With reference to the article published in The Sunday Times FT on April 26, under the caption on “Ethics and Corporate Governance’ by S.Wijesundera (SW), the writer has made an attempt to exonerate Susantha Ratnayake, Chairman John Keells Holdings whom he says is still ‘greatly respected’.
Lets take a look at the word ‘respect’ which is defined in the Oxford Dictionary as ‘feeling of admiration because of good qualities or achievement’. Mr Ratnayake’s achievements in the Lanka Marine Services transaction is well documented in the Supreme Court of the Democratic Socialist Republic of Sri Lanka – Case No. SC/FR209-2007.
I would like to quote the following from the Supreme Court judgment: “The allegation of the petitioner that he worked in collusion with S. Ratnayake of John Keells Holdings to secure illegal advantages to the latter adverse to the public interest is established.”
The highest court in Sri Lanka has found S. Ratnayake culpable of indulging in illegal activities adverse to the public interest and he was personally instructed by the Supreme Court to pay costs.
SW continues to say that there was an attempt to destroy the image of JKH. Well the Supreme Court has itself criticised the organization for resorting to illegal methods to further its interests.
Let me once again quote from the Supreme Court Judgment wherein it has been said that ‘from the perspective of John Keells Holdings- I hold that the company has secured advantages and benefits through the illegal process and in this specific instance by misrepresentation that has been made’.
However I agree with SW when he says that ‘it’s a mockery of justice to vote on an issue of this nature as the right thing would be for an independent professional panel to evaluate the facts and then decide whether the company acted ethically or not’.
I believe it is correct to say that the Panel of Inquiry appointed by the Ceylon Chamber of Commerce had concluded that John Keells Holding had contravened the Code of Ethics for business as adopted by the Ceylon Chamber of Commerce (CCC).
Having a Code of Ethics is one thing but what use is it if an effort is not made to implement it. When the Supreme Court states that John Keells Holdings and S.Ratnayake of John Keells had secured illegal advantages adverse to the public interest, does it take rocket science to figure out that John Keells Holdings has violated the Code of Ethics?
R. Weerasekera
Colombo 2.
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