A heated debate has erupted on social media after the asset declaration of Trade and Commerce Minister Wasantha Samarasinghe was made public, revealing properties and investments valued at approximately Rs. 275 million. The official declaration, now available on the Commission to Investigate Allegations of Bribery or Corruption website, includes commercial buildings, land, gold, vehicles, solar power units, bank deposits, shares, and even cryptocurrency holdings.
According to his declaration, the minister’s portfolio of assets includes:
* A commercial building valued at Rs. 150 million
* A three-storey commercial building valued at Rs. 75 million
* A residential house worth Rs. 10 million
* Two solar power units worth Rs. 6.5 million and Rs. 3.25 million respectively
* 17.5 pounds of gold worth Rs. 4.5 million
* A Toyota Prius car valued at Rs. 15 million
* Fixed deposits of Rs. 200,000
* Bank savings of Rs. 1.1 million and Rs. 650,000
* 21,000 shares of LOLC worth Rs. 12 million
* Cryptocurrency valued at around Rs. 1 million (USD 3,000)
Samarasinghe’s sources of income were recorded as rent from his commercial properties, income from teaching and classes, earnings from solar power, and returns on investments.
The following is a Q&A from his television interview yesterday, where he directly responded to questions about his wealth and the public scrutiny surrounding it.
Q&A with Minister Wasantha Samarasinghe
Question: There is growing discussion on social media about your assets valued at Rs. 275 million. Can you explain how you acquired them?
Wasantha Samarasinghe: The assets and liabilities declarations of the country’s top officials, including the President, the Prime Minister, the Speaker, and ministers, have all been made public by the Commission to Investigate Allegations of Bribery or Corruption. As a minister, I too was required to submit mine, and that is what I have done. Some people on Facebook are making noise, but I have a responsibility to clarify matters.
I was born in Thambuttegama, and everyone there knows my family and me. After studying at the University of Kelaniya, I engaged in politics with the JVP, while also managing family businesses and other ventures. A large portion of my assets come from inheritance and long-standing businesses.
Back in 1997, I started teaching classes. At first, it was in very humble conditions, even using coconut trees to build benches. Over the years, I developed that property into one of the largest tuition complexes in Thambuttegama. Today, it generates rental income as multiple classes and vocational training programs are held there.
Land in Thambuttegama has also appreciated significantly. For example, a perch of land in the town now goes for about Rs. 3 million. Our family land was inherited, and I developed it further.
The three-storey commercial building is also tied to those classes. It has been gradually built up, not overnight. The property has about 7,500 square feet under roof, and I also installed solar panels. Another commercial building was constructed through bank loans and later expanded. None of this is sudden wealth; it has been built over decades.
Question: Do you say with confidence that none of these assets were acquired after you became a minister?
Absolutely. I have declared everything in the assets and liabilities register, and once declared, those details cannot be changed. I have been transparent.
I have been in business since I was a schoolboy, even selling on trains. I also engaged in farming, though I had to stop about six months ago due to lack of time. I’ve been active in the stock market, and during the Covid period I even ventured into cryptocurrency. My son, who knows about technology, set up my crypto account. That investment is worth about Rs. 1 million today.
I can say with full responsibility that I have not earned a single cent from public money. Every property and asset I own is either inherited, developed through business, or acquired through personal effort.
Question: Your declaration also includes gold and jewelry. Can you explain that?
Yes, that gold is mostly from my marriage in 2006. Over the years, the value has increased. For instance, I bought a pound of gold back then for Rs. 6,500. Today, a pound is nearly Rs. 300,000. These assets are also recorded in the declaration, and I have been completely open about them.
