Mohan quits SLIC

Monday, 30 December 2013 01:21 - - {{hitsCtrl.values.hits}}

Managing Director and CEO Mohan De Alwis is leaving Sri Lanka Insurance Corporation (SLIC) by this week. Official sources said that De Alwis has given his resignation with effect from 31 December 2013. He was appointed MD/CEO in May 2010. In recent weeks he has resigned from several Board positions held by virtue of SLIC shareholdings in select listed companies. Seylan Bank and The Lanka Hospitals Corporation last week announced De Alwis’s resignation with effect from 20 December.

One of the replacements in such boards, Isuru Balapatabendi who is a Director of SLIC since May 2013, was appointed to the Seylan Board way back on 27 November 2013 though De Alwis’ resignation was made effective from only last week. There have been allegations of mismanagement at SLIC by trade unions in recent months with calls for the removal of De Alwis. De Alwis was part of the senior management team when SLIC posted a record Rs. 15.27 billion after tax profit in 2010 thanks to Rs. 28.5 billion infusion from investment and other income. In that year revenue was Rs. 40.48 billion up from Rs. 22.5 billion in 2009. In 2012, revenue was Rs. 25.6 billion, up from Rs. 17.2 billion in 2011 whilst after tax profit was only Rs. 4.25 billion, marginally better than Rs. 4.21 billion in 2011. There was an infusion of Rs. 8.87 billion in investment and other income, up from Rs. 2.78 billion in 2011. De Alwis has wide and diversified managerial experience in leading corporate institutions both in Sri Lanka and overseas including Coopers & Lybrand, Hayleys Plc, Star Garments Ltd. and Smart Shirts Ltd. He has well over 30 years of experience in the mercantile sector. He holds a Bachelor of Commerce degree from the University of Kelaniya, an MBA from the University of Colombo and is a Certified Management Accountant (Australia). The current Board of Directors of SLIC comprises of Upali Dharmadasa (Chairman), Mohan De Alwis (CEO/Managing Director), Piyadasa Kudabalage (Executive Director), Isiru Balapatabendi, Nanana Dehigama, Sanjay Samarasinghe and I.T.K. Illangamudali.