President’s Economic Advisor Duminda Hulangamuwa is facing mounting scrutiny over allegations of a conflict of interest, following his remarks during an interview on Ada Derana 360 with anchor Kalindu Karnarathne.
Hulangamuwa, who also holds a senior position at Ernst & Young, was questioned about potential conflicts arising from his dual roles—advising the president on economic matters while being part of a private firm that engages in government-related financial work. Concerns were raised over whether he had access to sensitive state financial information that could benefit his firm.
During the discussion, Hulangamuwa denied any wrongdoing, arguing that integrity was key and that even within his own firm, employees were unaware of significant tax policy changes until they were publicly announced by the president. However, his remarks have sparked further debate, particularly regarding a government tender process involving Ernst & Young.
“There is no conflict of interest,” Hulangamuwa said during the programme.
Responding to questions, he insisted that he would not share any sensitive information with his clients. “Take my word, I will not share any information,” he stated. When Karunarathne asked, “We have to take your word?” Hulangamuwa replied, “Yes.”
A key accusation centers on a missing financial document during an initial tender process for auditing a state institution. The re-tender, which followed the missing documents incident, was reportedly awarded to Ernst & Young, raising suspicions of favoritism due to Hulangamuwa’s advisory role. He acknowledged that his firm participated in the re-tender process but insisted that the company did not initially bid due to the contract’s low value. According to him, the institution later approached Ernst & Young directly, asking them to submit a bid after the initial bidder was deemed incapable of handling the task.
Despite his defense, a criticism has ignited concerns about transparency in government tenders and the ethical implications of a senior economic advisor maintaining ties to a private firm with potential access to government contracts.
Hulangamuwa was appointed as a senior economic advisor to the president in October 2024, alongside Professor Anil Fernando. He is also the Country Managing Partner for Sri Lanka and the Maldives at Ernst & Young and was re-elected as Chairman of the Ceylon Chamber of Commerce in November 2024.
Critics, including journalists and economists, have taken to social media to question his ability to separate his advisory role from his corporate interests, accusing him of repeatedly dismissing conflict-of-interest concerns.
In March 2022, then-President Gotabaya Rajapaksa appointed Hulangamuwa to an advisory committee of business leaders and academics to assist the 11-member Economic Council.
