The Government has presented a Finance Bill in Parliament to regulate
Finance Companies. As an accountant I recommend that the following be
included in this Bill to safeguard the depositors’ money:-
1. If a Finance Company is unable to pay the deposits of an investor,
each and every Director should be disqualified from being a Director of
any company for a period of five years.
2. Every Finance company should have a professionally qualified
accountant of a recognized accountancy body as the Chief Financial
Officer. In the event of a collapse of the company the accountant should
be reported to the professional accountancy body in which he or she is a
member. The professional body should be required to conduct an inquiry
and cancel the membership of the member concerned if found guilty.
3. Every Audit report of a finance company should carry a statement,
“In our opinion the company has the resources to refund the deposits of
the investors in the normal course of business.”
4. When a finance company collapses the auditors should be reported
to the Institute of Chartered Accountants of Sri Lanka and the Sri Lanka
Accounting and Auditing Standard Monitoring Board. The Institute and the
Board should be required to conduct a joint inquiry. If found guilty the
practising certificate of the audit firm should be cancelled.
If such legislation is introduced it would be a deterrent for
incompetent persons to even think of starting a Finance Company.
However, it is extremely unlikely that these proposals will receive
favourable consideration as the audit profession is well protected in
Sri Lanka unlike in other countries. Protecting the audit profession is
more important to authorities concerned than protecting the poor
depositors. Considering the influence the profession has with the
authorities concerned the depositors are not surprised.
The auditors had given a clean Audit reports for most Finance
companies which collapsed and they have got away scot free. So the
depositors should sue the auditors of Finance companies which have
realised as it would send a strong message to audit firms issuing audit
reports without disclosing the true position of the company.
There was a breakdown of the water service at Matale which made the
residents of the town area run helter-skelter in search of water. Some
residents got down water by private bowsers paying fantastic amounts of
money and other means while the others was waiting anxiously to get
their supply of water through the pipeline as there was no alternative.
The reason for the breakdown as I heard was due to the motors
installed at the pumping station going out of commission. One of the
motors had gone out of order about a month ago but the personnel in the
pumping station did not deem it necessary to have same repaired and
continued the pumping process with the remaining two motors. These two
motors also went out of commission obviously due to overuse and the
entire pumping process came to a grinding halt leaving the townfolk high
When the pumping system went out of commission the Water Board did
not have the courtesy to inform the residents about the breakdown. The
Water Board could not be contacted on the telephone either as their
phones were all the time engaged.
The Water Board should have taken steps to keep the residents
informed of what was happening instead of keeping them in suspense. It
would have been its duty of find ways and means of giving relief to the
citizenry in consultation with the Matale Municipality.
It is encumbent on the Matale Municipality too to assist the Water
Board in a crisis such as this as the rate payers pay the Municipality
by way of rates for providing amenities such as water, scavenging,
When a breakdown of the service occurs in future the Water Board
should take immediate steps to have
(a) Water bowsers to supply water to the residents
(b) Spare motors to be used in an emergency
(c) Maintenance done regularly to ensure smooth functioning
(d) Separate Section for inquiries equipped with additional
It is fervently hoped that prompt action will be taken by the Water
Board to avert disruption of the services in future.
R M L Ratnayake
The Buddhists of the whole world are planning to hold the noble event
of 2600th anniversary of Buddha’s Enlightenment this year. Buddha
preached a very great and meaningful doctrine for both human beings and
deities. All those who followed those noble teachings practically gained
eternal bliss. He pointed out that we can enjoy that very noble bliss by
dispelling craving, hatred and ignorance
But unfortunately, today most Buddhists seem to have become mere
Buddhists only by birth. They are not practising Buddhists. Today, even
the university students harass their junior brothers and sisters who
study in Sri Lankan universities through various sorts of tortures and
harassments in the name of “ragging”.
Recently, it was revealed in the newspapers that a Buddhist monk of
the Bhikku University of Anuradhapura was harassed severelly by ragging
and that victim has been admitted to the General Hospital of
Anuradhapura for immediate medical treatment. Bhikkus being ragged by
their fellow Bhikkus are reported to be in a critical condition.
This state of affairs is very pathetic and tragic in every respect.
Under these circumstances, venerable Vice Chancellor and the
administrative committee of the University have taken steps to close the
Today, newspapers constantly report us the amount of all kinds of
violence, crimes, murders, rape cases of women, frauds in our country.
Therefore, fostering our future generation spiritually has become a
Today, media reveals the fact that even the students who study in
higher grades of urban leading schools too are involved in various
anti-social and violent activities. In order to save the future citizens
of this country from this unfortunate situation, all religious
dignitaries should make the teachings of their founders of religion
closer to their followers as far as possible.
Therefore, all the Dhamma schools should take steps to teach
practical moral values and encourage their students to put the teachings
into practice genuinely. The Dhamma school education should not be
limited only to pass various exams.
We all should be committed to create a future generation filled with
noble human values within this noble mother Sri Lanka. As President
Mahinda Rajapaksa always points out, no nation will prosper in economic
development alone without spiritual uplift. Human beings will behave
like beasts if their hearts are not touched with noble religious
S M Anupama Priyadarshanie,
Faculty of Humanities,University of Kelaniya.
Every Saturday and Sunday the above programme is telecast over Sakthi
TV. I participated once in the programme. The subject for the role play
was Louis the Braille. It is a well known fact that he is the inventor
of Braille a worldwide system used by the blind and visually impaired
people for reading and writing. He became a well respected teacher at
his institute. He was admired and respected by his pupils.
