News
Inquiry into what took place during yahapalana rule: COPE questions state bank over Rs. 54 bn default
How come GM takes home Rs 16.6 mn Benz for Rs 113,698
Rs 402 mn squandered on useless project
By Shamindra Ferdinando
Amidst the worst-ever fiscal crisis that has prompted several lawmakers, including former Prime Minister Ranil Wickremesinghe to warn of severe threat to the banking system, the parliamentary watchdog committee-COPE has demanded an explanation from the state-owned People’s Bank regarding the public sector defaulting a staggering Rs 54 bn.
Having drawn the attention of the top management of the People’s Bank to serious lapses therein, Committee on Public Enterprises (COPE) Chairman Prof. Charitha Herath,
MP, on Wednesday (04) asked Chairman of the bank Sujeewa Rajapaksa to furnish within one month a list of defaulters, assessments made prior to the releasing of loans and those involved in the process. General Manager, People’s Bank Ranjith Kodituwakku was also present.
Prof. Herath said that the next COPE report would contain relevant information obtained from the People’s Bank. Instructions were issued in the presence of Auditor General W. P. C. Wickremaratne.
The COPE summoned the People’s Bank management to inquire about the Auditor General’s reports that dealt with 2018 and 2019. The late Mangala Samaraweera served as the Finance Minister during yahapalana administration (2015-2019).
Minister Dr. Nalaka Godahewa, State Minister Indika Anuruddha and members of Parliament Mahinda Amaraweera, Jagath Pushpakumara, Rohitha Abeygunawardena, Patali Champika Ranawaka, Dr. Harsha de Silva, Rear Admiral (retired) Sarath Weerasekera, Eran Wickremaratne, Jayantha Samaraweera, S.M. Marrikar, S. Rasamanikkam, Madura Withanage and Premanath C. Dolawatta participated in the hearing.
In the run-up to Wednesday’s meeting, Prof. Herath told The Island that a total system change was required to ensure financial stability and transparency in both the public and private sectors.
The SLPP National List MP emphasized the need to examine the shocking revelations made at the watchdog committees, namely the COPE, COPA (Committee on Public Accounts) and COPF (Committee on Public Finance) against the backdrop of developing monetary crisis. Obviously, there had not been supervision at any level, therefore urgent remedial measures were required, Prof. Herath said, pointing out the current fiscal crisis should prompt the Parliament and the incumbent government to address serious issues at hand.
COPE members asked the People’s Bank management how some private companies had been given loans running to billions of Rupees without adequate security, whereas small and medium scale businesses struggled to obtain loans. Demanding the streamlining of the process, the lawmakers asked the People’s Bank management to reveal how such large loans were authorized.
The COPE also questioned the rationale in the People’s Bank transferring the ownership of Mercedes Benz that had been acquired on April 27, 2015 at a cost of Rs 16.6 mn to the retiring General Manager for Rs 113,698. The incumbent General Manager Ranjith Kodituwakku has said that the bank normally allowed a retiring General Manager to take the vehicle used by him for a period of over one year. The Parliament in a statement issued in Sinhala quoted Kodituwakku as having told the COPE that the value of the vehicle had depreciated from Rs 16.6 mn to Rs. 113,698 and decision was based on market price.
But the lawmakers demanded to know how a vehicle bought for Rs 16.6 mn was sold for Rs 113,698. Subsequently, the General Manager said that the Bank had changed its policy regarding transferring of ownership of vehicles to retiring General Managers and Deputy General Managers. Under the new system, a GM and DGM would be entitled for the privilege only of he or she served the bank for 25 years.
Declaring public money could not be squandered that way, Prof. Herath requested Treasury Secretary Mahinda Siriwardena to intervene and formulate a system to prevent such occurrences. Prof. Herath said that the state banking sector that was under the Treasury Secretary. Therefore, the Treasury Secretary should act against decisions such as transferring of vehicles only on the approval of respective Boards of state banks.
The COPE also raised the bank spending Rs 402 mn on what it called data warehouse project initiated in 2015 that had not been successful. It transpired that the person who had been appointed as the head of the Information Technology Section of the People’s Bank by the then Chairman of the People’s Bank was a former employee of the company that managed the useless project. Prof. Herath has asked Treasury Secretary Mahinda Siriwardena to conduct an inquiry at ministry level. Herath also asked AG Wickremaratne to conduct a special audit by the National Audit Office.
When the COPE questioned the incumbent bank management about the transferring of a loan amounting to Rs 4.2 bn granted to a company owned by the then director of the bank, the officials said the CID was inquiring into it. The said amount had been estimated as at Dec. 31, 2019.
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
