An Open Letter To Central Bank Governor
Nihal Sri Ameresekere
Governor
Central Bank of Sri Lanka
30, Janadhipathi Mawatha
Colombo 1.
Colombo 1.
Dear Nivard,
In the context of urgings by several parties in the public interest, As you are aware, are conducted was a Seminar On Friday, January 31, 2014 On the subject ' Repetitive Debacles of Finance Companies' .
To be honest, I do not have much dealings with finance companies, except in the past, when assets of Directors were sold in one instance, and in another instance where property of an Associated Company was sold, to settle all Depositors under the supervision of the Central Bank. I am also aware of another instance, where certain Directors and Staff were sentenced to jail. Curiously, such did not occur in all instances?
Whilst prior to the Seminar, on a mere perusal of the Finance Business Act No. 42 of 2011, I came across certain Sections, some of which I thought ought be brought to your kind attention.
1. Section 31. (6) (j)
"31. (6) (j) direct any shareholder of the finance company to divest or transfer the ownership of the shares owned by him, to a person nominated by the Board, on payment by such person of compensation as follows: -
(I) where such shares are quoted, at the market value thereof; or
(Ii) where such shares are not quoted at a price to be determined by a valuer nominated by the Board. "
Identical provisions are there in Section 36 (2) in the instance of vesting of a finance company.
I Cite attributed to the following extracts to ME Reported in the Mirror Business of yesterday February 5, 2014
WikiLeaks: President's Brother Throws Hat Into Ring
February 13, 2014
"Late March 2, Anura Bandaranaike, a senior SLFP MP and brother of President Kumaratunga, announced that he wants to be the next SLFP presidential candidate. Bandaranaike's announcement was an early one: Sri Lanka's next presidential election will take place in either late 2005 or late 2006. (The exact timing of the election depends on how a complicated dispute concerning the length of President Kumaratunga's term is settled - see Reftels.) In a lengthy interview with the English-language DAILY MIRROR newspaper published on March 3, Bandaranaike also stated that he would be 'the last of the Bandaranaikes to be in politics and the dynasty will end with me.' He also characterized himself 'a ruthlessly honest politician.' "The US Embassy Colombo informed Washington.
The Colombo Telegraph Cable Found From the related leaked the WikiLeaks Database. The "Confidential" Cable is Signed by the U.S. Ambassador to Colombo Jeffrey J. Lunstead On March 09, 2004.
The ambassador wrote; "Bandaranaike, 55, would seem to be a leading contender for the SLFP nomination. First, he is the brother of the President, and both his parents were SLFP prime ministers, which counts for a lot in the SLFP (his father founded the party). He has huge political problems, however. While affable, he is not considered a serious thinker and some even consider him a bit of a buffoon. It is also not clear whether he has the support of his sister, who is thought to distrust him for defecting from the SLFP years ago (he returned to the party fold in 2001). In throwing his hat into the ring, Bandaranaike also has a major rival: senior SLFP MP and former Opposition Leader Mahinda Rajapakse is thought to maintain considerable grassroots support in the SLFP. "
