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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » UPFA National list include 7 rejected by democratic voters

UPFA National list include 7 rejected by democratic voters

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akashameer


Senior Equity Analytic
Senior Equity Analytic
The United People’s Freedom Alliance (UPFA) today named the 12 MPs who would enter the next Parliament from the party’s National List. 
The following have been named as UPFA National List MPs: 
1. Lakshman Yapa Abeywardena
2. Thilanga Sumathipala
3. Sarath Amunugama 
4. Dilan Perera 
5. Vijith Vijayamuni Soysa 
6. S.B. Dissanayake 
7. Mahinda Samarasinghe 
8. Malith Jayatilake
9. M.L.A.M. Hisbullah
10. Angajan Ramanathan
11. A.H.M. Fowzie
12. Faizer Mustapha
The 12 National List MPs include 7 UPFA candidates who contested the recent General Election but lost and were not named in the party’s National List announced before polls.

SLBOY


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This ia a totally against the voters rights.  affraid affraid affraid
 Gun

dsam

dsam
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
yahapalanaya gone to dogs.

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
kalin eke hitiye kade giya set ekai yalpanapu naki tikai

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
kalin eke hitiye kade giya set ekai yalpanapu naki tikai

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
The validity & weight of the VOTE is demeaned, disgraced & degraded in the presence of lousy regulations. Such loopholes are to be corrected.

Even those who had been rejected by voters do not possess themselves moral excellence & righteousness to turn down national list offer.  

Under good governance new regulations are to be enacted immediately to avoid such dirty actions in the future.

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
This time defeated candidates might be allowable.One gang targetted another group unfairly.Even that gang interupted affected group's speeches in election rally in uncivilized manner.Targeted same party members with the help of outsiders(uneducated Wihuluwansa,Gempapilla,..)
Gempapilla should proof his pariotism by giving up his Australian citizenship.
Very Happy Very Happy Very Happy



Last edited by Yahapalanaya on Sat Aug 22, 2015 11:05 pm; edited 1 time in total

vic19

vic19
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This is demo - crazy .

These people I wonder have any dignity at all.

When they wear white cloths it is a disgrace for that purity , FairPlay and justice.

I think the government should bring in law to table it in the parliament that people who lose the vote loses the right to be elected in any form for that term.

It is not fair for other prospective candidates who are up and coming if the same corrupt people come over and over again by jumping from party to party.

I am fed up with this bone less *******.

vic19

vic19
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
What a next giving them ministerial post? I won't be surprised if that happen to these tossers

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
EPF Investments: Shocks A Nation

  • Audit report unearths massive wastage, questionable land purchases in Hyatt deal


By Nirmala Kannangara
UPFA National list include 7 rejected by democratic voters 61
Draft Report on Investigative Audit
[size]
Details of the alleged misuse of Employees’ Provident Fund (EPF) monies invested in the questionable Grand Hyatt Regency projects, without guarantees of proper returns are being continuously exposed, with massive wastage and mismanagement being unearthed by a recent audit report.[/size]
The alleged looting of the hard earned monies of the private sector employees during the past five years has shocked the nation – especially the massive investment of EPF funds in the Grand Hyatt Regency Colombo without promising any returns, according to an audit report into the investments.
The expose by The Sunday Leader this week is not aimed at bringing disrepute to any individual but to ensure the right of every private sector employee who contribute their hard-earned monies to the EPF, to know what becomes of their retirement monies.
The EPF was established under the EPF Act No: 15 of 1958 under which the Monitory Board of the Central Bank of Sri Lanka is the ex-officio custodian of the Fund.  It is vested with the responsibility of receiving contributions from employers; invest the excess funds in appropriate securities and paying its benefits to the members and maintaining proper accounts.
Although the Monitory Board’s responsibilities are as such, the EPF was reportedly left with little choice but to invest a colossal Rs. five billion in the project to construct the Grand Hyatt Regency Colombo under Canwill Holdings (Pvt) Ltd -a fully state owned enterprise, on the directions of the then Monetary Board of the Central Bank of Sri Lanka.
Although such a large amount of money had to be invested by the EPF Department the investor had not been told of a definite date as to when the fund would start enjoying returns. As learnt by The Sunday Leader, the Fund was merely informed that the first rupees would start flowing in not after the hotel commences operations planned for 2016, but only after the hotel is listed on the Colombo Stock Exchange, date of which was unknown, raising many questions.
Costs double 
 
