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Gotabaya urged to rectify flaws in ‘Conspiracy’, admit his own failures

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Jayasumana

Divided SLPP rebel group looking for ‘ideal’ candidate

By Shamindra Ferdinando

Dissident SLPP MP Prof. Channa Jayasumana has said that former President Gotabaya Rajapaksa’s account of an internationally backed operation to oust him should be examined along with Wimal Weerawansa’s ‘9: The Hidden Story’, Sena Thoradeniya’s ‘Galle Face Protest: System Change Anarchy?’, two interviews given by ex-presidential aide Sugeeswara Bandara, and Speaker Mahinda Yapa Abeywardena’s disclosure in Parliament on March 21.

Taken together, they confirmed a despicable powerful foreign hand in the high profile project that mercilessly exploited an explosive combination of factors caused by mismanagement on the part of the then government and events beyond their control like, loss of important tourist income after the devastating Easter attacks also manipulated by outsiders, followed by the unprecedented COVID pandemic and even throttling of vital worker remittances by underground money transfers, the Anuradhapura district MP said.

He said on top of all that ex-President Gotabaya inherited a bankrupt government as the previous unscrupulous Yahapalana regime that even staged two daylight robberies at the country’s Central Bank had gone on a borrowing spree at high interests from the international bond market to the tune of more than 12 billion USD. May be the country should first investigate what that government did with such colossal borrowings in that short period without undertaking or completing any worthwhile projects, the top medical academic pointed out.

The former State Minister said so responding to The Island query whether he accepted the former President’s reasoning for the economic-political-social crisis that forced him out of office in July 2022.

Prof. Jayasumana denied that he was among those MPs who asked President Gotabaya Rajapaksa to convince Premier Mahinda Rajapaksa to resign in line with the overall effort to stabilize the government.

Referring to the Speaker’s declaration that he was even threatened in July 2022 after his refusal to cooperate with those spearheading the violent protest campaign, Anuradhapura district MP Prof. Jayasumana emphasized that the Wickremesinghe-Rajapaksa government couldn’t ignore such a serious disclosure.

The MP said that external intervention, particularly the role played by US Ambassador in Colombo, Julie Chung, as alleged by National Freedom Front (NFF) leader Wimal Weerawansa, violated the Vienna Convention on Diplomatic Relations. The SLPPer stressed the responsibility on the part of Speaker Abeywardena to seek an impartial inquiry, without further delay, as the issue at hand should be addressed, irrespective of any personal threats.

Deeply appreciating the Speaker’s decision to discard offers made by interested parties to appoint him as the Acting President, Prof. Jayasumana said that MP Abeywardena couldn’t absolve himself of the responsibility to uphold the Constitution. Prof. Jayasumana recalled how Abeywardena, as a young MP, proved his mettle by refusing to vote for the 13th Amendment to the Constitution. “In spite of being a member of the UNP parliamentary group, Abeywardena took that decision at the expense of his political career. Therefore, we believe he’ll stand by his principles.”

The Speaker should reveal who made the unprecedented intervention on behalf of those who planned the extra-parliamentary take-over.

Commenting on ‘Conspiracy’ launched by ousted President Gotabaya Rajapaksa, Prof. Jayasumana said that there were serious shortcomings in the wartime Defence Secretary’s account of the developments and situations. Therefore, the former President should seriously consider rectifying mistakes and shortcomings in the next edition, the MP said.

The first edition has already been sold out and the second edition, too, is fast selling out.

However, various accounts of the protest campaign, including that of the Speaker, proved beyond doubt that there had been an international intervention, the MP said, adding that there were a couple of countries involved in the project.

Prof. Jayasumana stressed that the interventions made in 2021/2022, taking advantage of the dicey situation here, had been nothing but a continuation of a foreign agenda, brazenly implemented with the connivance of some interested parties. Those who couldn’t stomach eradication of separatist terrorism in 2009 and other like-minded groups funded by foreign governments/organizations exploited the economic crisis, Prof. Jayasumana said.

The MP found fault with the President for failing to take tangible measures to counter the threat. “We were ready to help him. We always wanted to counter anti-nationalistic threats. Unfortunately, the President ignored us. He depended on a group of inner people who eventually failed him.”

Prof. Jayasumana said that President Rajapaksa could have addressed the challenges faced by him and the country much better though he decided to work closely with the same lot.

