Book Review “Depositors, White Collar Crimes, and Human Rights”
“Depositors, White Collar Crimes, and Human Rights,” authored by D.S.D. Batugahage LL.B, LL.M, Attorney-at-Law, and launched on March 23, 2024, provides a rare and insightful exploration of the predicaments faced by depositors in
Sri Lankan finance companies.
This scholarly work dissects the intricate nexus between financial institutions, corporate malfeasance, and human rights violations, offering a profound analysis of white-collar crimes and their far-reaching consequences.
Overview:
The book meticulously examines the vulnerability of depositors, emphasising the severe impact of unethical and illegal actions by corporate executives. Through detailed case studies and personal narratives, it vividly portrays the devastating effects on individuals who entrust their savings to financial institutions, only to face significant losses due to corporate misconduct.
White-Collar Crime Mechanisms:
A substantial section of the book is dedicated to elucidating the mechanisms of white-collar crimes. The author adeptly breaks down sophisticated schemes such as embezzlement, insider trading, and complex financial frauds. This exposition is both accessible and enlightening, catering to readers without a background in finance or law. The author argues convincingly that white-collar crimes are not just financial offences but also violations of human rights. The ripple effects of these crimes often lead to loss of livelihood, mental health issues, and even social and economic disenfranchisement, framing them as human rights abuses.
Regulatory and Legal Frameworks:
The regulatory and legal frameworks governing financial institutions are scrutinised, with the author critiquing the often inadequate and sluggish legal responses. Robust reforms are suggested to protect depositors and hold perpetrators accountable, highlighting the necessity for systemic changes.
Research and Writing Style:
Despite the complex subject matter, the author’s clear and engaging writing style makes the book accessible to a broad audience. Technical terms are well explained, and real-world examples enrich the narrative. The book’s thorough research, drawing on academic papers, legal documents, and interviews, adds depth and credibility to the analysis.
Human Impact Focus:
By focusing on the human impact of white-collar crimes, the book transcends mere financial analysis and connects with readers on a personal and emotional level. This approach underscores the urgency of addressing these crimes from a human rights perspective.
Chapter Summaries and
Key Insights:
The book begins with a comprehensive introduction that outlines the challenges and significance of studying the impact of white-collar crimes on depositors. The chapter on the historical development of commerce, savings, and banking provides essential context for understanding the evolution of financial institutions and their regulation, both globally and in Sri Lanka. The specific history of finance companies in Sri Lanka is examined, detailing notable failures from 1988 to 2019, unauthorised finance businesses, and the regulatory actions taken by the Central Bank of Sri Lanka. The efforts of depositors to seek justice, both in and out of court, are also discussed. The chapter on the finance business, regulator, and strength of depositors explores the functions and restrictions of financial institutions, the economic and legal background of the finance business, and the role of regulators.
It highlights the strengths and vulnerabilities of depositors within this framework. The author’s distinctive voice brings a fresh perspective to crimes and criminal liability by analysing the historical development of criminal laws, types of crimes, and the concept of criminal liability.
Corporate criminal liability and issues related to the penal code of Sri Lanka are also addressed. White-collar crimes are examined in depth, with discussions on their history, definitions, characteristics, and challenges in eradication. The involvement of women in white collar crime is also explored, along with expert analyses of major incidents such as the Savings and Loans crisis in the US, drawing lessons relevant to the Sri Lankan context. The chapter on selected white-collar crime incidents and economic impact provides detailed case studies of occupational and corporate crimes, their economic impact, and incidents involving female perpetrators.
The broader implications for corporate criminality are discussed, offering criminological explanations. The examination of legal remedies available to depositors through private law, including contract law and company law, intersects with human rights issues, showcasing the author’s unique connectivity.
Public law remedies and regulatory offences are outlined, with comparisons to similar regulations in other jurisdictions. A comprehensive discussion on human rights, drawing from religious teachings, historical development, and modern theories, highlights their relevance to economic development. The vertical and horizontal application of human rights in Sri Lanka, including case law and constitutional applications, is explored. In proposing solutions for depositors affected by white-collar crimes, the author suggests in his final chapter new paths for applying human rights principles to achieve justice. The final chapter presents conclusions and recommendations for policymakers and authorities, emphasising the need for ongoing vigilance and reform.
In conclusion, “Depositors, White Collar Crimes, and Human Rights” is a vital contribution to the discourse on financial ethics and human rights. It sheds light on the often-overlooked victims of white-collar crimes and calls for a more humane and rigorous approach to financial regulation. Through methodically researched chapters, the author highlights the human cost of financial crimes, particularly in the context of Sri Lanka, offering valuable insights for policymakers, financial professionals, human rights advocates, and anyone interested in the intersection of finance, law, and social justice.
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