A draft report on the Investigative Audit carried out by SJMS Associates – Charted Accountants in June 2015 has reportedly revealed mass frauds at Canwill Holdings, the initial cost of the project increased by two folds.
The initial cost was Rs. 13 billion had later increased to Rs 27 billion notwithstanding a shortfall of nearly Rs. nine billion to complete the project, according to its present Chairman Hemaka Amarasuriya.
On March 12, 2012, the Ministry of Finance and Planning had submitted a cabinet memorandum titled  ‘Revival of Underperforming Enterprises and Under utilised Assets Act No: 43 of 2011’ to take over inter alia Ceylinco Leisure Properties Ltd in Colombo 3, which was the holding company of Colombo Hyatt Regency.
When the Cabinet of ministers met two days after on March 14, 2012, approval was granted immediately for the government to separate the Ceylinco property by vesting the same with the Urban Development Authority (UDA) for a nominal consideration to facilitate expeditious revival of such properties as a fully pledged multifaceted hotel complex under a consortium of investors of private and state entities including Sri Lanka Insurance Corporation (SLIC).
The land on which this hotel was under construction when the government took over was leased to the previous owner – Ceylinco Group by the UDA on a 99-year lease in 2003 and the project was to be completed by 2008, at that time.
On the approval of the cabinet, the property was leased on a 99-year lease to the new developer Sinolanka Hotel and Spa (Pvt) Ltd which is a subsidiary of Canwill Holdings (Pvt) Ltd.
 
Massive wastage

Canwill Holdings is a fully state-owned enterprise where Sri Lanka Insurance Corporation (SLIC) initially invested Rs. 5 billion and later Rs. 3.5 billion adding to a total of Rs. 8.5 billion with 45.94% shares, EPF had invested Rs. 5 billion retaining 27.03% shares while the state-owned Litro Gas Lanka (Pvt) Ltd had initially invested Rs. 2 billion and later another Rs. 3 billion adding to a total of Rs. 5 billion holding 27.03% shares of the company.
Canwill Holdings in return had invested the capital of these three entities contributed in two other subsidiaries – Sinolanka Hotel and Spa (Pvt) Ltd, which was incorporated to revive the Grand Hyatt in Colombo, and Helanco Hotels and Spa (Pvt) Ltd, which was incorporated to construct a five star luxury hotel project in Hambantota.
The Board of Directors of Canwill Holdings and the two subsidiaries up to January 8, 2015 from its inception were:–
1. Gamini Senarath (Chairman) who was also the Chief of Staff of the former President and also the Chairman of Litro Gas Lanka Limited (LGLL) and Litro Terminal Lanka (Pvt) Ltd., till the fall of the former regime on January 8, 2015. He was one time the Deputy Controller of Immigration and Emigration and the Commissioner General of Motor Vehicles.
2. Piyadasa Kudabalage (Managing Director – MD / Chief Executive Officer (CEO) was also the MD and CEO of LGLL and Litro Gas Terminal Lanka (Pvt) Ltd and was a former Chairman of People’s Merchant Finance PLC and an Executive Director of SLIC and a Director of People’s Bank, Colombo Dockyard, Peoples Leasing and Finance and People’s Leasing Havelock Properties Ltd.
3. Neil Hapuhinna (Director) was a former General Manager SLIC, former additional Director to Ministry of Defence, former Controller of Import and Export and former Chairman/ Director General of National Youth Services Council.
4. Mohan de Alwis who was the MD/ CEO of SLIC, Chairman of Ceylon Asset management Company and Director of Lanka Hospitals Corporations and Executive Director of LGLL.
5. R. Samarasinghe, Nominee Director representing the Treasury
6. Ms C.M.D.N.K. Seneviratne is the former Superintendent of the Currency Department of Central Bank.
According to the draft report of the investigative audit, the auditors have unearthed massive wastage and mismanagement from its inception.
 
