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The Golden Key scam is one of massive proportions and if not the fact
that the authorities took swift meaningful steps, it could have
seriously affected the country’s financial system. It could happen
still. The Golden Key scam dwarfs the infamous Sakvithi fiasco and
brings up a host of questions about the manner in which individuals who
cleverly build up a business reputation have the capacity to dupe an
unsuspecting public into parting with very large sums of money.
Golden Key Credit Card Company Limited belongs to the large
conglomerate, Ceylinco Consolidated and at this time, a very close
examination of this Group’s financial position, its business ethics,
funding strategies, business philosophy and ultimate goals and aims are
an urgent necessity, in the national interest.
We know that the Group’s Chairman gave a much publicised press
interview in a foreign country to the effect that Sri Lanka’s most
wanted criminal and one of the world’s most dangerous terrorists,
Velupillai Prabhakaran, is a ‘Freedom Fighter’. This to say the least
was a diabolical statement made in the guise of human rights.
Along with such sentiments the Group is well known to participate in
numerous ‘show piece’ charity projects funded by its publicly owned
companies and by public deposits which appear to be aimed at projecting
a benevolent image. Could there be some ulterior motives that the Group
had endeavoured to de-stabilise the country’s external image and
build-up internal influence?
We have seen how the Group uses a battery of high profile lawyers who
leap to attack anyone who opposes its policies and to legally intimidate
others, including the Regulators who it wishes to attack.
In the past and in recent times, the newspapers have given wide
publicity to legal actions which the Group has filed against various
institutions and individuals who it perceives as a threat. Two notable
‘Whistle-Blowers’ who received the ‘treatment’ were its once very
powerful Deputy Chairman and the first CEO of its commercial bank.
The Ceylinco Group has been permitted by the regulators to operate
several deposit taking institutions and to run so-called Merchant Banks
which too collect public deposits in the guise of debt instruments.
Isn’t this the time to put all these different companies carrying on
the business of deposit taking, under the microscope? We are told that
the Central Bank of Sri Lanka had investigated the Golden Key Credit
Card Company Limited and they had been satisfied that the company was
not accepting public deposits but the money it had raised from the
public constituted ‘Security Deposits’ to support the issue of credit
cards.
If they were in fact security deposits, don’t they become fiduciary
deposits which ought to have been invested in Treasury Bills or in a
recognised bank? Shouldn’t the authorities have queried why this company
had frittered away such colossal sums of money in various long term
projects, overseas investments and in amazingly large emoluments to its
directors? Incidentally, did the company obtain the required approvals
to invest in other countries?
There is no doubt that this business group is extremely influential
and there are many top officials and VIPs who are ‘managed’ by it to
achieve its own ends. Names of some of these ‘managed individuals’
appeared in the depositors’ lists of the Golden Key, released by the
media recently.
How have they acquired these deposits? Your guess is as good as mine.
However, the depositors of Golden Key who are facing the spectre of
large losses earnestly hope that the courts and the authorities will
ensure that justice is done.
M. Damian - Wattala
A spate of recent bomb blasts carried out by the LTTE suicide killers
at public functions targeting VVIPs and politicians particularly at a
sporting event in Kiridiwela area and Akuressa Jumma Mosque are
attributed to insufficient or weak security arrangements.
In both these incidents the killer loaded with deadly explosive has
managed to infiltrate along with the crowd to get so closer to his
target, inspite of hundreds of security personnel being fully alert
while the attention of the general public is focused on revelry
happenings.
As an effective and dependable measure to boost security standards
why not security experts think of depending more on services of man’s
best friend, the sniffer dogs, who has earned a reputation for their
obedient and friendly approach, fearless and dedicated service.
lately many private security service providers employ sniffer dogs to
check explosives being smuggled into office/housing complexes. According
to handles of these dogs they agree that out of many breeds Labradors
are clever, easy to train and have remarkable sensibility to sniffout
explosive and dangerous drugs. After all, Labros do not look fearsome -
even children love to pet them.
Naheer Taip - Wattala
The Marine Drive is the venue for very many ratepayers to go for
their morning walk. There are many street lamps on this road but only a
few of them are lit when walkers are out before the sun rises. Long
stretches of the road are not lit. There have been several instances
when walkers both male and female have been harassed by undesirable
characters. Complainants to the CMC do not receive any evidence that
their complaints are being recorded; all that they know is that no
action is taken.
We have now succeeded in identifying the reasons for this. Marine
Drive is treated by the CMC Engineering Division as a project. This
project is started nearly ten years ago. In recent years there was
accelerated progress. Now it has slowed down again. At this rate of
progress the project will go on for another ten years.
A project is treated by CMC administrators, as a separate operating
unit with its Project Director and is responsible for its own street
lighting, road maintenance, garbage removal etc.
Therefore, the responsibility of street lighting is not handed over
to the electrical engineer who is responsible for all the other
thousands of street lights all over Colombo city. The Project Engineer
has the responsibility, but he is not performing as perhaps he does not
have all the specialist equipment and the personnel to do the work
properly. Similarly no action is taken against unauthorised structures
and shops being added everyday and the dumping of debris from demolished
construction sites.
The lane repairs done by the CMC District Units stop several feet
away from the Marine Drive, leaving pot-holes between the end of the
lane and Marine Drive. That is the CMC Engineering Division operating
style.
It is well-known that projects have special benefits to its
administrators.
They are reluctant to handover the project and would like to keep it
going. It is time that the Municipal Commissioner and the Western
Provincial Council make an order and handover the various services
relevant to the Marine Drive, to the relevant divisions of CMC which
have the personnel and equipment to provide a service to suffering
ratepayers. It is time that several top general administrators with
powers to persuade or override divisional empire builders be introduced
to CMC.
D. Weerasinghe - Colombo 6
Many smallholders are compelled to entrust the managements of their
plantations to agency houses for various reasons.
While the majority of them provide a satisfactory service to their
customers, some conduct such agencies without experienced knowledgeable
personal, both in planting and accounting. While the same has to be said
regards their administrative capabilities as well.
The above disqualifications prevent them from maintaining books and
records and systems required for the proper administration of these
plantations.
This situation further prevents them from maintaining proper monthly
accounts preventing the owners form knowing their respective COP’s and
NSA’s at the end of each month on which depends the profit and losses.
They also continue to administer these plantations without approved
annual estimates thereby having no control of expenditure and income,
thereby trying to achieve a mission without a vision.
Time has come for all of us to realize that there are Sakvithies in
every profession, who continue to manipulate until they are exposed.
Hence it is upto the owners and the Government to be aware whether they
are receiving their due shares from such administrations handling
precious assets of the individuals and the country as well.
Tommy Wanigesinghe - Kurunegala
I fail to realise how a smart electronic card type driving licence is
going to improve the driving skills of the licence holders and prevent
accidents. I’d be grateful if somebody could please clarify how this
could be achieved?
I would have thought one of the ways to reduce accidents, is by
making the drivers aware or by training them to drive using defensive
skills. In this process the offensive driving skills they have picked up
over the years is deleted from their mindset.
This could be done in many ways. One that comes to my mind is by
using mass media in close cooperation with the Police, film stars,
cricketers, celebraties etc.
We must use TV, radio, newspapers etc. free of charge for this
exercise and exhibit large digital prints or photographs of nasty, gory
accidents on road side instead of the politcal and product advertising
cut-outs.
They must pass the message that “You could be the next victim if you
don’t change your mindset about offensive driving. Contact the nearest
Police station for further information.”
M. Abeygunawardena via email
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