Contemporary business in SL draws on political loyalties: Poll

Thursday, 15 October 2015 00:10 - - {{hitsCtrl.values.hits}}

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The latest islandwide survey conducted by TNS Lanka for business magazine LMD finds that over three-quarters of those polled observe “a nexus between the corporate sphere and politics” before further noting that “this kind of ‘connection’ is often a prerequisite to establishing and developing a business in the country”.

In December 2014, Transparency International’s annual Corruption Perception Index placed Sri Lanka at a lowly 85, among 175 countries. Our State sector was highlighted for a lack of transparency. But LMD’s October edition notes that even the corporate sector is not as clean as it should be, thanks to close ties between politics and business. At least 60% of the respondents believe that businesses bribe politicians, while 57% feel politicians are “aided and abetted by business houses in the island,” LMD notes.

When it comes to the question of financing corrupt political leaders, 31% exonerate business folk, while 45% say they are that certain politicians receive corporate backing. In fact, a massive 78% of respondents assert that contemporary business in Sri Lanka draws on political loyalties, as a matter of course.

The latest edition of the pioneering business magazine has been released to leading supermarkets and bookstores in Colombo and the outstations. Its cover story features Dilmah’s Dilhan Fernando, who puts the state of the tea industry in perspective (for the full story visit www.LMD.lk).