Letters to the Editor

Misrepresentation of facts

It is very important to note that whenever information is released to the public at large especially through medical it must not violate any law of the country. Further wrong information should not be released to secure benefits. I quote below some facts:

(a) Finance companies

Investment in approved finance companies are secured by the Central Insurance Deposit scheme to the limit of Rs. 200,000 per person per finance company. Some companies do not mention about this limit which creates a feeling that the entire investment is secured. It is high time for Central Bank to instruct finance companies that any circulars calling for deposits should be approve by Central Bank officials.

(b) Medical treatment

It is an accepted fact that diseases like heart ailments, hypertension, diabetes, cancer and HIV cannot be cured but could be controlled only. However some doctors claim that complete cure is possible and even expensive drugs are sold to innocent patients. The Medical Council should look into this matter.

(c) Limited liability companies

In accordance with the company law, a limited liability company should carry proper information.

nPublic Quoted Company say AB & Co. PLC

nPublic Unquoted Company say AB & Co. Ltd.

nPrivate Company say AB & Co. (Pvt) Ltd.

I regret to note that this regulation is not followed by some companies.

(d) Company secretary

Company secretary is a statutorily recognised official with professional qualification approved by the Registrar of Companies. Regrettably vacancies for personnel secretaries are advertised under category company secretary. This information undermines qualified persons.

I hope corrective action should be taken by the relevant authorities.



S.R. Balachandran, BSc. FCA, FCMA

Colombo 6.

Sri Lanka’s urban transition

From the editorial page of Daily FT’s Friday 17 May 2013 edition in particular to ‘Sri Lanka’s Vision of Urban Development’ by Saman Kelegama, may I say it was very interesting and ‘close to home’ as a property development professional.

More than half of the world’s population is now urbanised and by 2050 about 70% of the world’s population will be urban. The urban populations of Asia and Africa are set to double by 2030(1). Even though Sri Lanka has been slower compared to other Asian countries for obvious reasons the country however is embarking on a period of rapid urbanisation.

Colombo will need to add more housing units so to cope with the increasing number of foreign expats (unmissable example is I a Greek national), returning Sri Lankan expats, and influx from rural areas. Rightly, noted by Mr. Kelegama, Sri Lanka must to their best ability mitigate “the problems associated with fast urbanisation”. This implies for the provision of adequate infrastructure and public services. This challenge is not only financial in nature but also requires for the planners to create a sustainable infrastructure, while maintaining sensitivity to the preservation of Sri Lanka’s astounding cultural heritage and environment.

Sri Lanka’s urban future can be economically rewarding, cater to the community’s needs and be environmental sustainable. I hope and aspire that we all deliver world class residential, hospitality and commercial developments which will benefit Sri Lanka’s urban transition.

Footnote (1) UN Population Fund (UNFPA), ‘Unleashing the Potential of Urban Growth,’ State of World Population Report 2007.

Iraklis Andreakis

Vice President of Projects, Indocean Developers (Private) Ltd.