Land purchases questionable
 
The methodologies the former Chairman Gamini Senarath and DG/CEO Piyadasa Kudabalage have followed from the point of acquiring the adjoining three lands to the proposed project, up to all other work have been identified as huge frauds, in the report.
In order to expand the Grand Hyatt Colombo three adjoining lands have been obtained from Ranmuthu Hotels, 112, Galle Road Colombo 3, J.C. Ramanayake, 108, Galle Road, Colombo 3 and Ceylinco Insurance PLC, 134, Galle Road Colombo 3.
The extents of these lands were one rood and 22.7 perches, 15 perches and 20.1 perches respectively.
“All the above land purchases are questionable as the Chief Valuer’s original valuation had been changed upwards at the request of Sino Lanka- under which the Grand Hyatt Colombo falls. Even after revision of valuation by the Chief Valuer, Sinolanka had ignored valuations and paid higher prices to the vendors. Although title reports and non-vesting certificates have to be obtained before purchasing the properties these two had been obtained only after the purchase had been made,” the audit report says.
According to the audit investigative report, there were three valuation reports for the Ceylinco property. The first valuation has been carried out on January 9, 2013 which was Rs.191.5 million, second valuation was on October 22, 2013 which had gone up to Rs.253 million and the third valuation was on November 22, 2013 which had once again shot up to Rs.260 million. The second and third valuations have been done within a period of one month and the valuation amount has increased by Rs.7 million within this period. However finally, this property had been purchased for Rs.270 million.
It was the same with the other two properties as well. The Ranmuthu Hotel property had been valued first by the Chief Valuer on June 13, 2013 for Rs 500 million but when the second valuation was carried out within one and a half months on July 30, 2013 it had increased by Rs.180 million to Rs. 680 million and had been purchased for Rs. 689.071 million.
Although the only valuation carried out on the J.C. Ramanayake property on August 23, 2013 valued it at Rs. 120 million, the property had been purchased at Rs.130 million.
According to the report, Sinolanka had incurred huge losses from the land acquisition only.
However, it has been revealed that it was the MD/CEO Canwill Holdings, P. Kudabalage who was reportedly involved with these transactions and had made contradictory statements to the vendors and to the Board of Directors when the lands were acquired. The auditors are to submit a detailed report on this matter later on.
The auditors meanwhile have investigated into a host of irregularities and mismanagement where Rs. 10 million had been paid to a lawyer even without a proper agreement.
According to the report, irregularities had been taking place when purchasing steel where the tender had been awarded to the second lowest bidder amounting to a loss of   Rs. 16.426 million to Sinolanka.
 
Procurement without approval
 
It was Melwire Rolling (Pvt) Ltd (Melwa) that has quoted the lowest price which was Rs.110,160 per ton including NBT and the second lowest was Ceylon Steel Corporation (Lanwa) was Rs.114,897 per ton including NBT. According to the report, bidders have not been invited for the opening of bids violating basic accepted tender procedure.
Despite Melwa quoting the lowest bid, the report states that Kudabalage had sent an acceptance letter dated March 21, 2013 to Lanwa without Board approval for the procurement of steel. It was also reported how a bill amounting to Rs. 9.753 million had been settled for the construction of a perimeter fence in the Hyatt project in Hambantota to Construction Techniques (Pvt) Ltd. However this company has denied carrying out any such work in Hambantota, nor obtaining the said money.
 
