Irresponsibility of Lanka’s opposition leadership

The opposition leadership is reminded of an age old village adage that refers to “Blaming the matchmaker for the infidelity, infertility and incompatibility of married couples”. They are also reminded of the folk tale of the “Judgement of King Kekkille”, where the king decided to hang the fat village Mudhalali instead of the thin and scraggy culprit, as the hangman’s noose will fit better around the fat neck of the former. The recent actions of the opposition leadership on the hanging of HSBC are akin to the above legendry story and reference.

A legitimate government in power invites selected international investment banks to support as intermediaries and lead manage a book building initiative of the government to raise US$ 500 million by way of an issue of sovereign bonds. The Central Bank of the country makes a presentation to the invited investment banks, whose primary business activities and core competences include such professional services. HSBC is one of three investment banks that accept this invitation. They are however the only invitee with commercial operations in Sri Lanka.

The recent official press release of the opposition was the final nail in the coffin of a series of unbelievable acts by the opposition leadership, akin to acts usually performed by circus clowns. These began with threats made out in “Mariyakade” language, acts of coercion and even a proposition of violent action against HSBC similar to those adopted by militant trade unions and university students. When these acts of Insanity, Irresponsibility, Intellectual Dishonesty and Arrogance were correctly questioned by some business chambers, the opposition leadership did not fail to go for a kill targeting the jugular vein.
In specific, the following parts of the statement of the opposition shocks citizens into a total disbelief in what they once attributed as qualities of a leadership with sanity, professionalism and integrity:

* Calling the public to agitate against the HSBC and chambers for approving the cutting of subsidies to the people
* Warning HSBC that it will, when in power, not honour any commitments because the loan is contrary to the law
* Warning that the licence to operate in Sri Lanka will be cancelled
* Alleging that the chambers concerned are driven by corporate greed and supporting the establishment of a class of exploiters who believe in privatised tyranny and socialism of the rich
* Drawing reference to some disputes of the HSBC with its shareholders and implying the incompetence of the management in focussing resources to optimize opportunity, acquiring a bad mortgage portfolio and investments in sub prime markets, coupled with failure of due disclosure

The opposition leadership, which now appears to have possibly cast aside all commitments to fundamental principles of good governance in their quest for power at any cost, is asked to review the balanced position paper published by the Transparency International and also recollect the following acts of duplicity by the very same leadership when in power for a short duration early this decade;

* Actively promoting foreign investments and inviting banking services from international banks
* How subsidies were removed by direct government action to reduce the budget deficit
* Blinded by arrogance failing to understand the political realities of managing concurrently the powerful Executive President and the dependent voter base
* How a large cabinet was maintained for political exigencies having previously encouraged chambers to recommend to the previous government a limitation of 18 ministers
* How the best communications policy was a fait-accompli attempt of introducing economic reforms and peace without effective communications with the people
* The anti corruption commitments being overlooked in Power, Fisheries, Telecommunications, export of minerals, textile quota allocations, even when blatant violations led by ministers were brought to the notice of the leadership
* Bad loans given to political cronies by state banks
* Interference with the rights of the private sector communications via State owned media
* Being guided by an inner coterie of friends and selected foreign consultants and discarding all others irrespective of the value of their recommendations

It comes as no surprise to the shocked citizens that one chamber, which places the nation’s interest first and thereafter the private sector, has opted to remain silent and on the fence and thus avoid the wrath of both government and opposition. Wake up to your commitments in promoting foreign investments, freedom of private sector operations and international acceptance of Sri Lanka as a destination for trade and investments.

As the current leadership usually quotes Buddhist philosophy, they are reminded of the ‘Lo-wada Sangarava’ quotation “If one indulges in frivolous talk, one will suffer grievous pain in hell and on returning to this world, one’s words will not be accepted in an assembly even if they are true.”