Business Times

Vanik shareholders urge Rajapaksa, Fonseka to intervene


President Mahinda Rajapaksa and Gen Sarath Fonseka there is more than 20,000 shareholders waiting for a reasonable solution to Vanik. Can you deliver?

Vanik was incorporated in the 1980s and deals with local and foreign communities through land sales, finance etc over a period of 25 years. It is listed in the Colombo Stock Exchange (CSE) and has more than 20,000 of shareholders.

In the past two years, Vanik has stopped trading shares without proper notification to the shareholders. Even the CSE hasn't taken any action to inform shareholders and other of this move. The CSE/Central Bank is responsible for listed companies by monitoring and auditing because the CSE gets commissions from the shareholders while they are trading stocks. Sometime back there was an article in the newspaper saying that Vanik is going to launch a new restructuring plan. But nothing has happened or we haven't been informed.

After the LTTE was defeated in May 2009, everyone spoke of the CSE and the investments it would attract. Even politicians were boasting that we are the number one in South Asia. Top investor Jim Rogers also visited Sri Lanka after the LTTE threat was over but he is yet to make any investment.

We have been waiting for a solution to Vanik shares and the fear is that this would end up like the Sakvithi-Danduwan Mudali scams where no action is taken before the big guns vanished.
So, Mr President and Gen. Fonseka, this is the time to come to our rescue and that of more than 20,000 shareholders.

Wasantha Theswa
Vanik - Shareholder

Top to the page  |  E-mail  |  views[1]
Other Business Times Articles
Election violence up; free and fair election uncertain- BT poll
Rajapaksa’s New Year SMS smacks of bias towards one candidate-experts
LIOC: No–win situation in fuel price issue
Discussion on economic policies of Rajapaksa, Fonseka
IMF on CB move
Comment - Polls: Fonseka proposes, Rajapaksa disposes
Using intelligence network to combat corruption
Leadership challenges for government organisations, state corporations
Colombo biz community looking for change through Fonseka
Global Campaign “Coca-Cola Open Happiness” unveiled in Sri Lanka
Vanik shareholders urge Rajapaksa, Fonseka to intervene
Tourist Hotels Association sues PCs over taxes
Sri Lanka -The place to be in 2010
Hospital investments by Hemas
World Bank implements Emergency Recovery Project for North
Unethical, and possibly unlawful, election propaganda by ICTA
MTI Corporate Finance to help local companies go public
CRIB and what it stands for
Crocodile donates Rs. 3.6 million worth of wheel chairs
JKH helps disabled soldiers
EFC cautions on further intervention on estate wages
MyCola to expand to fruit drinks market
Orange Sewing Solutions moves to new location
Tigo extends coverage to Sripada
Voting rights urged for migrant workers, other Sri Lankan residents overseas
HSBC appointed Settlement Bank of CDS at Colombo Stock Exchange
Sri Lankan professionals in UK help victims of war
Taking Sri Lanka around the world via Mobitel broadband
Etihad Airways back in Sri Lanka
Elpitiya Plantations' Factories receive ISO 22000
Emirates flies Sri Lankan novelists to Galle Literary Festival
Swedish investor undeterred by war, conflict in Sri Lanka
Colombo Port project on track
Corporate stewardship and board room governance
Foreign fund Janus has 12% stake in JKH
Ceylinco bldg, hotel for depositors
African investors urged to look at Sri Lanka
Safeguarding Metro Kids – The eternal parental challenge
Sri Lanka's largest wind power project in Puttalam soon
SIA continues to be praised across the world
US companies keen on Lankan investments
ICASL marks 50 years with special publication
Top Asian chamber group to hold summit in Colombo
Finance companies still weak but expected to do better in 2010
CEO forum "Entering the Corporate Arena"
PC Pharma helps in awareness on lesser-known medical issues
Hameedia's "Open Market" initiative for differently-abled persons
Brandix 2010 calendar features vessels that graced homes and palaces


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution