The Visit By Madam Pillay: Imperialist Politics, Regime Change And The R2P
Ajit Rupasinghe
The recent visit by Madam Navanetham Pillay will turn out to be a dramatic turning point in the future of the country. Her reports could either sound the death-knell to the Rakapakse Regime, or be given a new lease of life. It is a matter of how the symphony will be orchestrated by the US, the supreme grand conductor of the UN. It is not Madam Pillay who would decide on the follow-up. Madam Pillay could be expected to play her role professionally and with detached objectivity and integrity. Yet, ultimately, it is the US that would manipulate the outcome.
Just by the way, the insolent behavior of the inimitable clown, Hon. Minister of Public Relations, Mr. Mervyn Silva would have irreparably damaged the image of Lanka internationally, as a pariah State, since only pariahs behave in such a low-life, uncouth and uncivilized manner, as to propose marriage to a visiting foreign dignitary. As decent, civilized citizens, this display of indecency affects all of us, since it taints our image worldwide. This is not an isolated event. The long litany of outrageous, bellicose and unlawful behavior by the Minister and his son is on record. On behalf of all citizens, President Mahinda Rajapakse should reprimand the Minister and relieve him of any official position in the government and be thrown out of politics. Or, is it that the government is far too obligated to protect him, even at the expense of the reputation of the country? Read More
People’s Action Might Need To Save Depositors & Investors Of CIFL
Hema Senanayake
A billion rupee financial institution namely the Central Investment & Finance PLC (CIFL) is in grave crisis. Some respectable people in Sri Lanka now believe that senior professionals in the Central Bank of Sri Lanka (CBSL) make deals when Licensed Finance Companies like CIFL go bankrupt. The mechanism is that they allow devaluing the assets and then transfer such assets to business friends of their choice. Also they put their friends to be in charge of the troubled company and planning to extend financial assistance under the Liquidity Support Scheme which scheme is going to be established soon by the CBSL. If this is true this must be stopped right now; sale or transfer of assets must be stopped immediately until CIFL restructured fully. This action is necessary to safe-guard peoples’ deposit over Rs.2.6 billion and the money other investors put in CIFL. This is a company that has assets over Rs.3.6 billion.
CIFL is not liquid as at now, but this does not mean that there is no value in CIFL assets. I guess that there are no significant bad loans and bad investments but the company’s cash inflow is not sufficient to meet its daily obligations. But value of the assets might be intact. Protection of the value of assets as it is, if possible, is the necessary first condition that is required to save everybody’s interest. Therefore, the first thing that should be done by CBSL to protect depositors, creditors and investors, is to stop sale or transfer of assets at devalued prices until the company is restructured and become operational fully. If the assets are devalued and sell to friends of CBSL Officials nobody’s investment will be safe. Read More
