Chandra writes to CA Sri Lanka on CEB
Sunday, 17 March 2013
Chartered Accountant, Chandra Jayaratne has suddenly woken up writing to the Chartered Accountants Institute querying what action is being taken against Members of the Institute who are Directors, Accountants and Auditors of Companies ?
On the other hand, what action had Chandra Jayaratne taken on the following matters or choose to ignore them ?
Disciplinary Committee Inquiry by CA Institute against Partners of PricewaterhouseCoopers and Ernst & Young on Complaints made by one Amrit Mutukumaru on the privatization of Sri Lanka Insurance ? Why was Chandra silent on this important matter, where the CA Institute had failed to act ?
Why was Chandra also silent when the above famous firms of Chartered Accountants, his colleagues, had carried out the Sri Lanka Insurance transaction, which was cancelled by the Supreme Court as fraudulent ? How was this acceptable ?
Sri Lanka Insurance Accounts had been doctored by these Chartered Accountants to defraud the Government. Why was Chandra silent then, and why only CEB now ? Is it because CEB is a soft target or because of political objective ?
Large Chamber of Commerce Members of the private sector were involved in the Sri Lanka Insurance privatization, which now reveals money laundering in Gibraltar as disclosed by the Sunday Leader of 10th March. Why was Chandra silent having been a former Chairman of the Chamber of Commerce ? Was it a case of covering up close buddies ?
Another large corporate of the Chamber of Commerce had fraudulently taken over the bunkering monopoly of the Colombo Port, which also was cancelled by the Supreme Court as fraudulent. Chandra was silent on this as well. Was it because of frauds by friends cannot be questioned ?
Chamber of Commerce appointed a key player in the above fraudulent deal as its Chairman. Why did Chandra not condemn such appointment ? Was it because of close friendship ?
Why did not Chandra question the role and accountability of the Directors and Accountants of the above large corporates of the Chamber of Commerce of which he was once Chairman ? Why only the CEB now ?
How does Chandra talk of Directors’ Duties, when Chandra as a Director avoided disclosure of acquiring a property of a public company, without disclosure to the Shareholders, against legal opinion given by highly reputed President’s Counsel, K. Kanag-Isvaran ?
Why does Chandra only act against government institutions, and not against the fraudulent private sector corporates ? Is it because they are his colleagues in the Chamber of Commerce ?
The above scandalous deals and professional misconduct by Directors, Accountants and Auditors happened several years ago, but Chandra was silent on these proven matters, and Chandra has suddenly woken up to query on the CEB on allegations ? Should not first things be dealt with first ?
Good governance and accountability must first be by the private sector to set an example. But the private sector has set a rotten example and people like Chandra do not query, but query only public institutions, why? Is it a political agenda ?
