Melstacorp Limited Chairperson and key figure behind the Distilleries Company of Sri Lanka (DCSL), Harry Jayawardena, and John Keells Holdings’ (JKH) first Chairperson Ken Balendra passed away yesterday (3).
Jayawardena leaves a legacy of reshaping Sri Lanka’s corporate landscape, having been the Chairperson of Melstacorp Limited and a key figure behind the Distilleries Company of Sri Lanka (DCSL), two of the country’s largest conglomerates.
Under his leadership, the companies diversified into new sectors, including telecommunications through Hutch and renewable energy projects, fortifying their place as pillars of Sri Lanka’s economy.
Jayawardena was a major shareholder and Chairperson of the board of directors of Madulsima Plantations, Balangoda Plantations, Browns Beach Hotels, Aitken Spence, Aitken Spence Hotel Holdings, Hatton National Bank, Development Finance Corporation of Ceylon and Stassen Group.
Born in Kandana, Ja-Ela Jayawardena rose from modest beginnings to build a business empire that spanned beverages, financial services, telecommunications, and renewable energy. Jayawardena was also instrumental in listing several companies on the Colombo Stock Exchange, a move that enhanced transparency and attracted both local and foreign investors.
Jayawardena’s impact extended beyond business, as he is widely considered a key player in shaping Sri Lanka’s economic policies and corporate governance frameworks, though his influence sometimes drew criticism. Supporters praised his ability to navigate complex regulatory environments.
Ken Balendra played a pivotal role in the expansion of Sri Lanka’s largest conglomerate John Keells Holdings, into diverse sectors such as transportation, leisure, retail, and financial services, solidifying its position as a cornerstone of Sri Lanka’s economy.
His early career was shaped by his time at John Keells Holdings (JKH), having joined the company in the 1970s till his tenure as the holding company’s first Chairperson in the 1990’s. Balendra’s time at JKH was marked by bold decisions and strategic investments.
Credited for introducing the company to global best practices, and fostering a culture of innovation, his leadership was instrumental in transforming JKH into a globally recognised brand, and attracting foreign investment.
One of his most notable achievements was the development of Sri Lanka’s first integrated resort, Water’s Edge, a project that symbolised the country’s post-war economic revival.
His influence extended beyond JKH, as he also served as Chairperson of Brandix Lanka Ltd. and the South Asia Regional Fund of the Commonwealth Development Corporation, Bank of Ceylon, The Ceylon Tobacco Company, the Securities and Exchange Commission, the Insurance Board of Sri Lanka, and The Ceylon Chamber of Commerce.
He had also served as the Chairperson of the Sri Lanka Institute of Directors (SLID), where he championed good governance and ethical business practices. His contributions to the Sri Lankan corporate sector earned him numerous accolades, including the Lifetime Achievement Award from the Sri Lanka Institute of Marketing.