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USD 56.5 bn parked overseas: Govt. must deal with errant exporters firmly – Justice Minister
By Shamindra Ferdinando
Justice Minister Dr. Wijeyadasa Rajapakshe, PC, has said the Foreign Exchange Act No 12 of 2017, enacted during the Yahapalana administration was meant to facilitate the operations of those who exploited the system for their benefit.
The new Act had repealed the Exchange Control Act of 1953, Dr. Rajapakshe said, adding that the Yahapalana move contributed to the deterioration of the economy. He explained how, as a member of the Yahapalana parliamentary group, he had to abide by the decision to vote for the new Foreign Exchange Act No 12 of 2017.
The Justice Minister said so at a hastily arranged media briefing at his Ministry near Technical Junction on Tuesday, when The Island sought his explanation why the Yahapalana government had repealed the time-tested Exchange Control Act of 1953 and what made him vote for the new law.
Altogether 94 MPs, including Dr. Harsha de Silva and Eran Wickremaratne – two of the strongest critics of the Rajapaksa government – voted for the new law. Eighteen MPs voted against the Bill whereas the rest skipped the vote taken on July 25, 2017.
Referring to official statistics, Dr. Rajapakshe said that export proceeds amounting to a staggering USD 56.5 bn were in offshore accounts and invested overseas. Acknowledging that those funds hadn’t been earned through illegal means, the Justice Minister said that the country suffered due to such valuable foreign exchange not being remitted. According to him, the USD 56.5 bn included approximately USD 3 bn that hadn’t been remitted last year as the country struggled amidst rapid deterioration of the national economy.
The Minister said that the actual figure could be definitely more than this.
Responding to another query raised by The Island, Dr. Rajapakshe said that the situation was so bad the government had to deal with the exporters cautiously as the country was not in a position to upset them under any circumstances. The Minister said that the Central Bank and the Finance Ministry were in the process of addressing this issue and efforts were being made to introduce a new Act.
Former External Affairs Minister Prof. G. L. Peiris on Monday (Oct 30) emphasized the urgent need to take remedial measures in this regard. The rebel SLPP MP said that this could be part of the overall government response to overcome the continuing financial crisis.
President Gotabaya Rajapaksa’s government also caused irrevocable setbacks by doing away with a range of taxes immediately after the last presidential poll on wrong advice. Declaring that the move deprived the Treasury of Rs 600-700 bn, Dr. Rajapakshe said that no one really knew the losses caused by sudden ban on agro chemicals. Perhaps the losses could be much more than the losses suffered due to the abolition of a slew of taxes.
Dr. Rajapakshe recalled punitive measures taken during the Sirimavo Bandaranaike’s administration to deal with foreign exchange frauds.
However, the deterioration of the national economy began in 2006 as the powers that be adopted corrupt and disastrous measures, Dr. Rajapakshe said, pointing out that the situation in the UPFA government compelled him to quit his ministerial portfolio.
Dr. Rajapakshe said that though some tend to question the importance of parliamentary watchdog committees, during his tenure as the Chairman of COPE the country benefited immensely as a result of action taken on COPE reports.
The former President of the Bar Association said that the Supreme Court had reversed the move to sell Lanka Marine Services (LMS) Ltd to John Keells and a controversial deal on Sri Lanka Ports Authority land. The Justice Minister mentioned several other cases, including the saving of the highly profitable Sri Lanka Insurance Corporation (SLIC) from privatization.
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