The grandmaster without deep thinking announced that Louis Braille
was a social worker. I think it might not have struck in his vague idea
that he was a well respected teacher. Do intellectuals and scientists
skip in their work I cannot say. I cannot say it is lack of
deepthinking, vagueness or oversight. This action of the Grandmaster,
can it be compared to the action of Sri Issac Newton, the famous
scientist who had 2 pet cats. He made a big hole for the big cat to have
access in his room and another small access in another room for the
smaller cat to move about. Later it struck him that even the small cat
could move about easily through the big hole. I wish the action of the
grandmaster is to be enlightened to the readers.
S A Masilamany
The precincts of the Kalutara Town are congested and made busiest
with increasing traffic movements and over-crowded public in the day
This condition has worsened due to ill-timed town planning of the
After the removal of pavement vendors and their illegally constructed
selling stalls so recently, the motorists, trishaw drivers and hiring
lorry drivers have used to park their vehicles along the main street
causing much hindrance to the pedestrians.
There are no, proper car-parks or a private bus stand allocated in
the town and no protective fences also erected for the safe walking of
Though there is a super highway in the middle of Kalutara town on
Galle Road, the cyclists are not to be permitted, ride on this highway.
So, a new town-plan must be adopted with the collaboration of RDA
with immediate effect for the well-being of townsfolk, by Kalutara UC.
C M Kamburawala.
Let us congratulate for the magnificent performance displayed by our
cricketers, almost throughout the tournament. Although they did not win
the world cup, their overall performance throughout the tournament was
well above the winning team. In the finals, it is always the luck that
comes on your way, this time Indians were lucky to play the finals in
their soil, with a massive supporting cheering squad, while our
cricketers were under tremendous pressure to achieve their target. Even
at the Finals they showed their superiority at certain stages over their
opponents, but unfortunately things did not turn favorably at the end.
It is not all reasonable to criticize the players, who were less
successful at certain stages in the final match against India, and
instead, we must look at them with much gratitude and pride, how they
preformed at the previous matches, and the valuable contribution they
made for the Sri Lanka team to qualify for the finals.
So, our Dearest cricketers, for us you all are the best cricketers
with sportsmanship in the world.
And your overall performance was superb, and you all were not
humiliated in your game at any event like others. So, nothing to get
demoralized, maintain the same momentum you all had at the beginning,
and we sincerely wish that you will do much better in the next world cup
and reach the pinnacle.
Peace and tranquillity dawned on the country because of the supreme
sacrifice of the fallen heroes. The country just finished a period of
celebration and joy staging the cricket World Cup without the fear of
bombs and destruction. The celebratory image to be seen worldwide .
However there are families and friends in deep sadness and pain whose
dear and near have sacrificed their lives for us to enjoy this fun and
peace. There are many stories of valour and heroism by our forces saving
the country and is there any more tribute to him and the forces than
naming the new tower as Aladeniya Communication Tower Kokavil.
Being named after the politicians constantly and I am sure the whole
of Sri Lanka will call upon Defence Secretary Gotabhaya Rajapaksa to
start a process in naming the places and buildings in the North and East
that led to significant war victories after these fallen unsung heroes.
This has reference to a letter appeared last week in this column. In
Sri Lanka there are various kinds and categories of Engineers.
Out of them except the degree and diploma holders others may not have
followed any full time or part time course in engineering or done any
course work but they possess excellent hands on experience which the
degree and diploma holders may not possess.
In big companies they were branch managers or head of departments and
did their work satisfactorily.
In a big company the Electrical Engineer was from Cambridge
University but when designing lighting or illumination for tea or rubber
factories they never considered any recommended illumination levels for
various sections of the factory like rolling room, withering area,dryer
room or sifting room but the electrical engineer or foreman instructed
the draughtsman to indicate some light fittings in the drawing based on
their experience and signed by the electrical engineer.
Only calculation required by the State Plantations Corporation was
for voltage drop in cables which was submitted with the drawing. They
never asked for calculation of lux levels. Graduate engineers may be
required only for some jobs only and not for all. Has anybody including
Central Bank, got any record of specialisation, fields of work?
There is a lot of talk about extortionists at the Peliyagoda Fish
market complex, which the police have done a superb job to eradicate
What about the extortionists/thugs operating around Hospitals,
Temples, Churches, Sugathadasa Stadium car park, Old St John’s Market,
etc., who demands money for parking of vehicles, from motorists.
Why do not the Police take stern action against these thugs, who
harass the motorists, by demanding money, for parking.
The Government taking action to renovate Government flats is a
commendable move. Such flats from outside give an ugly look in the city.
Therefore, once in two years, at least the external parts of the flats
should be white washed if sufficient funds are not available. A nominal
charge may be made in this regard. Minister Weerawansa says (DN 7/4)
that ‘no action has been taken by previous Governments to renovate the
I take this opportunity to inform the Minister that State Engineering
Dept. at Peliyagoda appears to be a mini jungle with all sorts of weeds,
plants, trees etc grown and had been apparently not visited by any
relevant Minister for several years.
It is also full of scrapped iron, broken concrete items strewn here
and there and is an eye-sore. Undoubtedly it is a breeding ground for
mosquitoes. Such is the state behind the high walls.