Wednesday, May 9, 2012
What were they thinking? – the TFC share purchase by NSB
CJ on one side and Chairman of NSB her Husband on the other side, flanking the President
“Kalpanakaranna” my dear readers is the theme of this blog, so we can all live ‘serendipitous’ lives in Serendipity (a name given to Sri Lanka in days long gone, by foreign travelers) So any person with half a brain would have realized that a transaction of this nature is bound to arouse suspicion.
Put simply, they realize they are above the law. The NSB Chairman is the husband of the Chief Justice, so they are obviously above the law. Just like in my case when the perpetrator of the vehicle crash that put paid my farming was the Minister of Justice. It was his police jeep driver’s fault for keeping pace with the convoy, the reason the unfit vehicle crashed into me. I cannot sue him, as all Judges are paid by his Ministry, and will not want to give a judgment against their paymaster.
This sort of cocky behavior which is part and parcel of the deals done by Stock Brokers, ( I worked at one for two years when the worst of the cowboy excesses took place and have documented many in this blog) knowing they can get away with it as they have political patronage. So the story in the Media that the President is taking a personal interest in this is all HOGWASH. He is doing as he always does, what is the best PR for the situation at present. Not what is best for the Country. The damage has been done, there is no one taking responsibility.
AT LEAST the Chairman of the NSB MUST take full responsibility for the decision of his executives for agreeing to purchase and then failing to pay for the shares. He should resign. The CEO of the stock broker who was part of the deal and who profited from it MUST also resign. This is a given before any investigation takes place. We know about investigations in this country. The report will come out on a day that has other more important news and will be swept under the carpet and the perpetrators will get off scott free.
It is important that there are rules, which are enforced. The SEC has dickheads who run the respective departments, I know their competencies or lack of them. Has anyone taken them to task for their inadequacies. I rather think not. Further the Stock Exchange is no better, more like a gentlemen’s club, more versed in the art of fine whiskies than in knowing how to regulate their own (Stock Brokers own the CSE) It is just this sort of lack of credibility, that WILL NOT draw overseas investors in the numbers we require to obtain the needed foreign investment.
We fail to understand, those who invest in Sri Lanka, desire to build a company that becomes part of the CSE, which in turn permits them to withdraw some of their investment at a market price in the future. They must have faith in the system!
It appears that no amount of transgressions in the areas of Governance seems to permeate into the establishment. It comes out of a feeling of invincibility that they can do anything and get away with it. This attitude sadly is not a cause for people to agitate, I believe due to overwhelming complacency and the lack of awareness of what is right and wrong!