Letters to the Editor
View(s):Finance companies allowed to drift away with our hard earned savings
Under the regulatory and supervisory dictatorship of the Central Bank, there were 32 Finance Companies, as per the regulations prescribed under the Finance Companies Act No.78 of 1988, during 2008. The Central Bank quite proudly campaigned through the print media for the public to utilize the attractive fixed and savings deposit schemes, made available by these 32 Finance Companies.
While “Golden Key” was not registered with the CB, Dr. Lalith Kothalawela being the head of same, declared that GK provided, above normal interest rates to those who invested with GK, including those who successfully converted “black money” into “white”. Where was the Monetary Board of Sri Lanka, when a colossal sum of around 10 Billion rupees was disbursed to the investors of the fallen GK company, as soon as the present government with “Yahapalana Principals” came to power?
Now, the Central Bank has accommodated 46 Registered Finance Companies, under the new Act No. 42 of 2011, for finance business.
The general public, specially those who are retiring from employment, would seek the guidance of the Central Bank, as to whether the 46 Finance Companies, presently existing are suitable, for investment of their retirement benefits, to ensure humanitarian safety for their families.
This prudent question is raised by the general public, especially based on the recent media reports, that several registered finance companies, have totally failed to even refund the legitimate deposits placed by their valued depositors, over the past 6 to 7 years, and those aged, retired depositors and their innocent families are facing difficulties as a result in spite of the regulatory powers exercised by the Central Bank, over these companies.
Over the past 7 years, streams of depositors in several Finance Companies and their immediate family members, have been subjected to unimaginable trauma due to the blunt refusal of the said finance companies, to refund their legitimate savings. Deaths have been reported, due to lack of finances for medication. Educational activities and even marriages of family members, have been stalled, due to the unexpected breakdown of finances, arising out of the actions of these finance companies.
Quite contrary to the mighty powers vested upon the CB and the Monetary Board, to protect the depositors of the registered finance companies, the fraudulent administrators of these companies have been permitted to drift away craftily, with the hard earned savings of the innocent depositors.
On the other hand, the remaining assets left with the said companies, which would have compensated the depositors, are being allowed to be eroded, over the years, through never ending and totally unsuccessful restructuring processes.
Most of the affected depositors are now aged. Their hard work, during their young age only produced the much valued savings, that were to uphold them and their families in the later years. Forcibly holding back such dues from them for almost 8 years, has become the democratic trend of the authorities. Can the regulatory body – the Central Bank, ignore the begging appeals of these depositors?
Haramanis from Kotte
(An affected depositor)
Via email
Some titbits on Bloody May’s husband
It’s always a pleasure to read Richard Boyle, (Sunday Times PLUS, July 2) but let me throw a little more light on Bloody Mary’s husband.Richard quotes Nalin Fernando to the effect that T.M.Palliser, in his late 30’s was short, quiet spoken and hen-pecked; a Royal Navy reservist, a Commander by rank, who imbibed moderately. “He was a civil servant at heart, a man typical to be in charge of boring base chores”. I very much doubt that. Apparently he was not in charge of ‘base chores’ but he was the Senior Pilot in Trincomalee responsible for bringing in and taking out all the busy shipping that thronged that port. To do that he must have held a Master’s ticket and he must have had a record of handling ships. In short, he was not a civil servant but a seagoing Master. Base chores were not his ‘part of ship’. My informant was the late Rear Adm. Royce de Mel who had served in the CRNVR during the war and was later the first Sri Lankan Commander of the Navy. When I was writing the history of the CRNVR he sent me hand-written notes, one of which read as follows:
“After the raid on Trincomalee (i.e. 1942) there was a mass exodus. People from the town and civilians working in the Dockyard deserted. So did three CRNVR personnel (names unknown). Among the civilian administrators who ran away were the Government Agent, Brevet Colonel D.J. Lanktree, the District Judge (who later set up his courts in Tampalakaman) and the Senior Pilot, Commander Palliser, RNR. This last was escorted back from his home in Ohiya and discharged on medical grounds.”
This was published in my book in 1995. I have no reason to doubt Adm. de Mel’s words.
Strangely, there was another Palliser in the Navy around this time, someone who was in charge of the base: Vice Adm. Sir Arthur F.E.Palliser, K.C.B., D.S.C. who was Commander-in-Chief of the East Indies Fleet, based in Trincomalee, in 1946-47. His name is recorded in the old name boards in Navy House, Trincomalee. It is unlikely that he was Bloody Mary’s husband.
Somasiri Devendra
Via email