Commenting on current political developments with the focus on six SLPP MPs reaching a consensus with the main Opposition Samagi Jana Balawegaya (SJB) recently, Prof. Jayasumana said that at the parliamentary vote to elect a President, in July 2022, an entire group of dissident ruling party lawmakers voted for Dullas Alahapperuma.

UNP leader Wickremesinghe polled 134 votes whereas Alahapperuma managed to obtain 82 votes. JVP leader Anura Kumara Dissanayake secured three votes. The SJB voted for MP Alahapperuma.

Prof. Jayasumana said that their group, identified as Nidahasa Jathika Sabhawa, consisted of 13 MPs. Of them, six recently reached an understanding with the SJB, Prof. Jayasumana said, adding that the others refrained from doing so due to different reasons.

Asked whether the remaining seven MPs, including him, could reach a consensus ahead of the forthcoming Presidential poll, Prof. Jayasumana said that he couldn’t give a definite answer. The MP said that he would support a person/political party that protected the unitary status of the country, followed a non-aligned foreign policy, safeguarded national interests in trade and investment and thwarted attempts to cause religious disharmony among the communities.

Asked whether he would quit politics in case of his failure to reach consensus with a suitable candidate/political party, Prof. Jayasumana said that a group of like-minded MPs, including him, was making an effort to find an appropriate candidate. According to him, there were a considerable number of MPs who valued unitary status and other related matters.

However, if they couldn’t find the ideal candidate, a serious attempt would be made to reach an agreement with a candidate in the fray willing to reach consensus on the above-mentioned preconditions, at least to a certain extent, he said.



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Ambassador of the UAE to Sri Lanka meets with the Prime Minister

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Prime Minister Dr. Harini Amarasuriya met with the Ambassador of the United Arab Emirates to Sri Lanka, Khaled Nasser Al Ameri, on 01 October at Temple Trees.
At the outset, the Prime Minister welcomed the Ambassador and expressed her appreciation for the support extended by the Government of the United Arab Emirates to Sri Lanka following Cyclone Ditwah.
During the meeting, the Ambassador conveyed an invitation from the Government of the United Arab Emirates to Prime Minister Dr. Harini Amarasuriya to participate in the UN Water Conference scheduled to be held in the UAE in December. Both sides discussed challenges related to water management and water security, emphasising the importance of developing sustainable and long-term solutions to address water-related issues. Attention was also drawn to the importance of skilled labour migration, with a focus on strengthening opportunities for Sri Lankan skilled workers in international employment markets. The UAE expressed its interest in supporting Sri Lanka’s vocational and technical education sector, while also exploring opportunities for cooperation in agricultural technology and related fields. The Ambassador further highlighted the interest of UAE investors in Sri Lanka’s port and aviation sectors. He noted the potential for Sri Lanka to develop into a regional aviation maintenance hub, creating new opportunities for investment and skills development. The discussions also focused on further strengthening and expanding bilateral relations and cooperation between Sri Lanka and the United Arab Emirates.
The meeting was attended by Pradeep Saputhanthri, Secretary to the Prime Minister; Ms. Sagarika Bogahawatta, Additional Secretary to the Prime Minister; and officials from the Ministries of Foreign Affairs, Foreign Employment and Tourism. Prime Minister’s Media Division

[Prime Minister’s Media Division]

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Prime Minister joins Gandhi Jayanti Commemoration

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Prime Minister Dr. Harini Amarasuriya attended the Gandhi Jayanti commemoration held at Temple Trees on October 2nd to mark the 157th birth anniversary of Mahatma Gandhi, the pioneer of non-violence.
The commemoration was held under the patronage of the Prime Minister and the High Commissioner of India to Sri Lanka,  Santosh Jha. During the event, the Prime Minister and the Indian High Commissioner paid floral tributes to the statue of Mahatma Gandhi. The ceremony was organized to recall the message of peace, non-violence, and harmony that Mahatma Gandhi bestowed upon the world through his life and philosophy.
The High Commissioner of India to Sri Lanka,  Santosh Jha, Secretary to the Prime Minister, Pradeep Saputhanthri, along with state officials and officers from the Indian High Commission, were present at the occasion. Prime Minister’s Media Division

[Prime Minister’s Media Division]

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Unions resist tripartite EPF management plan

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… warn of dire consequences

A group of trade unions and civil society groups has requested President Anura Kumara Dissanayake to abandon his government’s controversial plan for the proposed tripartite management of the EPF.

