Management of Provident Funds
You have been the longest standing Treasury Secretary in our country. You have managed the country’s finances during very difficult times and done an excellent job. I would say you are the most qualified economist in the country. No one in the Treasury or the Central Bank can match your intellect and experience. As you are aware the provident funds have been badly managed since independence and now it has worsened. The Auditor General appointed by the government himself accuses the fund managers of losing Rs 12 billion in one year. That is tragic and must be stopped. The loss to the workers is well and truly now in the pockets of a few people. They must be found out and prosecuted. You are a man of integrity; please prevail upon the leaders to stop those people on their tracks. The ETF comes directly under you. The other issue now is how the banks are getting ruined by the appointment of friends and relatives by certain people occupying seats of power in the financial sector. The current governor has appointed over six of his relatives. Two of his closest relatives are his sister Shiromi, who is the chairperson of a bank while brother-in-law Sunil Wijesinha is heading another bank which has government backing. In the meantime appointing ex central bankers to run banks is madness.
They have never seen the inside of a business. Very soon the husband of the former head of the EPF who ran the fund when it made a Rs. 12 billion loss will be installed as the Commercial Bank chairman. I hope the bank does not go from being the most awarded to the least awarded? Why are you allowing this madness? You are responsible for providing oversight for the financial sector. History has shown us that everything finally comes to an end and the wrong would have to pay for their sins. Many Sri Lankans have confidence in you and the newspapers (must have the guts) to ensure workers retirement money will be safeguarded at any cost.
Palitha (via email)