Shaffters swindle Janashakthi Insurance money!

 Friday, 11 April 2014

Former chairman Chandra Schaffter and incumbent Prakash Schaffter are swindling the assets of leading Sri Lankan insurance firm, Janashakthi Insurance, internal sources at the firm told 'Lanka News Web.'

The father and son duo had sent millions of rupees of the firm out of the country on several occasions.

An internal audit has revealed that Rs. 500 million had been sent to England recently. The money sent to England on several occasions, has been investment in real estates in London, said the sources. The Schaffters live in Sri Lanka solely for business purposes, and consider England as their motherland

The Sri Lanka Securities and Exchange Commission had investigated several such instances and following an audit in 2008-09, it had recommended to the insurance regulatory commission to cancel the license given to Janashakthi Insurance. Prakash Shaffter had bribed a leading politician with Rs. 25 million and got the allegation covered up.

Furthermore, the father and the son are using leading cricket club Tamil Union as their personal property. The buildings constructed in the land belonging to this club had been built without proper permission. Tamil Union had disregarded a warning by the Urban Development Authority over that, and after which the building was to be dismantled, when the Shaffter duo had spent money on leading politicians and got the allegation covered up.