Controversy over insurance corporation privatisation - letter

The COPE is one of the most useful and powerful committees of the parliament and was traditionally headed by a key and an erudite member of the opposition or a highly respected person from the ruling party. Mr. Rajapakse was in the latter category and has done his duty in a manner rarely seen in Sri Lanka. Instead of appreciating his good work and nailing the crooks, parliamentarians of both sides are trying to delay matters by talking of appointing more committees.

The COPE Report of Mr. Wijedasa Rajapakse on privatisation of govt. enterprises under the 2002 UNP regime came out particularly harshly against the manner in which SLIC and Lanka Marine Services were privatized.

What is surprising is that both these were purchased by leading quoted companies in Sri Lanka controlled by one or two individuals and both are operating blissfully as if everything about them is hunky dory. SLIC in particular has introduced new insurance policies and are strongly promoting these through publicity and sales promotions directly as well as through private banks.

Allegations of corruption and under-valuation surrounding the 2 privatizations are very serious deserving declaring their sales null and void. Actually the new owners, if they are truly innocent of any wrongdoing should come out openly and challenge the COPE findings and give convincing replies to the serious allegations. Instead of doing so, the new owners of SLIC & LMS are using various gimmicks to popularize their insurance policies and services among larger numbers of Sri Lankan public.

Prompt corrective action on the COPE Report would not only mean that our country would get the right price on selling of valuable state sector assets but the new insurance policy holders of SLIC do not end up holding worthless pieces of paper instead of insurance policies. It will be a re enactment of Pramuka or Vanik in the field of insurance.

Jaliya Seneviratne, Puwakpitiya.