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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Maverick Mervyn shuts down Hayleys Group export factory with 600 workers

Maverick Mervyn shuts down Hayleys Group export factory with 600 workers

+4
Redbulls
The Alchemist
D.G.Dayaratne
sandunj
8 posters

Go down  Message [Page 1 of 1]

sandunj


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Public Relations Minister Mervyn Silva yesterday allegedly took when he walked into Hayleys Group’s Venigros Ltd in the Gampaha District and ordered its closure endangering 600 jobs and key supplies for exports, to the cheer of residents accusing the factory of a major pollution scandal.
The factory which is part of Dipped Products Plc of Hayleys Group, was implicated in the alleged contamination of groundwater prompting the Chief Monk in Weliweriya to start a fast onto death yesterday. Tensions were rising with residents surrounding the factory.
The residents are demanding that the authorities provide pipebourne water to the area free of charge and a relocation of the factory involved.
However the factory staff said they have got the relevant certifications to confirm it was not responsible for alleged contamination. They alleged that Minister Silva’s high handed action was unwarranted at a time when the Company was in discussions with relevant stakeholders to address their concerns.
Venigros manufactures industrial and surgical gloves and accounts for around 50% of DPL’s export turnover. DPL is one of the world’s leading manufacturers and distributors of protective gloves. Operating for four decades DPL accounts for 5% of world’s production of non-medical rubber gloves.
http://www.ft.lk/2013/07/31/maverick-mervyn-shuts-down-hayleys-group-export-factory-with-600-workers/

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
This is the Business Environment in this country

We do not know who is correct or not

But govt should educate MPs to follow correct procedure

How can we expect good stock market under this environment ?

President will invite him for another foreign trip very soon!



Last edited by D.G.Dayaratne on Wed Jul 31, 2013 1:10 pm; edited 1 time in total (Reason for editing : to explain more)

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Could it all be a drama playing out. left to be seen in coming days !

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
"We (voters) reap what we sow"

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
DIPD 1st Quarter profits up 40 % (q on q). trading at annualized 4-5 times earnings (p/e). NAV approx Rs 119 so trading under NAV too.
someone must be wanting to buy these shares. hmm !!!
everything will be ship-shape in a few days, just you watch !

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
In this case I do not blame the Hon. Minister .

For past many months people of over five villages in the area complained about water pollution and the hardships faced by them including many ailments.

No proper solution given . They blamed the factory and the factory denied any release of chemicals for contamination.

When the people checked the ground water with certified laboratories they found contamination.

If the factory is perfect then the authorities should find the source of these chemicals, mainly acids. They did nothing.

People were very angry about the toxicity levels of their drinking water and last few days thousands of them surrounded the factory blocking the access.

If someone did not take any action to ease the situation you will see no factory within one or two days.

The Minister came in and he acted wisely took people's side and asked a temporary closure of the factory.

The relevant officials should take immediate action to find out the culprits for this water pollution and clear the allegation against the factory.




Backstage

Backstage
Moderator
Moderator
@Chinwi wrote:In this case I do not blame the Hon. Minister .

For past many months people of over five villages in the area complained about water pollution and the hardships faced by them  including many ailments.

No proper solution given . They blamed the factory and the factory denied any release of chemicals for contamination.

When the people checked the ground water with certified laboratories they found contamination.

If the factory is perfect then the authorities should find the source of these chemicals, mainly acids. They did nothing.

People were very angry about the toxicity levels of their drinking water and last few days thousands of them surrounded the factory blocking the access.

If someone did not take any action to ease the situation  you will see no factory within one or two days.

The Minister came in and he acted wisely took people's side and asked a temporary closure of the factory.

The relevant officials should take immediate action to find out the culprits for this water pollution and clear the allegation against the factory.  


 

 

Chiwi I am suprised. If there is an issue,Minister Vermyn should have used his position to have liaised with the Environmental and Industrial and the health authorities to have an emergency meeting with the management and shut it down if need be, not walk in to the premises by force with a bunch of goons and force shut one of our stellar export companies with foreign collaborators. I am not defending any polluters, but this is wild west stuff, I am scared for my children's future. Murderous,narcotic peddling,extortionist ministers and contract killing DIG's. How many Nooriwatte's are there in Sri Lanka ?

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Maverick Mervyn shuts down Hayleys Group export factory with 600 workers Dipp10
http://www.cse.lk/cmt/upload_cse_announcements/9521375335412_.pdf

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Backstage wrote:
Chiwi I am suprised. If there is an issue,Minister Vermyn should have used his position to have liaised with the Environmental and Industrial  and the health authorities to have an emergency meeting with the management and shut it down if need be, not walk in to the premises by force with a bunch of goons and force shut one of our stellar export companies with foreign collaborators. I am not defending any polluters, but this is wild west stuff, I am scared for my children's future. Murderous,narcotic peddling,extortionist ministers and contract killing DIG's. How many Nooriwatte's are there in Sri Lanka ?

U've got a point there mate.. These by-force stuff should be stopped at all cost. We need to make sure that these ministers play fair games in these kinda issues. Proper actions should be taken and systematically is should be done..
What our hon. minister has done was; collecting some votes in the expense of lives of ppl..

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
I am surprised too.

How do you expect Mervin to do that kind of job ? He did what he is capable of.
Did you watch the TV coverage ?
He did his best to send people away by talking them tactfully.
They refused and only possible solution to ease the tension was announcing a closure.

I again blame government officers for this. They failed to do their job and now you can see what has happened.

Lady AGAs of the area are not suited for the job I think. They have acted very foolishly in Kandy highway project also and people came to block the roads last week.

Do you know how many Govt. officers are there and how many meetings held per week to manage this kind of issue in an area ?
They just talk and do little.

Everybody expect a politician to come forward to solve each and every matter. They why we pay millions as salaries to public servants qualified with real degrees , diplomas etc. ?

( In this case People suspect someone taking bribes from factory owners)

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Some politicians manipulate poor people to get votes

and then manipulate poor people to get KAPPAM from
local industries in their electorate

You can understand real situation after independent investigation



Last edited by D.G.Dayaratne on Thu Aug 01, 2013 10:35 pm; edited 1 time in total (Reason for editing : typing error)

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Chinwi wrote:
Everybody expect a politician to come forward to solve each and every matter.  They why we  pay millions as salaries to public servants qualified with real degrees , diplomas etc.  ?


That is why people say every thing is politicize in Sri Lanka....After all it is not just happened but done purposefully by politicians for their gain..

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Most of the problems are created by politicians for their personal benefits

Govt Executives are only puppets

Only thing govt ex can do is to help politicians to make money and
save their pension

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