Sri Lanka Insurance Corporation:
New Directors appointed
In a bid to strengthen the insurance sector in the country and to
streamline insurance for the benefit of citizens, President Mahinda
Rajapaksa yesterday appointed a high calibre Board of Directors to the
Sri Lanka Insurance Corporation (SLIC) that comprises top professionals
in both the State and private sector, said a press release issued by the
Government Information Department.
New Board of Directors
Kariyawasam - Chairman
* Anura Bandara
* R.A. Jayatissa
* Dr. Nalaka
* A.P. Lekamge
The seven-member board comprises top calibre professionals ranging
from Economists, Chartered Accountants, Investment Analysts, Legal
Experts, Chartered Marketers and Management Consultants to induce more
vigor into the SLIC administration.
Earlier, the Supreme Court yesterday approved the names of seven
persons to be appointed to the Board of SLIC.
Pradeep G.S. Kariyawasam, Anura Bandara Meddegoda, R.A. Jayatissa,
Chitral Amaratunga, Nalaka Godahewa, Ravi Abeysuriya and A.P. Lekamge
were duly approved by Court to be appointed to the SLIC Board. Deputy
Solicitor General Sanjay Rajaratnam on behalf of the Treasury Secretary
tendered the list to the Court.
The Deputy Solicitor General submitted that Pradeep G.S. Kariyawasam
would be appointed as the Chairman while there was a strong likelihood
that the current Competent Authority Nalaka Godahewa would be appointed
as the Manging Director. However, he said that it was a matter to be
decided by the Board.
The Deputy Solicitor General submitted that all the persons were
professionally qualified according to guidelines of the Supreme Court
Judgment in SLIC privatization and added that the President in his
capacity as the Finance Minister had approved the names.
Justice Amaratunga noted that the outsourcing of the SLIC database to
a private company would be a plain and simple robbery of the public
funds. However he cautioned that there should be limit to the siphoning
off of the public funds.
However, the Court did not make any order on the manging of the SLIC
database by a company.
The Court made these observations when the Deputy Solicitor General
submitted that the SLIC database was outsourced to a private company and
the agreement had been signed for six months.
He submitted that the new board would make a decision on the issue.
Earlier, 13th respondent Nihal Sri Amarasekera submitted that the SLIC
data was handled by a private company and added that there was a danger
of these data being manipulated.
The Deputy Solicitor General informed Court that the investigation
into the vehicle load of files detained by Police revealed that they
belonged to a company connected to the previous regime and did not
belong to the SLIC. He informed Court that the vehicle had been released
to its owner on a magisterial order.
Court also noted that that all authorities including the Institute of
Chartered Accountants and the Controller of Exchange may act according
to the law in bringing the offenders of the SLIC privatization to book.
The Deputy Solicitor General undertook to inform the Auditor General
to carry out an independent audit into the accounts of the SLIC from the
date of its privatization in 2003 until the delivery of the judgment on
The Court earlier delivering the judgment in the rights application
against the privatization of the SLIC, granted time till yesterday to
the Treasury Secretary to nominate competent persons for the approval of
the Court to be appointed as the Chairman and Directors to the SLIC
The Supreme Court on June 4 delivering the judgment had annulled the
multi - billion rupee privatization of the country’s State owned
insurance giant in 2003.
Petitioners Vasudeva Nanayakkara and two employees R. Sarath Nandalal
and Ariyawanse Bandaranayake complained to Court that the privatization
of SLIC lacked any transparency, tainted with irregularities in the
process causing massive losses to the Government and the public.
The petitioners cited 38 respondents including former Finance
Minister K.N. Choksy, former Economic Reforms Minister Milinda Moragoda,
former Treasury Secretary Charitha Ratwatte, Distilleries Company of Sri
Lanka Ltd. Milford Holdings Ltd. Greenfield Pacific EM Holdings Ltd.
D.H.S. Jayawardane and the Attorney General.
M.A.. Sumanthiran with Viran Corea instructed by Abdeen Associates
appeared for the petitioner Vasudeva Nanayakkara.
Deputy Solicitor General S. Rajaratnam appeared for the Attorney