FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» GLAS will be winner with Super Gain.
by invest thinker Today at 1:03 am

» පෙබරවාරි මාසේ කොළඹ කොටස් වලට මොකක්ද වුනේ - බැසුවාද ? බැස්සාද ?
by xhunter Today at 12:31 am

» ACL post share split trading and the future potential
by EquityChamp Yesterday at 11:13 pm

» Daily Foreign Transactions
by Pradeep90 Yesterday at 10:11 pm

» DIPD/HAYC/HAYL
by Chathur Yesterday at 9:44 pm

» Sometimes you might find that you have lost all your money in the market by investing in the non profitable stocks in the market.
by Asoka Samarakone Yesterday at 8:34 pm

» Blossom March
by Vishwanarth Yesterday at 7:00 pm

» RICH or TKYO
by RJ1010 Yesterday at 5:43 pm

» TILE / LWL / RCL
by arun.cse Yesterday at 1:39 pm

» TOKYO CEMENT COMPANY (LANKA) PLC
by arun.cse Yesterday at 1:14 pm

» RAIGAM WAYAMBA SALTERNS PLC (RWSL.N0000)
by Rational Investor Yesterday at 11:58 am

» Opportunities after CSE drop
by EquityChamp Yesterday at 11:36 am

» Amana Bank's total assets cross Rs100 bilion with Rs 1billion operating profit
by samaritan Yesterday at 11:25 am

» Pakistan keen to invest in port city: Cabraal
by samaritan Yesterday at 11:16 am

» BROWNS INVESTMENTS PLC (BIL.N0000)
by samaritan Yesterday at 11:02 am

» SANASA DEVELOPMENT BANK PLC (SDB.N0000)
by IDK Yesterday at 9:23 am

» Madura takes the Portfolio Manager 2021 leadership with staggering 3.5bn
by roshan1039 Yesterday at 5:46 am

» NATIONS TRUST BANK PLC (NTB.N0000)
by ColomboCSE Sun Feb 28, 2021 10:52 pm

» Sri Lanka's Debt Dynamics
by sanjeewa88 Sun Feb 28, 2021 7:50 pm

» TRUE VALUE OF LANKA ALUMINUM INDUSTRY (LALU)
by Wolf86 Sun Feb 28, 2021 7:32 pm

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Govt. violating the rights of the people

Govt. violating the rights of the people

Go down  Message [Page 1 of 1]

1Govt. violating the rights of the people Empty Govt. violating the rights of the people Sat Jun 02, 2012 11:44 pm

CSE.SAS

CSE.SAS
Global Moderator
By Upul Jayasuriya – Attorney at Law

- On April 24, a divisional bench of the Supreme Court presided over the Chief Justice Shiranee Bandaranayake orders that the former Army Commander Sarath Fonseka be transferred to the Nawaloka Hospital from the General Hospital.

- A few days later (April 27) all the exposure on the NSB – TFC transaction starts surfacing, only after the order is made by the Supreme Court for the transfer of General Fonseka from the General Hospital back to Nawaloka.

- By this time the pardoning of the former Army commander is history with the President insisting that either Sarath Fonseka or any one of his family members should seek clemency from him.

- Suddenly the President activates the mechanism to pardon the former Army Commander despite the fact that there was no such application made to the President.

- The Government is well aware of the fact that the former Army Commander’s bail application was to be determined by the Supreme Court on May 31.

- Attorneys’ for Sarath Fonseka file a motion in the ‘deserters case’ moving for bail on May 17. Motion was taken up in open court before High Court Judge Sunil Rajapasha on May 18 and the Senior state counsel in a shocking turn of events says the AG had “no objection” to enlarge Sarath Fonseka on bail.

- Motion is filed in the White Flag case on May 21 and the Supreme Court allows the withdrawal of the appeal and thereafter Sarath Fonseka is released from the prison on a Presidential remission of the sentence on the May 21. The Chief Justice also orders the Registrar of the Supreme Court to inform the Prison’s superintendent that the appeal has been withdrawn.

- Board of directors of the NSB, appointed by the government go against the Chairman by publishing an advertisement in the daily newspapers and dissociate themselves from the attempted purchase of shares.

- Government-sponsored unions of the NSB come out and fight against their Chairman with whom they have had a cordial relationship until then.

- Astrologer-turned-banker holds interviews against the Chairman of the NSB.

- Working Director-astrologer tenders his resignation from the NSB board.

- On May 24, the President visits the ex-Working Director at his residence in Galle and praises him for being the first to resign from the board of NSB.

This Government has never intervened in any corrupt deal that took place in the country which was colossal in nature. A few such instances are enumerated below:

A) 40 billion-rupee fraud for the award of tenders in the north under Uthuru Wasanthaya – through China Harbour Corporation and CATIC.

B) The corrupt deal amounting to US$25 million in the purchase of gantry cranes by the Ports Authority.

C) Billions of investments made by the Monetary Board of Sri Lanka through the EPF amounting to billions which has now come down drastically in the value of the portfolio, some of which are pointed out below.

D) Waste of 10 billion rupees in SriLankan Airlines and five billion rupees in Mihin Lanka under the patronage of Sajin Vaas Gunawardena. It is noteworthy that when Mihin Air was about to be closed Sajin Vaas has established his singly-owned largest private airline company by the name and style of Cosmos International acquiring several helicopters and a number of fixed wing aircrafts for domestic travel in Sri Lanka.

E) The Government took no steps when the Governor of the Central Bank initiated the purchase of large lands in New York and Dubai which are definitely not within the purview of the Central Bank costing billions of rupees.

F) How and why didn’t the Government comply with the Supreme Court order and issue bonds to the value of six billion rupees and instead pay spot cash in violation of the Supreme Court order to Harry Jayawardena when the Court reversed the purchase of the Insurance Corporation?

G) While 5 % of EPF monies were earlier invested in the stock market, it has been increased to 8 % in the last few months. Statistics have revealed that in 2008, the EPF had invested Rs. 30 billion in the stock market and earned returns amounting to only Rs. 0.17 billion. The prices of certain stocks are inflated and once the EPF purchases them the prices have fallen.

I) The EPF had brought shares for Rs. 4 billion and lost Rs. 1 billion. In one instance the EPF had purchased 10 % of Laugfs shares that were Rs. 38 each for Rs. 48 on the 10th. The monies invested were Rs.1.8 billion and by the end of trading, the stocks have fallen to Rs. 40 (per share).

J) The EPF had also purchased shares in Grain Elevators and Browns. In the case of Grain Elevators, five million shares that were purchased at Rs. 238 each have now fallen to Rs. 36 per share. The loss is over one billion rupees.

K) These are workers’ monies and the government has invested Rs. 50 billion in the stock market in the past few months. The EPF monies are invested by the Monetary Board chaired by the Governor of the Central Bank. In the last one year the value of the portfolio has plummeted down to at least 25 billion rupees.

L) In another transaction, shares of Laugfs Gas Company was trading at Rs 38 for two months and the prices went up to Rs 48 on October 10 at around 11 am. The EPF then bought Rs 1.8 billion worth of shares and on the same day, at around 2.30 pm the price of Laugfs shares dropped to Rs 40. So the loss for a single day was Rs 300 million.

Who is responsible for these losses? Will the Governor and the rest of the members of the Monetary Board put a paper advertisement and tender their resignation?

If there is one person of the Monetary Board who would be ‘benevolent’ enough and take a leaf from the book of the astrologer Abeygunawardena, he can be assured with a rare privilege that the President of the country would visit him at his residence and praise him for the courageous decision taken.
When such is the record of the government what prompted the government to assertively intervene in the ‘attempt to purchase’ of shares by NSB of TFC?

Is this a clear message by the government to the judiciary to say the least – “we appointed you and you better look after our interests at all instances and if you step out of line this is the fate that you or your members of the family would be faced with”?

(The writer is one-time Secretary of the Bar Association of Sri Lanka and later the President of the Colombo Law Society. He drafted three impeachment motions against the former Chief Justice Sarath N Silva out of which in one instance Chandrika Kumaratunga the then President prorogued the Parliament and in the second instance she dissolved the Ranil Wickremesinghe regime in 2004).
http://www.sundaytimes.lk/120603/BusinessTimes/bt08.html

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum