A distinct comparison

Tuesday, 25 February 2020 00:00 - - {{hitsCtrl.values.hits}}

By Legal Eye

During the whole of the mid-day of 19 February, I watched the Parliament debate on the forensic audit report prepared by two audit companies relating to the so-called bond scam at the Central Bank and the supposed massive losses caused to the Employees’ Provident Fund (EPF) by the imprudent and dishonest investment of EPF monies in the share market.

Many of the speakers of Parliament stressed that the Monetary Board and the Central Bank were required to manage the EPF monies as trustees of the members of the EPF who are the beneficiaries of the Trust Fund. The figures disclosed as losses caused to the EPF by the phrase used as “pumping and dumping” of company shares to the benefit of the private companies which resulted in great losses to the fund were shocking and startling.

The members of the two main political parties, at the cost and expenses of the general public, continued to criticise and blame the legislators and the officers relating to the bond scam and the losses to the EPF during the two different periods of office, without suggesting any proper and prudent remedial action that should be put in place to ensure that losses to the general public and the EPF members are not permitted to be caused in the future due to lack of honesty and integrity of politicians, primary dealers in Government securities and the officers entrusted with decision making in respect of the investment of EPF monies.

The accountability of such persons for the losses caused and the remedial action to be taken against them were not properly identified. The need for private sector primary dealers to be authorised to deal in Government securities and the possible exclusion of non-State owned primary dealers in the primary and the secondary market in Government securities was not analysed and solutions to these issues were not established or proposed. The entire debate cannot be considered as fruitful.

The television news of all channels on the 19th February night, showed details of the Chinese female patient, who was found infected with the new infectious illness coronavirus (COVID-19) while touring in Sri Lanka, being discharged from the Infectious Disease Hospital at Angoda. The commitment and the dedication of doctors and the nursing staff of the said hospital was amply displayed to the world by in the manner of the said patient bid farewell to them. It was sentimental and brought to pride to Sri Lanka. Even the Health Minister who attended this occasion displayed her courage at a time when political figures are concentrating on their physical and mental wellbeing and the augmentation of their assets.

I am unable to comprehend the distinction of the pattern of behaviour of the persons entrusted with the management of financial assets of other persons whether they be officials of the Finance Ministry, Central Bank, who are highly educated and referred to as “cream of the intelligentsia of Sri Lanka” and the employees of primary dealers, in the discharge of the duties entrusted to them when in receipt of great emoluments and the entire staff of the Infectious Disease Hospital at Angoda as well as the staff of Health Ministry.

The emoluments of the staff who were able to display to the world their fearless and unhesitating commitment for the due performance of the responsibilities imposed on them, are comparatively meagre.