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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Nihal’s new book exposes “Settlement of colossal fraud on Sri Lanka Government”

Nihal’s new book exposes “Settlement of colossal fraud on Sri Lanka Government”

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CSE.SAS

CSE.SAS
Global Moderator
Nihal Sri Amere-sekere’s 10th Book in a series of real case studies on corruption, fraud, economic crime, governance, and rule of law, contains revelations on how political leaders of third world developing countries, become subservient to economically powerful giants, even covering-up colossal frauds perpetrated on a sovereign State and its impoverished people, with scant regard for the rule of law and human rights.

In Settlement of a Fraud (published by AuthorHouse), Ameresekere writes of discovery of fraud in the construction of the Colombo Hilton Hotel and the establishment in December 1992 by the author before the highest judiciary, a serious case of fraud, with real prospects of being successfully proven (SC Appeals 33 & 34/1992 & 1992 CLR (Commercial) at 636), with socio-economically powerful giants and the company, with politically influential Directors, unable to answer interrogatories.

Settlement of a Fraud discloses that successive Attorney Generals and Secretaries of Finance, at the behest of several politically elected Executive Presidents, having intriguingly required such colossal and blatant fraud to be settled, abandoning any criminal prosecution, whatsoever.

For such settlement, Ameresekere discloses how he insisted and obtained in June 1995 write-offs of US $ 207 million on claims made on State Guarantees issued by the Sri Lanka Government, committing public funds, for the construction of the Colombo Hilton Hotel.

Ameresekere, espousing the need for proper governance, insists on several other conditions, which the Government agrees to, including legal action against SEC Members for dereliction of statutory duty on such a major fraud in a listed company, involving public funds, notwithstanding Complaints made by Ameresekere.

Ironically an academically accomplished Justice Minister and later Minister of External Affairs, who had been a SEC Member at the relevant time, having initially hailed the Settlement, later discovering such condition, precipitating a controversy, suspends the signed Settlement, finalised by the Attorney General, with approval of the Cabinet of Ministers.

Subsequently, upon international pressures, the Settlement was belatedly given effect to, with the exclusion there from of such condition pertaining to action by the State against SEC members; which suspension Ameresekere states caused colossal losses to the Company and the State, and its impoverished people.

Ameresekere discloses that in his crusade to combat fraud and corruption at the highest levels in society, he was confronted with the reality of the Government of Sri Lanka’s indifference to the enforcement of the rule of law and the upholding of its commitments under the UN Convention Against Corruption; and that ironically on the contrary, he had to face malicious capricious actions, with vexatious litigations, compelling his Application to Court to Wind-up the Company, resulting in the Government of the present Executive President, arbitrarily and surreptitiously enacting ad hominem legislation to, inter-alia, acquire the company!

Books published by Ameresekere, to date:
1. “UN Convention Against Corruption – To Combat Fraud & Corruption – a Cancerous Menace, with mere Rhetoric, subverts UN Convention”

2. “Colombo Hilton Hotel Construction – Fraud on Sri Lanka Government – Sri Lanka’s First Derivative Action in Law” reported in the Commonwealth (Commercial) Law Reports (1992 CLR @ Page 637 / SC Appeal
Nos. 33 & 34 / 1992)

3. ‘IMF, World Bank and ADB Agenda on Privatisation – Sri Lanka Insurance Privatisation, handled by PricewaterhouseCoopers and Ernst & Young – Annulled as Unlawful and Illegal by Supreme Court’ – of Sri Lanka in SC (FR) Application No. 158/2007

4. ‘Derivative/Hedging Deals by Citibank, USA, Standard Chartered Bank, UK, Deutsche Bank, Germany, with Sri Lanka Government’s Petroleum Corporation – Dubious and Illegal?’ – re Supreme Court of Sri Lanka in SC (FR) Applications Nos. 535 & 536 / 2008 and Nos. 404 & 481/2009

5. ‘IMF, World Bank and ADB Agenda on Privatisation – Colombo Port Bunkering Privatisation – Annulled as
Illegal and Fraudulent by Supreme Court’ of Sri Lanka in SC (FR) Application No. 209/2007

6. ‘Transparency and Public Accountability – Fiscal Mismanagement and Lack of Public Accountability – Case Study – Sri Lanka, a Country under the Purview of IMF, World Bank, ADB’ – The Supreme Court of Sri Lanka in SC Reference No. 1/2004 & SC (SD) Application No. 3/2008
7. IMF, World Bank and ADB Agenda on Privatisation – Pillage of the Plantations in Sri Lanka’

8. ‘Colombo Hilton Hotel Construction – Fraud on Sri Lanka Government – Criminality Exposed, but Perversely Covered-up’ – Special Presidential Commission Inquiry 1/98

9. ‘IMF, World Bank and ADB Agenda on Privatisation – ‘Dubious Deals’ in Sri Lanka – What a Paradox !’

10. ‘Settlement of a Fraud – Colombo Hilton Hotel Construction – Fraud on Sri Lanka Government’
SOURCE: Consultants 21 (Publications) Ltd.

Books are available from publishers, AuthorHouse US & UK http://www.authorhouse.com
http://www.ft.lk/2012/06/06/nihals-new-book-exposes-settlement-of-colossal-fraud-on-sri-lanka-government/

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