News
Suspension of Bimputh Finance and Rs 69 mn loss for HDFC: Ex-COPE Chief admits lapses
By Shamindra Ferdinando
Former Chairman of Committee on Public Enterprises (COPE) Prof. Charitha Herath yesterday (13) said that undue delay on the part of a particular parliamentary watchdog committee to call certain state enterprises should be inquired into against the backdrop of some hidden facts and perhaps political interference.
In the case of HDFC Bank, massive loans had been granted to some politicians though the Auditor General’s Department and COPE failed to ascertain the situation, the rebel SLPP lawmaker claimed. The MP found fault with what he called the COPE review committee.
Prof. Herath said so when The Island sought his explanation as to how COPE, during his leadership, conveniently failed to summon HDFC Bank under investigation for suffering Rs 69mn loss by granting a special interest rate to a fixed deposit of the CEB and releasing a loan amounting to Rs 350 mn to Bimputh Finance PLC (BPF) on July 18, 2018.
During COPE proceedings in respect of HDFC Bank late last month, it was revealed that it hadn’t been summoned before the watchdog committee for a period of nine years. According to Director Legislative Services, the bank last appeared before COPE on Nov 04, 2014 in the run-up to the presidential election won by Maithripala Sirisena.
JVP MP Sunil Handunnetti served as Chairman COPE during the Yahapalana administration. After Gotabaya Rajapaksa was elected President in Nov 2019, Prof. Herath succeeded Handunnetti. Following Gotabaya Rajapaksa’s ouster in July 2022, Parliament elected Prof. Ranjith Bandara as the new COPE Chief. Former MP Handunnetti didn’t answer his phone.
Responding to another query, Prof. Herath said there are 214 corporations and nearly 20 other institutions subjected to scrutiny by COPE though the parliamentary watchdog missed HDFC Bank. The MP claimed that there were no other problems in HDFC bank other than the issues at hand.
MP Herath said that now latest statistics were available and therefore COPE could go into HDFC Bank. “I believe special measures should be adopted to investigate hidden cases in some state enterprises. We should implement a special review process to identify cases which required special attention,” Prof. Herath said.
Stalled investigations have revealed that disciplinary action hadn’t been taken in respect of an employee of the HDFC bank in spite of him being found guilty of playing the role of a clandestine agent in the deal with CEB.
COPE, under the leadership of Prof. Ranjith Bandara, has recommended to the Finance Ministry to inquire into the issue at hand and take tangible action against the HDFC employee within a month, according to a statement issued by Janakantha Silva, Director Legislative Services / Director Communication (Acting).
Against the backdrop of COPE declaration that the HDFC Bank faced problem in recovering Rs. 350 mn loan given to BPF, the Central Bank has announced that BPF had been prohibited from operating with effect from Sept. 01, 2023. Prof. Herath, in his response to The Island query, referred to this particular case when he mentioned some politicians being granted massive loans.
Prof. Bandara is on record as having said that the BPF matter would be referred to the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).
According to a Central Bank statement dated Oct 27, 2023, the troubled finance company had been stopped from operating in terms of Section 37 of the Finance Business Act No 42 of 2011. The Director, Resolution and Enforcement Department has assured depositors of BPF that all depositors would be compensated in line with the provisions of the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) Regulation No 02 of 2021.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
