Premadasa, along with 23 others, were killed in an explosion set off by an LTTE suicide bomber during a May Day rally held in the country's capital of Colombo.
President Premadasa was unofficially supervising the procession as it was heading from Sugathadasa Stadium to its end destination of Galle Face Green.
His death was only confirmed several hours later by his personal physician when his ring and watch were identified on body parts found in the morgue.
The government did not announce the death of President Premadasa until 6 PM local time when state-owned television network Rupavahini broadcast a tape of the BBC's report of the incident.
In the north, the Liberation Tigers of Tamil Eelam (LTTE) faced off against the Indian Peace Keeping Force (IPKF).
In order to force the IPKF to leave the island, Premadasa supplied arms to the LTTE to fight the IPKF-backed Eelam People's Revolutionary Liberation Front.
[9] The 1990 massacre of Sri Lankan Police officers, which occurred after the policemen were asked to surrender to the LTTE in Batticaloa at Premadasa's request, was later established to have been performed with the same weapons he had supplied them.
In September 1991, Premadasa faced an impeachment attempt in parliament led by former prime minister Sirimavo Bandaranaike, and backed by two formidable rivals from his own political party, Lalith Athulathmudali and Gamini Dissanayake, both of whom were also eventually assassinated by the LTTE.
Kulaveerasingam Veerakumar, who commonly went under the alias 'Babu', was a 23-year old male from the coastal village of Gurunagar in Jaffna, who had spent years prior becoming acquainted with many people close to Premadasa.
According to former deputy inspector general with the Criminal Investigation Department, Amarasena Rajapakse, "The assassination occurred due to the negligence of domestic staff and mid-level security personnel.
"[1] Rajapakse states that Veerakumar often flew in helicopters with advance presidential parties, including security men, in the company of Mohideen, but the valet carefully concealed him from Premadasa in such instances.
His death was only confirmed several hours later by his personal physician when his ring and watch were identified on body parts found in the morgue.
Twenty three people, including eighteen Tamils and two Sinhalese members of the president's domestic staff, were taken into custody in connection with the assassination.
The government did not announce the death of President Premadasa until 6 PM local time when state-owned television network Rupavahini broadcast a tape of the BBC's report of the incident.
Malaysian Prime Minister Mahathir Mohamad signed a condolence book at the Sri Lankan High Commission to pay his respects to slain Premadasa.
The Former President Sri Lankabhimanya Ranasinghe Premadasa Memorial Monument stands at the location of the bomb blast, at the junction of Armour Street and Grandpass Road in Hulftsdorp.