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The Parsi Power Play: How a Small Community Controls Sri Lanka’s Economy and Politics
Sri Lanka's economic landscape, marked by its vibrant history and diverse cultural heritage, owes much of its modern-day industrial prowess to the influence of a small yet powerful community – the Parsis. Originating from Persia and finding their way to the Indian subcontinent centuries ago, the Parsis have left an indelible mark on Sri Lanka's business and industrial sectors. Today, prominent Parsi families like the Captains, Choksys, Khans, Billimorias, Pestonjees, and Jillas continue to wield significant control over key economic sectors, shaping the nation's commercial future.
Historical Roots and Business Ventures
The Parsi community, though small in number with around 60 billionaires and less than 1,000 members currently residing in Sri Lanka, has a storied history of entrepreneurship and philanthropy that dates back to the British colonial era. The community first began settling in Sri Lanka in the late 1700s and early 1800s, primarily engaging in import-export trading, which laid the foundation for their future business empires.
One of the earliest Parsi entrepreneurs was Dady Parsi, whose company handled much of the transportation of goods in and out of the Port of Colombo in the early 19th century. Similarly, Framjee Bikhajee, who arrived in Ceylon in 1817, established a company that would later own the famous Framjee House in Colpetty and a large shopping mall in Pettah.
The Captain Family: Stewards of Commerce
The Captain family stands as a testament to the Parsi entrepreneurial spirit. Eduljee Captain, a trailblazer, served as the General Manager of Wellawatte Spinning and Weaving Mills from its establishment in 1914 until 1966. His son, Sohli Captain, further expanded the family's business ventures and developed Sri Lanka’s first cancer hospital. Today, Rusi Captain, a key figure in the family, holds substantial investments in various sectors and is one of the largest shareholders of John Keells Holdings, a conglomerate with interests in supermarkets, hotels, and other industries.
The Billimorias: Architects and Industrialists
Another illustrious Parsi family, the Billimorias, have also made significant contributions. Homi Billimoria, a renowned architect, designed iconic structures such as Mumtaz Mahal, the official residence of the Speaker of Parliament, and Tintagel, the Bandaranaike family home. The family’s Britannia Bakery, established in 1900, became a household name in Colombo.
The Pestonjees: From Marine Engineering to Conglomerates
Kaikobad Gandy, an eminent marine engineer, settled in Sri Lanka in the 1930s. His daughter, Aban Pestonjee, founded Abans Group, a major business conglomerate that spans various sectors including electronics, hospitality, and janitorial services. Aban Pestonjee's entrepreneurial journey began modestly in her garage, eventually evolving into a business empire. Her son, Rusi Pestonjee, expanded the business further, securing the McDonald's franchise for Sri Lanka.
The Jafferjee Family and Their Power Play
Murtaza Jafferjee, CEO of JB Securities and Chairperson of the Advocata Institute, exemplifies the modern-day influence of the Parsi community. Jafferjee has been instrumental in shaping economic policy discourse in Sri Lanka, often advocating for market-oriented reforms and productivity-based growth. His leadership roles in various financial institutions and policy think tanks position him as a key player in both the economic and political arenas.
JB Securities, under Jafferjee's leadership, provides comprehensive financial services, and his influence extends to policy advocacy through the Advocata Institute. This dual role allows Jafferjee to impact both the financial markets and the broader economic policy landscape, reinforcing the Parsi community's significant control over Sri Lanka’s economic direction.
Economic Influence and Philanthropy
The Parsi community's influence extends beyond business. Their contributions to education, healthcare, and social welfare have been substantial. Sohli Captain's development of Sri Lanka's first cancer hospice and Perin Captain's work with the Child Protection Society are prime examples of their philanthropic endeavors.
Parsis Are Influencing All Politicians and Political Parties in Sri Lanka
Despite their contributions, the Parsi community's influence over Sri Lanka's economy and politics is not without controversy. It is alleged that prominent Parsi families leverage their economic power to exert control over politicians and political parties, effectively steering national policies to favor their business interests. This influence extends to avoiding large-scale investments in infrastructure, which is crucial for bridging Sri Lanka's $36 billion infrastructure gap and transforming it into a developed nation.
By using legal frameworks originally applied in India under British colonial rule, Parsis have allegedly created mechanisms to control Sri Lanka's economic policies and evade taxes. These laws have enabled them to use Sri Lanka as a tax haven, channeling profits offshore while benefiting from local resources and labor. The result is a growing disparity, with the Sri Lankan middle class and poor increasingly working for Parsi-controlled enterprises under conditions that perpetuate economic inequality.
