Letters to the Editor

Western conspiracies



Much has been said about Western conspiracies depriving Sri Lanka of its sovereignty. Sixty four years have flown since Sri Lanka (or formerly, Ceylon) gained independence, but no such attacks have taken place.

Mainly due to fiscal and foreign policy inefficiencies of past and present administrations, Sri Lanka has faced many human rights violations and still seems to be struggling to get its act together in that sphere.

Fundamental issue facing Sri Lanka today is not the dominance of Western powers, but accountability to its own people and to the rest of the world. Without proper accountability, reconciliation process will not be successful. As the LLRC report has proven, an Investigative Commission consisting only of Sri Lankans will not be able to show to the rest of the world a credible outcome, however impartial it may be.

Even if Sri Lanka manages to be successful at the oncoming UNHRC sessions still a lingering doubt will remain in the minds of most objective observers.

Under the circumstances it is best that Sri Lanka be more pragmatic than idealistic and agrees to appoint a truly impartial investigative panel of international recognition. There are many rationally thinking, impartial jurists and academics on this planet.

Further, if Sri Lanka has nothing to hide, why worry about the appointment of such a panel?

Sri Lanka has much to gain from an enlightened foreign policy. It is time all right-thinking Sri Lankans, irrespective of political leanings, acted maturely to correct these acts of misinformation and errors of omission and commission, by being more accountable, mainly to preserve the dignity of Sri Lanka.

Kosala G. Tantula

Financial, Management and Tax Consultant

Washington DC



Conflict of interest on boards

In the last few weeks newspapers have raised issues of conflict of interest of people on boards. The classic example is where Dr. Ranee Jayamaha and Dharma Dheerasinghe have both been regulating the banks for the last 40 years.

Now they have jumped to the other side and have no concern about being regulated by their own subordinates. Like the Supreme Court justices who refrain from practicing or acting as consultants to firms, Central Bank officials should not take positions in the private sector and demean themselves for a car or for board fees.

Often a conflict of interest can exists even if no unethical or improper act results. A conflict of interest can create an appearance of impropriety that can undermine confidence in the general public, the organisation and the individual. A conflict of interest could impair an individual’s ability to perform his or her duties and responsibilities objectively.

For example, two of the Commercial Bank Directors – Preethi Jayawardana and Dharma Dheerasinghe – are chairman of finance companies that compete directly for financial services with the bank in which they hold office. The Central Bank has been silent with this conflict of interest. It has ignored and allowed people to sit on boards of banks and finance companies. Why?

There are instances where company CEOs sit on bank and other public listed boards even when their companies engage in business with the company they represent; that is acceptable, provided it is disclosed to the shareholders.  But if two institutions are competing for the same business, then there is a conflict of interest that can create an appearance of impropriety that can undermine confidence and could impair an individual’s ability to perform his or her duties and responsibilities objectively.

In Sri Lanka nobody really cares, people just hang in for the recognition and the money. Our private sector is now like the Parliament; very soon they will want duty free cars.

R. Fernando