The group has told the President: “We strongly object to the government’s plan to transfer the EPF to a tripartite board—jointly promoted by the Employers’ Federation of Ceylon (EFC), International Monetary Fund (IMF) and the International Labour Organisation (ILO)—and to increase the investments of those funds within private equity and debt markets.

“While the EFC and the government jointly project this plan as a ‘modern governance framework’, it poses a serious threat to the EPF’s financial stability, fiduciary conduct, and returns to workers’ life savings, with severe consequences for broader macroeconomic stability. Rather than replacing the corruption existing in the public sector, this tripartite framework paves the way for a corporate takeover of the EPF. Through this, the fund is exposed to unlawful business practices such as insider trading using internal information of EPF investments, conflicts of interest and corporate bailouts of unstable private companies.

“Sri Lanka’s corporate sector has a tremendously negative track record, which you alluded to during your victorious election campaign in 2024. This was recently unravelled by the multi-billion-dollar illicit capital flight through trade misinvoicing, which your administration is now actively working to curb in the imports sector.

“The recent banking sector fraud exceeds Rs. 13 billion; widespread corporate tax evasion destabilised the fiscal position (Sri Lanka Auditor General’s Department Annual Reports) and consequently inflated the tax burden on the general public. The EFC has found it convenient to remain silent about these crimes, possibly assuming that their silence would preserve their social standing. Considering this inherent corruption within Sri Lanka’s corporate sector and its disregard to the living standards of the general public, there is no realistic basis to integrate corporate interests to actively manage the EPF. The corporate sector of Sri Lanka has not developed sufficiently on technical and ethical grounds to safely entrust the largest retirement savings pool in the country. The EPF is a captive fund that has no mechanism for the owners to divest if the management is corrupt. This further increases the possibility of corporate fraud when the management of the fund is jointly held with the corporate sector.

“Furthermore, during the recent public discussion with trade unions, Deputy Minister of Finance Dr. Anila Jayantha pointed out that the domestic debt restructuring (DDR) would inflict a loss of Rs. 600 billion to the EPF. Our independent calculations—formally submitted as an affidavit to the Supreme Court approved by the Federation of University Teachers’ Associations in 2024—reveal that nominal loss alone is Rs. 634.4 billion. When factoring in foreclosed reinvestment returns, the true loss skyrockets to Rs. 1,711 billion, wiping out 48% of the fund’s projected gross income for the 2023 – 2028 period. Under the pretext of safeguarding the banking system, this colossal robbery preserved high yields on government bonds held by commercial banks and high-net-worth individuals, subsequently reaping them astronomical profits. Now, the exact same plunder is rearing its head again disguised as a tripartite committee.”

“The main arguments supporting our resistance and viable alternatives for optimising EPF management directly under the Central Bank of Sri Lanka (CBSL), are outlined below.

“Objections to the government’s tripartite proposal:

1. The “International best practice and conflict of interest fallacies”

The government holds that tripartite management of pension funds is the “international best practice” and that there is a “conflict of interest” in CBSL managing the EPF. They are key pillars justifying government’s tripartite proposal.

These two positions are shockingly misleading given that four of the five largest pension funds in the world, in Norway, Japan, the U.S., and Singapore, are managed directly by state bodies or central banks. Therefore, ‘international best practice’ in pension fund management is the exact opposite of what the government and the IMF are proposing. We hence reject these baseless positions.

2. Corporate captivity and bailouts

It is clear that the EFC is desperately pushing for this proposal at a time of global uncertainty, to cushion the effects of the crisis and maximise gains. Under corporate influence within the proposed tripartite board, the private conglomerates can use the multi-trillion-rupee EPF to continue their unstable commercial operations without having to risk their own capital or savings to do so. This will severely erode the financial stability of the EPF and its returns.

3. Risk of front running

“Because the EPF is a colossal fund, its investment decisions can alter asset prices. This creates immense monetary value for the information generated by its investment decisions. Corporate representatives on the proposed tripartite board will be perfectly positioned to use this information to trade ahead of the EPF (front-running), buying assets cheaply and dumping them onto the EPF at inflated prices for guaranteed corporate gain, resulting in a reduction of returns to the EPF.

4. Unavoidable loopholes

“Presence of a separate group of investment analysts, trade union representatives and government officials within the proposed tripartite structure cannot prevent pre-market corporate access to EPF’s investment decisions. Investment proposals made by the analysts has to be first approved by the proposed tripartite committee, making it impossible to prevent corporate access to insider information on EPF investments.”

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