The Sunday Times FT must be congratulated on the courageous and uncompromising editorials and op-eds on the above. Unfortunately little action is being taken. Is criminal misappropriation of state property by company directors any less heinous than by politicians and bureaucrats?

The Companies Act of 2007 (Section 213) states that any person convicted in a court of law for fraud shall be disqualified from being a Company Director. The Supreme Court held that the Secretary to the Treasury and the Directors of JKH acted in collusion to defraud the government of property and revenue, and ordered payment of legal costs to the petitioners.

It is a moot point whether this judgement in a civil action alleging criminal fraud and corruption constitutes a “conviction” for purpose of interpreting Sect 213 of the Companies Act. In any event, the entire Board of JKH, or at least its Chairman and executive Directors all of whom would undoubtedly have been privy to these nefarious negotiations, should have resigned forthwith if they had even an iota of decency and self-respect. Especially as they have been the most strident votaries of Corporate Governance and CSR. Here’s wishing more power to your elbow, Mr.Editor.

Victor Leon
Colombo 5.