Prime Minister Dr. Harini Amarasuriya revealed in Parliament that the SupremeSAT-1 satellite project, once mocked as a vanished $300 million scam linked to a Rajapaksa son, actually brought in over Rs. 343 billion in revenue with zero government investment. The announcement ignited heated debate and political challenges in Parliament over past accusations, transparency, and the largest-ever foreign direct investment returns.
Prime Minister Dr. Harini Amarasuriya informed Parliament today, August 6, that the Sri Lankan government did not invest any funds in the SupremeSAT-1 communication satellite project. Despite earlier allegations that the satellite had “disappeared” after being tied to Rohitha Rajapaksa, son of former President Mahinda Rajapaksa, the Prime Minister clarified that not only was there no public expenditure, but the project also generated Rs. 343 billion in revenue from 2015 to mid-2023.
The information was presented in response to a question raised during a parliamentary session regarding the financial and ownership structure of the SupremeSAT venture. Dr. Amarasuriya explained that SupremeSAT, a subsidiary of Supreme Global, entered into an agreement with the Board of Investment of Sri Lanka (BOI) on May 23, 2012. Between 2013 and 2014, the company invested Rs. 12,104,936, entirely from private capital.
She confirmed that no government funding was used for the satellite project and that the investment focused on domestic telecommunications and broadcasting under Section 17 of the BOI Act. The satellite system, established at the Kandy Industrial Park with a projected investment of Rs. 1,828 million, commenced commercial operations on August 27, 2015.
Ownership was divided between Supreme Global Holdings (PVT) Limited with 80 percent and Supreme SL Investments (PVT) Limited with 20 percent.
Revenue data shared by the Prime Minister showed consistent annual income growth from the project:
- 2015/2016: Rs. 19,617 million
- 2016/2017: Rs. 28,133 million
- 2017/2018: Rs. 29,106 million
- 2018/2019: Rs. 34,169 million
- 2019/2020: Rs. 42,960 million
- 2020/2021: Rs. 62,545 million
- 2021/2022: Rs. 87,789 million
- First half of 2023: Rs. 39,590 million
The total revenue reported amounts to Rs. 343,909 million.
Following the statement, MP D.V. Chanaka referenced past allegations from the opposition who had branded the project as a failed venture dubbed “Chichi’s Rocket” claiming it vanished along with a $300 million investment. Chanaka criticized those claims, citing the Prime Minister’s own confirmation that the project never used state funds and instead delivered substantial annual returns.
Chanaka challenged the Prime Minister and current government to name a single investment of this scale initiated under their tenure. The Prime Minister responded that she would be open to investigating and answering such a query if formally submitted.
The satellite, launched into orbit by SupremeSAT, is expected to operate for 15 years and covers regions including Southern and Central Asia, the Middle East, and Australia. SupremeSAT has long been promoted as Sri Lanka’s first communication satellite. Though the Rajapaksa name has been closely associated with the project, its CEO Vijith Peiris stated that Rohitha Rajapaksa contributed as a key engineer on the technical team but denied he held any formal company leadership role.
Despite the Telecom Regulatory Commission not officially recognizing SupremeSAT as a national venture, it remains one of the most successful privately-backed satellite projects connected to Sri Lanka.
