouTube providing online learning for school going children in Sri Lanka.[48] [49] Perera created 120 DP Education IT Campuses across Sri Lanka to deliver quality IT Education for the students. In 2024, he launched "DP Silicon Valley IT Office" intending to create coders to improve the digital economy.[50]

Member of Parliament

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During the Sri Lankan economic crisis, in May 2022, he outlined 12 strategies that aimed to generate an additional inflow of US$8 billion per annum.[51] Following the resignation of former Finance Minister Basil Rajapaksa, there was speculation that Dhammika Perera was tipped to succeed him from the ruling party to fill the now vacant seat in parliament. As per the CSE filing, on 10 June 2022, Perera resigned from the boards of directors of Hayleys PLC, Singer (Sri Lanka) PLC, Hayleys Fabric PLC, Hayleys Leisure PLC, Haycarb PLC, and The Kingsbury PLC.[52] Hayleys and subsidiaries separately announced his resignation from the board of directors. Companies which announced the move on 10 June 2022 included Hayleys PLC and its subsidiaries, Vallibel One PLC and its subsidiaries, Singer Sri Lanka PLC and its subsidiaries, Royal Ceramics Group, Lanka Walltiles Group and LB Finance PLC. In most of these entities, he was either the chairman or executive director. [53]

On June 22 2022, Perera was sworn in as a National list member of Parliament, after being proposed to the Election Commission by the Sri Lanka Podujana Peramuna, having taken up party membership to fill the seat vacated by the resignation of former Finance Minister Basil Rajapaksa.[54]

Minister of Investment Promotion

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On June 24, he was sworn in as the Minister of Investment Promotion.[55] Days later on 10 July, he resigned from his ministerial position.[56]

Presidential candidate

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In October 2023, Perera stated his intent to become a presidential candidate for the next presidential election if political parties including the Sri Lanka Podujana Peramuna can provide assurances that it could gain a 51% majority in the election. He stated that 1.5 million students from 1.1 million families are benefiting from the D.P. Education initiative commenced by him.[57]

On 6 August 2024, by a letter addressed to the General Secretary of Sri Lanka Podujana Peramuna, Dhammika Perera conveyed his intention to withdraw from seeking the party nomination.[58]

