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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Conflict of Interest in Sri Lanka Cricket with Janashakthi Group as Insurer: Since Ranil's appointment of Prakash Schaffter to Cricket Board as Secretary - ICC moves to investigate government interference at Sri Lanka Cricket

Conflict of Interest in Sri Lanka Cricket with Janashakthi Group as Insurer: Since Ranil's appointment of Prakash Schaffter to Cricket Board as Secretary - ICC moves to investigate government interference at Sri Lanka Cricket

Go down  Message [Page 1 of 1]

StockGuru

StockGuru
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
ICC moves to investigate government interference at Sri Lanka Cricket

The ICC Board today considered the implications of the appointment of an Interim Committee of Sri Lanka Cricket (SLC) by the Government of Sri Lanka and whether this may be a breach of the ICC's constitution which requires free and fair elections for office-bearers within Member boards.

After considerable discussion, and without making a final decision on the matter, the ICC Board supported a recommendation of the ICC Governance Review Committee that it should write to the Sports Minister of Sri Lanka seeking a full and proper explanation of its intervention that prima facie puts SLC in breach of the ICC's constitution.

The Board further decided that, pending the satisfactory resolution of this matter, the next financial distribution due from the ICC to SLC will not be advanced to SLC and will, instead, be held in an escrow account.The Board further decided that, pending the satisfactory resolution of this matter, the next financial distribution due from the ICC to SLC will not be advanced to SLC and will, instead, be held in an escrow account.

Notwithstanding the Board's decision, Mr Nuski Mohamed — a nominee of the Interim Committee — was given the opportunity to provide information about the status of the Interim Committee, following which he was invited to attend the ICC Board meeting as an observer on behalf of the interests of cricket in Sri Lanka. Unfortunately, Mr Mohamed declined to attend the meeting on these terms and as a result there was no representative from Sri Lanka at the meeting.

The recent media comments of the Sri Lankan Sports Minister suggesting that the ICC was 'colluding' with former SLC officials were also noted and the ICC Board expressed its disappointment with the inaccurate nature of these comments. Moving forward the ICC hopes to progress this matter constructively with the Government of Sri Lanka for the good of all cricketing interests in Sri Lanka.

The ICC Board consists of the nominated representatives of each of the 10 Full Members plus three elected Associate Member representatives. The meeting is chaired by Mr Narayanaswami Srinivasan. Also present is the ICC Chief Executive.

ICC Chairman: Narayanaswami Srinivasan

ICC Chief Executive: David Richardson

Australia: Wally Edwards

Bangladesh: Nazmul Hassan

England: Giles Clarke

India: Narayanaswami Srinivasan

New Zealand: Greg Barclay

Pakistan: Shaharyar M. Khan

South Africa: Chris Nenzani

Sri Lanka: No attendee

West Indies: Dave Cameron

Zimbabwe: Wilson Manase

Associate Member Director (Bermuda): Neil Speight

Associate Member Director (Namibia): Francois Erasmus

Associate Member Director (Singapore): Imran Khawaja

http://www.islandcricket.lk/news/srilankacricket/422170416/icc-moves-to-investigate-government-interference-at-sri-lanka-cricket



Last edited by StockGuru on Fri Apr 17, 2015 8:58 pm; edited 2 times in total

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
not relevant to this forum.

StockGuru

StockGuru
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Nimantha it is relevant to this forum as you may not understand.Cricketers, Sports Trips and Sports stadiums and all that is related to sports or cricket have to be insured.Prakash Schaffter and his family owns janashakthi Insurance and they own First Capital Treasuries.It is conflict of interest for Prakash to head Cricket Interim Committee since all cricketers' insurance and most of insurance will now go to Janashakthi Insurance PLC.

Cricketers are insured for huge sums not for few hundreds of thousands like general people...Cricket Team of Sri Lanka itself is insured in few millions of dollars..this is Business of Politics.

First Capital Treasuries was the first company to be upset about 'Central Bank 30 year Bond Issue' by Arjuna Mahendran where Arjun Aloysius earned money.There is business circle talk that already says Prakash Schaffter was given Cricket Interim Committee position and interest of Sports insurance bids so that Prakash related companies wil not argue and riot against Arjuna Mahendran's Bond Deals.You may be very naive to understand how Business and Politics work in hand in hand.Sports is one of the best businesses in world.

Tc and get educated Dear Nimantha...a humble view.

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@StockGuru wrote:@Nimantha it is relevant to this forum as you may not understand.Cricketers, Sports Trips and Sports stadiums and all that is related to sports or cricket have to be insured.Prakash Schaffter and his family owns janashakthi Insurance and they own First Capital Treasuries.It is conflict of interest for Prakash to head Cricket Interim Committee since all cricketers' insurance and most of insurance will now go to Janashakthi Insurance PLC.

Cricketers are insured for huge sums not for few hundreds of thousands like general people...Cricket Team of Sri Lanka itself is insured in few millions of dollars..this is Business of Politics.

First Capital Treasuries was the first company to be upset about 'Central Bank 30 year Bond Issue' by Arjuna Mahendran where Arjun Aloysius earned money.There is business circle talk that already says Prakash Schaffter was given Cricket Interim Committee position and interest of Sports insurance bids so that Prakash related companies wil not argue and riot against Arjuna Mahendran's Bond Deals.You may be very naive to understand how Business and Politics work in hand in hand.Sports is one of the best businesses in world.

Tc and get educated Dear Nimantha...a humble view.
because of me you wrote the relevant thing.

StockGuru

StockGuru
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@nimantha80 wrote:
@StockGuru wrote:@Nimantha it is relevant to this forum as you may not understand.Cricketers, Sports Trips and Sports stadiums and all that is related to sports or cricket have to be insured.Prakash Schaffter and his family owns janashakthi Insurance and they own First Capital Treasuries.It is conflict of interest for Prakash to head Cricket Interim Committee since all cricketers' insurance and most of insurance will now go to Janashakthi Insurance PLC.

Cricketers are insured for huge sums not for few hundreds of thousands like general people...Cricket Team of Sri Lanka itself is insured in few millions of dollars..this is Business of Politics.

First Capital Treasuries was the first company to be upset about 'Central Bank 30 year Bond Issue' by Arjuna Mahendran where Arjun Aloysius earned money.There is business circle talk that already says Prakash Schaffter was given Cricket Interim Committee position and interest of Sports insurance bids so that Prakash related companies wil not argue and riot against Arjuna Mahendran's Bond Deals.You may be very naive to understand how Business and Politics work in hand in hand.Sports is one of the best businesses in world.

Tc and get educated Dear Nimantha...a humble view.
because of me you wrote the relevant thing.

Yes for the knowledge of entire countrymen and how it relates to Janashakthi profits and First Capital Holdings in indirect and direct way...

StockGuru

StockGuru
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
First Capital Holdings (CFVF) Director Board headed by Prakash Schaffter's Sister and Brother

Chairperson Mathews M. (Executive)
Managing Director Schaffter D.
Chief Executive Officer Wirasekara D.G.
Board of Directors
Rodrigo N.E.
Perera A.D.E.I.
Perera M.D.A.
Fernando W.N.I.C.
Chandana L. de Silva (Non-Executive Independent Director)


Top Shareholders of CFVF

1 Dunamis Capital PLC 45,626,756/ 45.06%
2 Seylan Bank PLC/ Dunamis Capital PLC 25,400,000/ 25.09%
3 Commercial Bank of Ceylon PLC/ Dunamis Capital PLC 4,891,692/ 4.83%

Dunamis Capital Board
BOARD OF DIRECTORS / KEY EXECUTIVES
Chairperson Mathews M. (Executive)
Managing Director Schaffter D.
Board of Directors
Rodrigo N.E.
Perera A.D.E.I.
De Silva C.L.
Wickramasuriya S.
De Mel N.C. (Non-Executive Independent Director)

Dunamis top shareholders

1 Pan Asia Banking Corporation PLC / Ms. M. Mathews 32,419,346/ 26.36%
2 First Capital Markets Limited/ Nextventures Limited 26,244,562/ 21.34%
3 Mr. D.Schaffter 20,274,918/ 16.48%
4 Janashakthi Limited 11,124,473/ 9.04%
5 Commercial Bank of Ceylon PLC / Janashakthi Limited 6,200,000/ 5.04%

Janashakthi Board

Chairman Ellawala W.T. (Non-Executive Non-Independent Director)
Managing Director Schaffter P.A. (Executive Non-Independent Director) = Prakash Schaffter
Director / Deputy Chief Executive Officer Fernando M.S.J.
Board of Directors
Coomaraswamy A. (Non-Executive Independent Director)
Schaffter R. (Executive Non-Independent Director)
Mathews M. (Non-Executive Non-Independent Director)
De Cabraal Wijetunge L.C.R. (Non-Executive Independent Director)
Perera A.D.E.I. (Non-Executive Non-Independent Director)

Janashakthi Top Shareholders

(1) Janashakthi Limited 257,707,872/ 70.99%
(2) Dunamis Capital PLC 11,500,000/ 3.17%
(3) Bank of Ceylon-No 2 A/C 11,052,216/ 3.04%
(4) Suktam Holdings (Pvt) Ltd 5,637,338/ 1.55%

Business Basil


Manager - Equity Analytics
Manager - Equity Analytics
CFVF looks attractive with Prakash on Cricket Board as Secretary and getting Bond information indirectly..

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