FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» කොළඹ කොටස් වෙළඳපොල විශ්ලේෂණය - 2024
by ChooBoy Fri Jul 19, 2024 11:53 am

» Winds of Change: Sri Lanka's Banking Crisis is Stalling Renewable Energy Ambitions of Local Stalwarts of Wind & Solar Power
by God Father Wed Jul 17, 2024 10:11 pm

» Banking Sector Analysis
by God Father Sat Jul 13, 2024 7:57 am

» Impact of Elections on Colombo Stock Market Sentiment
by Quibit Tue Jul 09, 2024 9:01 am

» LankaBIZ Unveils AI-Driven On-Demand Financial Research and Analysis Service
by Quibit Thu Jul 04, 2024 12:49 pm

» CDB Non voting
by Nandun Sun Jun 30, 2024 9:45 pm

» The Parsi Power Play: How a Small Community of Iranian Parsis are Controling Sri Lanka's US $ 85 billion Economy & 22 Million Population & Politics driving away FDIs
by MalakaDesmond Sun Jun 30, 2024 10:19 am

» Richard Pieris Group: Mismanaged?
by Walbaba Sat Jun 29, 2024 7:04 pm

» සොෆ්ට්ලොජික් හෝල්ඩිංග්ස් පීඑල්සී: අඳුරු අපේක්ෂාවන් සහිත ඉහළ අවදානම් ආයෝජනයක්
by D.G.Dayaratne Tue Jun 25, 2024 5:45 am

» සොෆ්ට්ලොජික් ප්‍රාග්ධනයට වන්දි ගෙවන Share BuyBack නිසා Softlogic ජීවිත රක්‍ෂණය බංකොලොත් වීමේ අවදානමක
by MalakaDesmond Tue Jun 25, 2024 1:49 am

» Softlogic Life insurance face Danger of Bankruptcy due to Share BuyBack that compensate Softlogic Capital
by MalakaDesmond Tue Jun 25, 2024 1:33 am

» Softlogic Holdings PLC: A High-Risk Investment with Bleak Prospects
by MalakaDesmond Tue Jun 25, 2024 12:52 am

» FINANCE AND LEASING SECTOR
by SL-INVESTOR Sat Jun 22, 2024 12:48 am

» HSENID BUSINESS SOLUTIONS PLC (HBS.N0000)
by ErangaDS Wed Jun 19, 2024 9:21 pm

» How will proposed Tax Reforms affect Sri Lankans in 2025
by Quibit Wed Jun 19, 2024 9:27 am

» Falsified accounts and financial misrepresentation at Arpico Insurance PLC (AINS)
by ChooBoy Tue Jun 18, 2024 11:31 pm

» Impact of IMF reforms to Sri Lanka Economy
by D.G.Dayaratne Mon Jun 17, 2024 6:36 pm

» Richard Pieris Finance Ltd continue to endanger the Depositors with negative performance
by ddindika Mon Jun 17, 2024 3:17 pm

» Richard Pieris Exports reports 97% decline in Net Profits
by Biggy Sat Jun 15, 2024 11:26 am

» Do your own Stock Market Research using AI Tools
by Quibit Fri Jun 14, 2024 10:50 am

» What will happen tomorrow?
by cheetah Thu Jun 13, 2024 12:07 pm

» Focus on Government controlled entities
by ErangaDS Mon Jun 10, 2024 4:15 pm

» Colombo Stock Market: Over Valued against USD!
by God Father Mon Jun 03, 2024 3:17 pm

LISTED COMPANIES

Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)



CHRONICLE™ YouTube


You are not connected. Please login or register

The Parsi Power Play: How a Small Community of Iranian Parsis are Controling Sri Lanka's US $ 85 billion Economy & 22 Million Population & Politics driving away FDIs

Go down  Message [Page 1 of 1]

MalakaDesmond


Stock Analytic
Stock Analytic

The Parsi Power Play: How a Small Community of Iranian Parsis are Controling Sri Lanka's US $ 85 billion Economy & 22 Million Population & Politics driving away FDIs Cover210

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.


The Parsi community, though small in number, has had an outsized impact on Sri Lanka’s economic and social landscape. From pioneering industrialists to modern-day conglomerates, the contributions of families like the Captains, Billimorias, Pestonjees, and Jafferjees continue to shape the nation. However, the allegations of political manipulation and tax evasion highlight a darker side to this influence, raising questions about the ethical implications of such control. As Sri Lanka navigates through its economic challenges, the legacy of the Parsi community remains a beacon of resilience and innovation, but also a subject of scrutiny.

CHRONICLE™ and agentnrox like this post

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum