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Retiring from Aitken Spence and incurring Premadasa’s wrath over misinformation

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by Charitha. P. de Silva

(Excerpted from C.P. de Silva’s Memoirs)

Around March, 1991 I suddenly detected a small patch on my right retina. The last time this happened was in 1980 when it was diagnosed as Exudative Retinopathy by Dr Rolf Blach of Harley Street. I was given laser treatment at Moorefields Hospital, and the distortion in my vision disappeared almost completely. Dr Blach told me that the cause was uncertain but most likely due to stress. I recalled all this when I awoke to find an ominous patch in my vision. I sat down and considered my position.

I had been Chairman and MD of Aitken Spence for almost 20 years. I had achieved a great deal and received a number of Honours and a lot of recognition. With the share prices of Aitken Spence going through the roof – they were about Rs 320 – I would be comfortably off if I were to sell my shares. I had already distributed some of my shares to Chandan (my son) and the others and Chandan was in need of funds to buy a house in London.

I had been carrying the burden of being both Chairman and MD of AS for a long time – too long a time – and decided that I had been given a signal to quit while I was still ahead. I discussed it with Susheela and she was totally in favour of my quitting. I made up my mind within a day, and decided to inform my co-directors of my decision.

I wrote a good letter in which I told them of my decision and the reasons for it. I wanted more leisure and time to spend with my family. I also pointed out that the company too would benefit from my retirement. I realized that my retirement when apparently at the height of my powers might cause some unease in the share market and among our bankers. I therefore wrote an eloquent letter to all of them, and even to JYM Pillay of Singapore Airlines whom I had known since 1972.

The share market appreciated my decision and share prices rose further. I sold Chandan’s shares and remitted the proceeds to him. Because we (the directors) had an understanding that we would not sell our shares while in office I gave them six months’ notice of my retirement from September 30. I knew that Michael (Mack) would be very happy about the prospect of taking over. I did not anticipate the reaction of Norman (Gunawardena) and GC (Wickremasinghe). These two directors had grown used to the comfortable prospect of my being there indefinitely (I had already gone three years beyond the usual retiring age in the private sector, 60 years) bearing the full responsibility of running the company while they ran their departments without any interference.

They had very good salaries and perks and the company was doing extremely well: the profits had gone up five-fold in the last three years and the share prices were booming. They did not see any reason for a change. Norman went to the extent of trying to persuade me to continue even as a non-executive Chairman working from home!

GC became very unpleasant about my selling Chandan’s shares without their permission. Despite my pointing out that Sivaratnam had sold some of his shares in order to buy a property in Australia, he wrote to me accusing me of acting unethically. He could not see that I had every right to sell Chandan’s shares after giving notice of my intention to quit. He was not the most balanced individual I knew, and I lost nothing in losing his friendship.

Sivaratnam and the others who probably felt deeply grateful for the largesse they had received from me at the time we went public (I had persuaded Mack, Gunawardena and Wickremasinghe to transfer 10% of their shares to them at par before a three for one Bonus Issue) understood my position completely and after approving a cruise to the Greek Islands for Susheela and me, set about organizing a farewell party for me at the Hilton on September 30, my birthday.

Susheela and I had a memorable holiday and came back to a truly glorious farewell party on my birthday. There was a huge crowd and I wore my Japanese Award. They gifted me the Honda Accord that I had been using and transferred to me the small Daihatsu Charade that Susheela had been driving, at a very reasonable cost. It was an altogether happy parting. The feeling of relief with the shedding of responsibility was tremendous. My eye condition improved without my having to get laser treatment.

Once I retired from AS I decided that I would cut myself off from its activities. There were two reasons for this. The first was that I thought it improper for me to be looking over MLM’s (my successor’s) shoulder. The second was that I feared it would be stressful as I might not agree with his policies.

I was still the Chairman of LOLC and at about this stage Lalith de Alwis who had been a competent MD resigned to go abroad. It therefore became incumbent on me to become an Executive Chairman going to office every day.

However, I decided that it should only be a half-day if I were not to deny myself the benefit of retiring from AS. Emmanuel Muttupulle who had been Deputy MD was promoted to MD and the company continued to prosper. It had a distinguished board of directors: Baku Mahadeva (Chairman of NDB), Chanda Coorey (Chairman of DFCC), M.T.L. Fernando (Ernst & Young) and Jehan Cassim (Chairman, BOC).

At about this time Evans Coorey, the Press Secretary of President Premadasa telephoned me and said that he had been present at a meeting with ‘very important people’ who had discussed me. They had pointed out that I had now been Chairman of LOLC for over ten years and I should be ready to retire. He asked me what I thought of it because the AGM was approaching. I assured him very courteously that I was in good health, the company was doing well, and I saw no reason to retire.

One day, not long after that, my good friend Bernard Soysa (Leftist MP) rang me and asked me whether he could come and meet me. I offered to meet him but he insisted that he should come to my home. I agreed and he turned up. Susheela was at home and we would have liked to offer him a drink, but he wanted complete privacy and I took him into our lower garden.

He told me very gravely that he had overheard a conversation in the restaurant of the Parliament concerning me. Apparently Premadasa was very displeased with me, and Bernard became concerned for my safety. He urged me not to write or say anything critical of P. and suggested that I should go abroad for some time. As it happened I had to go to Washington for some conference. Susheela was naturally very worried, and we set off.

In Washington, I learned P. had given instructions that I was not to be given any assignments by government. The only work I was doing to help the government was being the President of the Sri Lanka-Japan Business Co-operation Committee. When a government servant who was involved in the Privatisation process declined my invitation to participate in a Sri Lanka-Japan Conference that was imminent I realized that I was wasting my time trying to help government, and resigned as Chairman of the bilateral committee that I had chaired ever since 1978. It was the first such bilateral committee that the Chamber (of Commerce) had established. Now there are more than 20 of them.

One day I happened to be flying to Singapore on Singapore Airlines for which we had been GSAs (General Sales Agents) since 1972 when I became Chairman of Aitken Spence. I was flying First Class (as I usually did) and found Paskaralingam there. (Paskaralingam was Premadasa’s right-hand man, and the most powerful public servant in the country). I took the opportunity of talking to him about the strange antipathy that Premadasa had taken to me.

He explained to me that it was because we (LOLC) were occupying Lakshman’s Building that belonged to the furniture maker Lakshman Cooray. We had a long lease on it and Lakshman was very frustrated because he felt that he could get a much higher rent than we were paying. He therefore wanted to get rid of us as tenants. Paski warned me that until we vacated Lakshman’s Building we would have trouble with Lakshman because he had Premadasa’s ear. He had made a throne for Premadasa who therefore loved him.



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Features

The challenge of keeping value-based politics alive

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Anti-migrant protests in Durban, South Africa. BBC

The current outbreak of anti-immigrant protests in Durban, South Africa is bound to have taken many a subscriber to value-based politics or political idealism quite by surprise. After all, this is evidence that despite the historic accomplishments of nation-builders of the stature of the late President Nelson Mandela it cannot be taken for granted that identity politics, including racism in its worst forms, is no more in South Africa.

At the time of this writing details are scarce on the substantive root causes of the protests but it could very well be that economic grievances, particularly on the part of the majority community in South Africa, are contributing considerably to the disaffection. Shrinking employment and material prospects are likely to figure majorly among the factors igniting the unrest.

Fortunately, the local authorities in Durban are losing no time in calling for peaceful co-existence among the relevant communities and are pointing to the vital importance of stepping-up national integration processes. Apparently, immigrants in sizable numbers from neighbouring countries are present in Durban. However, international TV footage of the protests quoted some local authorities as saying that the majority of the immigrants in some centres that housed them were not illegal migrants and had the documents that entitle them to be in Durban.

In the Durban protests the world has fresh proof of the socially divisive consequences of the gathering globe-wide economic disaffection, touched off particularly by the continuing crisis in West Asia. Going ahead, the world would need to brace for increasing identity-based unrest of the kind it is just witnessing in South Africa.

Considering that the material lot of ordinary people everywhere could only aggravate progressively, with the US and Iran showing no signs of negotiating an end to their confrontation any time soon, it will be left to the more democratic and progressive sections of the world community to initiate positive measures collectively to bring a measure of relief to the discontented.

The swiftness with which such relief will be provided would depend crucially on the importance those sections taking up these undertakings attach to value-based politics as opposed to Realpolitik of power politics.

Going by these yardsticks, Italy could be considered to be moving in the right direction. Recently Italy came to the fore in initiating the collective named, ‘Rome Coalition for Food Security and Access to Fertilizer’, which has as one of its aims the swift provision of fertilizer to economically weak African countries.

In a recent statement Italian Minister of Foreign Affairs and International Cooperation, Antonio Tajani, said that a principal aim of the project was to ensure that the farmers of Africa gained easy access to fertilizer, considering that food security is a growing concern among some of Africa’s economically vulnerable countries.

The statement went on to mention that some 30 countries hailing from the Mediterranean region, the Middle East, the Balkans as well as the FAO had been invited to join the coalition. The venture is far-seeing in that food security is main among the reasons for social discontent which in turn could degenerate into endemic political turmoil and bloodshed. Separatist violence and geographical fragmentation of countries wouldn’t be too far behind these developments, as Africa itself has often proved.

It is hoped that more G7 countries would take the cue from Italy and do what they could to ease the hardships of economically distressed countries, particularly of the global South. In these efforts they would need to break rank with the US, which is today brutally indifferent to the consequences of its policy of making ‘America First’, come what may.

Going by current developments, the Trump administration seems to be blithely oblivious to the wider, deleterious effects of its policy course in West Asia. Besides rendering Iran militarily and otherwise impotent nothing else seems to matter to Washington, as regards West Asia. This is policy short-sightedness of an extreme kind. After all, right now West Asia could be said to be sitting on the proverbial powder keg.

On the other hand, Iran is not giving the world the impression that it is doing anything constructive to get out of the policy straitjacket that it wove for itself decades ago. Rather than enter into a policy of ‘live and let live’ in relation to Israel in particular and initiate a process of reconciliation with the latter, it has chosen to operate within policy parameters that continue to damn Israel. This has put Israel always on the ‘defensive’ so to speak and prevented the opening up of space for meaningful dialogue.

That said, Israel is obliged to explore the possibilities of entering into a negotiatory process with the Arab-Islamic world that could lead to a de-escalation of tensions and bloodshed. It cannot continue to look at its neighbours through lenses that distort them as archetypal enemies who should be ‘wiped off completely from the face of the earth.’

In other words, the need is urgent for Realpolitik to give way to value-based politicks. Italy is beginning to prove that the latter approach could be pursued with some success. May be the EU and the UK could throw their weight behind these initiatives as well and establish that international politics could be refashioned on the basis of humane, civilized norms. The UN would need to be fully supportive of these moves and prove an organizational nucleus of the operations that follow.

In fact the time is ripe for people of conscience to collectively stand up on the side of peace and say ‘No’ to war and violence. Organizations such as the ICRC, the WHO and Medicines Sans Frontiers have already taken up this call. Referring to the widespread destruction of health facilities and their dehumanizing results these organizations have said, among other things, that ‘This is not a failure of the law. It is a failure of political will.’

True, ‘failure of political will’ among those powers that matter accounts for the runaway, uncontrollable nature of war and destruction in contemporary times, but more fundamentally it is a failure of the human conscience. It could very well be that the phenomenal levels to which violence and war have been unleashed today have had the effect of deadening consciences. This is a matter for urgent study and wide discussion.

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Features

Vesak celebrations … with Cuteefly

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Perfect for celebrations, gifts, and meaningful occasions // Gift pack

I would describe Indunil Kaushalya Dissanayaka as innovative and creative, and she operates under the name of Cuteefly.

Indunil always comes up with something novel to celebrate special occasions, and she does it with candles … and that’s her profession.

She was in the spotlight when she created a happening scene, with candles, for Christmas, Sinhala and Tamil New Year, and Valentine’s Day.

As lanterns light up Sri Lanka for Vesak, the Colombo-based candle maker is quietly turning wax and wick into little pieces of the festival.

Candles reflecting Vesak themes

Her candles reflect Vesak themes – light, peace, remembrance, giving, etc., to enable you to fill your Vesak celebration with devotion and beauty.

Among her Vesak creations is a lotus-shaped soy candle, scented with sandalwood, lavender, etc., meant to burn during this Vesak Poya Day.

Indunil Kaushalya Dissanayaka: Customers
praise her for her creativity

These handcrafted Vesak candles are perfect for offering at the temple, she says.

What makes her creations so novel is that they come in different shapes, scents, themes, and all are handmade.

What’s more, her customers have heaped praise on her for her creativity.

According to Indunil, her creations are perfect as a thoughtful gift … to bring beauty, unity, and light into every moment.

Says Indunil: “Our beautifully handcrafted Unity candles are designed with premium detail and love, making them perfect for celebrations, gifts, and meaningful occasions.”

Cuteefly, says Indunil, is available online.

Readers could contact Indunil on 0778506066 for more details.

He Facebook Page is: Cuteefly.

Handmade with love

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Features

Dark Spots …

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Yes, dark spots do crop up on the skin, especially with sun exposure and, of course, as the skin ages.

However, these tips should be of immense benefit to those who are faced with dark spots.

Lemon and Honey Glow Mask:

You will need 01 teaspoon lemon juice and 01 teaspoon honey.

Mix the lemon juice and honey well and then apply this mixture, only on the dark spots.

Leave for 10–15 minutes and then rinse with cool water.

Benefits:

Lemon helps brighten pigmentation.

Honey moisturises and heals skin.

Gives a natural glow.

* Aloe Vera Gel Treatment:

All you need is fresh aloe vera gel.

Apply the gel apply on dark spots, before going to bed.

Leave overnight and wash in the morning.

Benefits:

Reduces acne marks and pigmentation.

Soothes irritated skin.

Helps skin repair naturally.

Turmeric and Yoghurt Paste:

You will need 01 teaspoon yoghurt and a pinch of turmeric

Mix the yoghurt and turmeric into a smooth paste and apply on affected areas.

Leave for 15 minutes and then wash gently with lukewarm water.

Benefits:

Turmeric brightens skin naturally.

Yoghurt removes dead skin cells.

Helps fade dark spots gradually.

Use these packs 02-03 times a week as results are generally seen over time.

You can also try this out: Mix a ripe papaya into a smooth paste and apply to the face, or directly on to the dark spots. Leave for 15-20 minutes and then wash with lukewarm water.

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