community corrupt, says Chandra
former head of the Ceylon Chamber of Commerce and Managing Director
of Eagle Insurance, last week slammed the business community, saying
it was corrupt, unethical and not transparent.
the private sector's conduct at a seminar organised by the chamber
on "Rebuilding Public Trust: Opportunities for the Business
Community", Jayaratne said a major fault of the business community
was that they do not care for, and spend very little on, social
business community needs to rebuild public trust, they've got to
be responsible to the society as a whole, and must adopt and employ
independent analysis and accept media reviews of their conduct,"
the business community by saying that they were not accountable
for the investments they undertake, are networked among themselves
and are corrupt, unethical, and not transparent. Sri Lanka's productivity
was very low when compared to other countries in the region and
Sri Lankans lack entrepreneurial skills, are risk aversive and not
forward-looking, he said.
Jayasuriya, director general of the Securities and Exchange Commission,
told the seminar that the business community should have the courage
to admit mistakes and not jeopardise their profession.
in a decision making position has the slightest doubt of conflict
of interest, it is better not to participate" in meetings where
such conflicts arise, he said.
the role of the regulator, Arittha Wikramanayake, Partner in Nithya
Partners and himself a former SEC director general, pointed out
that in Sri Lanka there are inefficiencies in many regulating bodies
such as the Telecommunications Regulatory Commission and the Fair
does not mean removing regulators or regulation, rather it is making
regulation more effective," he said. In order to achieve better
regulation market participants need to be familiar with the rules.
the lessons the Sri Lankan business community could learn from global
business, Sujeewa Mudalige, Partner, Pricewaterhouse Coppers said
that with the collapse of firms like Enron and WorldCom, the US
government has responded with tough new laws and tougher enforcement.
before facing such catastrophes, should bring in laws and put public
confidence on a firm footing.
Laws such as
the Sarbanes-Oxley Act of 2002, the most far reaching legislation
affecting the financial services, accounting, auditing, financial
reporting and professional services firms, should be introduced,
This law enforces
regulations such as the requirement for members of audit committees
to be non executive, established a Public Accounting Oversight Board
to regulate public accounting firms, forbade most of the non audit
services performed by auditors for their clients, and made it necessary
for CEOs and chief financial officers to prepare a statement to
accompany the audit report to certify the appropriateness of the
US the regulators such as SEC commissioners give up their personal
interests as soon as they are appointed to the regulatory bodies,"
Lanka we've got many commissioners as some commissioners have conflicts
of interest and cannot participate in decision making with regard
to certain companies."
how the former chairman of the US SEC, Harvey Pitt, resigned with
dignity and grace from his position last November, as he was unable
to tell his fellow commissioners that William Webster, whom he recommended
to the accounting oversight agency, chaired an audit committee of
a company that facing an accounting scandal.Dr. Wickrema Weerasooria,
Advisor to the Ministry of Training and Tertiary Education said,
"The public should be beware when finance companies or banks
advertise high interest rates on deposits as companies cannot pay
unrealistic interest rates when the Central Bank has announced a
certain rate of interest."
to register Jaffna scales
Unit and Standard Services Department will be launching a special
campaign in Jaffna soon to calibrate and register scales and other
measuring equipment used by Jaffna traders.
spokesman said that most of the weighing and measuring in the North
have not been registered or calibrated in the last two decades due
to the civil war and the situation was brought to notice of the
Commerce and Consumer Affairs Minister Ravi Karunanayake during
his recent Jaffna visit.
has instructed that urgent measures be taken in order to ensure
the consumer gets the correct weight and measurements of the goods
they buy from the market.He said that under the programme, measurement
unit inspectors will visit retail and wholesale merchants and good
sheds to inspect scales and measuring equipment and will encourage
them to calibrate and register their accordance with the department
specifications, according to Commerce Ministry statement.
for professionalism in government service
Power and Energy Karu Jayasuriya has called for greater involvement
of professionals in public service saying that their contribution
was required to raise the standards of the administration.
need to join hands with the government so that there is professionalism
in government administration," Jayasuriya told the inauguration
of the CIMA Business Club. The government should be accountable
and transparent, so that the people's economic and social rights
are satisfied, he added.
Division launched its Business Club in order to enhance interaction
between its 1,500 active members mainly to provide
a better service
to the business community.
the Business Club will have an opportunity to discuss common professional
areas of interest, form professional alliances, share business leads,
enjoy informal out-of-office fellowship and also develop enhanced
business proficiency through soft skills development programmes.
This club would
organise events such as karaoke nights, evening of grooming, annual
club dance, World Cup evening and many other social gatherings.
also launched the official website (http://www.cimabusinessclub.com)
of the Business Club. Through this website members can communicate
with other members via chat rooms and have access to a job database.
Division President Sudarshan Senaratne said the Business Club was
a long felt need as the interaction of its members with each other
This would give
them an opportunity to strengthen their relationships with each
other and foster fellowship, he added.
Ahmed heads top level Emirates delegation to Shanghai
More than 100
guests attended a VIP reception in Shanghai, China marking the successful
launch of twice-weekly non-stop cargo services to and from Dubai
by Emirates, the award-winning international airline.
Sheikh Ahmed Bin Saeed Al Maktoum, Emirates Group Chairman, announced
that so much freight is now moving between Shanghai and Dubai that
Emirates may soon add a third freighter frequency, as well as launching
passenger flights in August, according to an Emirates statement.
attended the reception with His Excellency Juma Rashed Jassim,
in Beijing, Ram Menen, Director Cargo Emirates, Ghaith Al Ghaith,
Emirates' Commercial Operations Director, and Emirates' Prakash
Nair, Cargo Marketing Manager, and Michael Qu, Cargo Manager Shanghai.
Xia Xing Hua,
Director General of the East China Regional Administration of CAAC,
the Civil Aviation Administration of China, shared views with Sheikh
Ahmed on boosting civil aviation on the route and said that Emirates
had chosen an ideal time to launch it.
Emirates plans to launch passenger flights between Shanghai and
Dubai in August.
serves 64 cities in 45 countries with a fleet of 44 modern jets,
winning more than 200 awards for service.