Non-existent Hambantota Hyatt
 
Meanwhile it is learnt that an astonishing Rs. 300 million had been spent for the Hambantota Hyatt although even a foundation stone had not been laid yet.
Be that as it may, questions have now been raised why the EPF was forced to invest Rs.5 billion on a project that had not guaranteed a return even after the commencement of its operations.
The Sunday Leader is in possession of the documents pertaining to this most scandalous deal where the EPF had placed conditions in order to invest monies, but such conditions had been ignored at the time and the Fund was directed to fork out the public funds.
As pressure mounted on the EPF Department reportedly by the then Monetary Board of the Central Bank, the Fund through the Deputy Governor Central Bank Ms C. Premaratne in a letter dated July 13, 2012 addressed to Attorney General, sought an opinion as to whether the ownership of the Ceylinco property which had been taken over by the government was legally transferred to Sinolanka the subsidiary of Canwill Holdings.
In his reply to the Deputy Governor Ms. C. Premaratne, the Attorney General in a letter dated September 28, 2012 has stated that the property in question belonged to the UDA and had been given on a 99-year lease to Ceylinco Homes International (Pvt) Ltd, but however adding that the necessary documents to establish same has not been submitted to him.
With more pressure mounted by Central Bank on the EPF Department, the Board of Directors of EPF at Board meeting No: 1/2013 dated January 3, 2013 decided to invest Rs.5 billion in Canwill Holdings and delegated the Superintendent of EPF with authority to sign the shareholders agreement subject to five conditions to be satisfied before the investment is made.
The five conditions were –
1.      All major shareholders of the Canwill Holdings agree that they will not exit from their investments until the hotel project is completed and commissioned and until the shares of Canwill Holdings are listed on the Colombo Stock Exchange.
2.      The Monetary Board to appoint a Director to both companies – Canwill Holdings and Sinolanka to represent and protect the direct and indirect interests of the EPF.
3.      The Ministry of Finance and Planning to submit a note to Cabinet apprising the Cabinet of Ministers of the latest corporate structure of the Canwill Holdings, its subsidiaries and project progress.
4.      Canwill Holdings not to initiate any new hotel projects including the proposed Helanka Hotels until this hotel project is completed and commissioned without the prior approval of the EPF, and,
5.      The Canwill Holdings to initiate a responsible private sector participation in Canwill Holdings (Pvt) Ltd.
The report also cites that as a result of investing such a large amount with Canwill Holdings, the EPF has been unable to receive any returns from 2013 onwards.
 
Grand Hyatt Is EPF’s Biggest Investment - Central Bank Governor
Arjun MahendraGovernor of the Central Bank of Sri Lanka Arjun Mahendran said that the EPF depositors were the ultimate losers because of investing EPF money amounting to Rs.5 billion in Canwill Holdings.
[size]
“The Central Bank pays 10.5% per annum for the depositors and had given huge returns earlier. But the decision taken by the EPF because of the pressure mounted on them by the Monetary Board of the Central Bank, had adversely impacted this smooth process,” Mahendran said.
Mahendran further said that this is the biggest investment the EPF had ever made and said that he was surprised as to why EPF invested with a company where the Board of Directors had no knowledge in hotel field and even how to run a hotel.
“The EPF had wanted Canwill Holdings not to undertake any investments in other projects until the Colombo Hyatt is completed but still Canwill has invested in a hotel project in Hambantota,” Mahendran said.
When asked why the EPF failed to object to the Monitory Board’s request to invest in a project that had not promised a time-frame to pay returns, Mahendran said that it is a big issue the government has to investigate.
“Although the EPF was told that the hotel will be listed in the Stock Market in 2015 and until such time no returns will be paid, even by end 2014 the board of directors knew that they cannot complete this hotel by 2015 to commence operations and as such there was no way to list the company in the Stock market. Now an investigation is being carried out into it. Although we cannot come to a conclusion in a hurry but necessary action would soon be taken to find out, if there had been a swindle,” Mahendran added.
According to the Governor, although the EPF had made big investments earlier, the promoters of such projects had experience in the respective fields unlike in the Grand Hyatt Colombo project.
“For an example, the EPF had invested in the Kerawalapitiya power project. But those who were involved in this project were experts in the field,” Mahendran said.
He further said that the present Chairman of Canwill Holdings had told him that an additional Rs. 7 billion is needed to complete it and added that he has to see how this money could be obtained.
“The way forward is to find a good investor. That is my proposal to them,” Mahendran claimed.[/size]

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Does Sri Lanka possess few people with strong backbone to take legal actions firmly against wrongdoers irrespective of colored political parties???

vic19

vic19
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Hi "worthiness" ,

If " MR " can come to parliament again after if was alleged in the media that many Billions if Dollars of Sri Lankan Government coffers had been diverted to personal accounts of the interested parties,
then what is the possibilies of any justice /fair play and accountability.

Even UNP national list will also might have the same thing

This is just like looking after each other for their entire generation .

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