Stealing from the ‘Savings of the Elders’
Cash deposited at The Standard Credit Finance Ltd, a company registered with the Central Bank of Sri Lanka, has been misappropriated by its former directorates on a large scale. In terms of the reports of the Auditors, absolute corrupt practices were adopted since 2008/9, by the company, headed by the then Chairman Sanka R. Wijesinghe and Executive Director Hiran Gunasekera.
Quite surprisingly, the then hierarchy of the Central Bank turned a blind eye (in terms of the protection they ought to have provided to the depositors) towards the irregularities. Thereby the then directors were successful in evading the prescribed legal framework and deceivingly escaped their liabilities.
A staggering sum of over Rs.2 billion brought in by the innocent depositors mainly during 2007 and 2008 have been skillfully manipulated by the directors, within the next two years, registering an erosion of over Rs.2.239 billion worth assets of the company.
These details from the audited accounts of the company along with the extremely adverse opinions of the auditors were provided in an article, on page 2 of the Business Times of May 28 under the headline – “Fighter to the end”- Kussi Amma Sera.
Since 2010/11, the Central Bank has been attempting to restructure the company at the expense of the balance valued deposits of the depositors and up to then has failed to achieve any positive results for the benefit of the depositors. In fact the last to run away with the company assets was the financial wizard – Entrust Ltd., appointed as the third Managing Agent by the Central Bank.
Now the company is “INSOLVENT”. Over the years the viable proposals of the depositors were rejected by this regulator and has even failed to renew the contracts of the depositors.
While the depositors are desperately weeping for justice, an encouraging light is now seen at the end of the tunnel. An article on the front page (and continued in page 21) of the Sunday Times of June 4 refers to a unique judgment of the Supreme Court for stealing the Fundamental Rights of an individual. A bench consisting of Justices Upali Abeyrathne, H.N.J Perera and headed by Justice Eva Wanasundera, ordered the compensation of Rs.1 million to be paid by the state as well as officials of the state to this man who has been “tortured”.
An immaculate statement by Justice Wanasundera, in delivering the judgment is unique to Sri Lanka. She has stated that the mental damage caused to an individual through an event/incident (in the above stated case – “torture”) cannot be cured. This is a permanent damage.
At the termination of employment, or it is more appropriate to say at retirement, most of the depositors, placed their hard earned retirement proceeds with The Standard Credit Finance Ltd as promoted by the Central Bank as a means to provide a living for them as well as to fulfil their obligations to their families. Due to the craftily manipulated misappropriation of their valuable funds and the inability of the state financial protector, the Central Bank, to provide timely remedial measures to the depositors, approximately 1778 depositors and around 700 saving account holders, have fallen into the “tortured” category, of human beings, over the past six years. We the innocent depositors of The Standard Credit Finance Ltd plead to President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe to provide some justice to our prolonged and agonising ‘torture’.
The Action Team of The Standard Credit Finance Ltd