See also

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References

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  1. ^ "Dhammika Perera and wife Priscilla launch DP Kids free online learning platform". www.dailymirror.lk. Retrieved 2020-12-21.
  2. ^ a b Springer, Jon (December 1, 2013). "Sri Lankan Dhammika Perera's Master Plan". Forbes Asia. Retrieved 27 December 2023.
  3. ^ a b "Dhammika Perera: Awakening The Giants". Business Today. Archived from the original on 2022-01-21.
  4. ^ "Dhammika Perera responds to the tax evasion allegation in connection to Bally's Pvt. Ltd (video)". LNW Lanka News Web. 2022-06-07. Retrieved 2022-09-29.
  5. ^ "busine01". www.island.lk. Retrieved 2020-06-06.
  6. ^ Guest, Forbes. "Sri Lankan Dhammika Perera's Master Plan". Forbes. Retrieved 2022-07-08.
  7. ^ Chandrasekera, Duruthu Edirimuni. "The Pereras – from friends to frenemies". Sunday Times. Retrieved 28 December 2023.
  8. ^ "RCL takeover to cost Rs. 820m". Sunday Times. Retrieved 2022-07-07.
  9. ^ "Dhammika has near 50% stake in Hayleys". Sunday Times. Retrieved 28 December 2023.
  10. ^ Ratnaweera, Jay (8 December 2013). "Dhammika Perera, Richest Man In Sri Lanka". thesundayleader.lk. The Sunday Leader. Archived from the original on 2016-08-22. Retrieved 19 March 2018.
  11. ^ "Mohan and Dhammika appointed as Singer Chairman and Co-Chairman". www.dailymirror.lk. Retrieved 2020-06-06.
  12. ^ "Hayleys to acquire Singer Sri Lanka for Rs.12.5bn". www.dailymirror.lk. Retrieved 2020-06-06.
  13. ^ "Dhammika Perera resigns from Lanka Ceramic Director Board". Lanka Business Online. 2018-09-05. Retrieved 2020-06-06.
  14. ^ "Dhammika Perera appointed Chairman of Board of Directors of Lanka Walltiles". Daily News. Retrieved 2020-06-06.
  15. ^ "2022 Asian Gaming Power 50: The next five". asgam.com. 10 November 2022. Retrieved 28 December 2023.
  16. ^ "Sri Lanka won't oppose casino in Packer's $400 mln Crown resort". reuters.com. Reuters. 9 May 2014. Retrieved 27 July 2022.
  17. ^ "Money laundering behind the garbage scam? - MP Kanaka Herath". Sri Lanka News - Newsfirst. 2019-07-27. Retrieved 2020-06-06.
  18. ^ "BOI to take stern action against the company responsible for importing waste". Sri Lanka News - Newsfirst. 2019-07-21. Retrieved 2020-06-06.
  19. ^ "Hayleys says no wrongdoing in free zone operations | Daily FT". www.ft.lk. Retrieved 2021-01-17.
  20. ^ "Hayleys Free Zone slams garbage shipment allegations". www.dailymirror.lk. Retrieved 2021-01-17.
  21. ^ Edirimuni, Duruthu. "Dhammika under fire over 'quick' BOI approvals". Sunday Times. Retrieved 28 December 2023.
  22. ^ "Sri Lanka's business mogul Dhammika Perera attempts to bring hope after govt failures". economynext.com. Retrieved 25 December 2023.
  23. ^ "Dammika as transport secretary". Daily Mirror.
  24. ^ ""I am willing to take up the 'Treasury Secretary' Position" – Sri Lankan Billionaire Dhammika Perera". Ada Derana. Retrieved 25 December 2023.
  25. ^ "Dhammika designs 'SL 2030: A Developed Nation' | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  26. ^ "Ministry of National Security: A nation rich in safety and freedom | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  27. ^ "Ministry of Finance and Planning: A nation rich in wealth | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  28. ^ "Ministry of Education: A nation rich in human capital | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  29. ^ "Ministry of Higher Education: A nation rich in human capital | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  30. ^ "Ministry of Technical, Vocational Education and Training (TVET): A nation rich in human capital | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  31. ^ "Ministry of Social Development: A nation rich in happiness | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  32. ^ "Ministry of Regional Development: A nation rich in convenience | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  33. ^ "Ministry of Justice and Prison Reforms: A nation rich in discipline | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  34. ^ "Ministry of Agriculture and agro-based industry: A nation rich in prosperity | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  35. ^ "Ministry of Environment and Natural Resources: A nation rich in biomes | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  36. ^ "Ministry of Health: A nation rich in wellbeing | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  37. ^ "Ministry of Investment Promotion and Job Creation: A nation rich in industries | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  38. ^ "Ministry of Foreign Affairs: A nation rich in diplomacy | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  39. ^ "Ministry of Information and Communication Technology: A nation rich in technology | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  40. ^ "Ministry of Transport: A nation rich in mobility | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  41. ^ "Ministry of Ports and Shipping: A nation rich in maritime logistics | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  42. ^ "Ministry of Tourism: A nation rich in hospitality | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  43. ^ "Ministry of Religious Affairs and Interfaith Harmony: A nation rich in unity | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  44. ^ "Ministry of Arts and Culture: A nation rich in heritage | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  45. ^ "Ministry of Fisheries: A nation rich in fish trade | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  46. ^ "Ministry of Civil Aviation: A nation rich in connectivity | Daily FT". www.ft.lk. Retrieved 2022-06-27.
  47. ^ "University of Moratuwa and Dhammika and Priscilla Perera Foundation to boost skilled workforce | Daily FT". www.ft.lk. Retrieved 2022-07-07.
  48. ^ "Laying The Foundation For A Better Future With DP Education | Business Today". www.businesstoday.lk. 18 November 2021. Retrieved 2024-01-02.
  49. ^ "DP Education to set up satellite campus teaching coding and robotics at every Divisional Secretariat level | Daily FT". www.ft.lk/. Retrieved 2023-03-27.
  50. ^ "Revolutionizing Sri Lanka's IT Landscape: Dhammika Perera's Vision to Harness Silicon Valley's Magic | Daily News, Sunday Observer". www.dailynews.lk. Retrieved 2024-01-21.
  51. ^ "Dhammika outlines 12 strategies to boost forex earnings by $ 8 b | Daily FT". www.ft.lk. Retrieved 2022-07-04. Business leader Dhammika Perera has unveiled 12 strategies that can boost much-needed dollar earnings and help Sri Lanka come out of the prolonged foreign exchange shortage...
  52. ^ "Sri Lanka business magnate Dhammika Perera leaves director boards; speculation rife". EconomyNext. 2022-06-10. Retrieved 2022-06-23.
  53. ^ "Minister Dhammika Perera in the making | Daily FT". www.ft.lk. Retrieved 2022-06-23.
  54. ^ "Dhammika Perera sworn in as a Member of Parliament". News First. 22 June 2022.
  55. ^ "Dhammika Perera sworn in as a minister". www.adaderana.lk. Retrieved 2022-06-24.
  56. ^ "Dhammika Perera resigns from Ministerial Post". News First. 10 July 2022. Retrieved 10 July 2022.
  57. ^ "MP Dhammika Perera says, he is ready to contest the Presidential elections if Political parties guarantee 51% of majority". Newsfirst. Retrieved 5 December 2023.
  58. ^ "Dhammika withdraws from Presidential race; Namal emerges". Daily FT. 7 August 2024. Archived from the original on 8 August 2024. Retrieved 8 August 2024.
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