Business Times

Issues over new ICASL President, PBJ as Chief Guest at inauguration

Vasudeva Nanayakkara, petitioner in the concluded Sri Lanka Insurance Corporation (SLIC) fundamental rights case, is opposing the induction of Sujeewa Mudalige, a partner at PricewaterhouseCoopers (Pwc), as the next president of the Institute of Chartered Accountants of Sri Lanka (ICASL).

A letter sent this week to the current president of the institute by Abdeen Associates on behalf of Mr. Nanayakkara states that Mr. Mudalige was a member of the PwC team who together with others, acting in concert with Treasury Secretary P.B. Jayasundera, handled the unlawful, illegal and fraudulent SLIC transaction with Mr. Mudalige accounting for 15 weeks of a total of 36 weeks of the PwC Sri Lanka Team. During the SLIC privatization, PwC were the advisors to the government of Sri Lanka. The letter also states that the Chief Guest at the ICASL induction ceremony is to be Dr. Jayasundera, putting the creditability, integrity, bona-fides and standing of the Institute in serious question in the public domain.

The letter further states that the fundamental rights petition referred to a complaint made by a member of the public as far back as August 2005 and that the Ethics Committee of the ICASL was conducting an investigation into the allegation of professional misconduct by PwC and accounting firm Ernst and Young which the then ICASL President had confirmed to the Supreme Court by affidavit.

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