At Insurance Corp Silver Jubilee:

President to knock-out CONSPIRACIES

*Vicious elements destroyed all progressive governments

*Insurance Corp assets exceed Rs 100 billion

Chaminda PERERA

President Mahinda Rajapaksa yesterday said Sri Lankans will never allow his government to face the fate that doomed all progressive governments in the past.

President Rajapaksa said vicious elements destroyed all progressive governments which were in the forefront of bringing benefits to the people by nationalising many ventures such as the oil companies,

Colombo Port and schools. Speaking at the Silver Jubilee celebration of the Sri Lanka Insurance Corporation at the Sugathadasa Indoor Stadium, the President said the people of the country will not allow this government to suffer the same fate as all previous progressive governments.

President Rajapaksa recalled how his government had to face challenges in nationalising Sri Lanka Insurance in 2009 while SriLankan Airlines and Sevanagala and Pellawatte sugar companies were sold for a song to a handful of businessmen.

He said these institutions managed by the government are running profitably.

The President told employees of such institutions to show more commitment to run these institutions more profitably.

"People will approve our decisions when these institutions are managed profitably," he said.

The President said progressive leaders of the country established state institutions such as People's Bank and National Savings Bank with many difficulties for posterity.

They also faced innumerable challenges in nationalising many ventures such as the Colombo Port and the oil company, he said.

President Rajapaksa said the protection of these institutions is more difficult than selling them to the private sector.

The President said former leaders established them with noble objectives though rouges can sell them easily.

Local and international conspirators were in operation to destroy these progressive governments and leaders. He said former Prime Minister Sirimavo Bandaranaike faced tremendous challenges when oil companies were nationalised. They faced these challenges for the benefit of the downtrodden, he said.

President Rajapaksa said the development of the country is not planned by the government to remain in power.

Former Minister T B Illangaratne who pioneered the establishment of the Insurance Corporation in 1962 had said it should be strengthened to assist the people at grass roots level.

President Rajapaksa said Insurance Corporation should become an institution of people at grass roots level. "It should not be an institution of a handful of businessmen," he said.

The President said former Prime Minister Sirimavo Bandaranaike said at the inauguration of the Insurance Corporation in 1962 that state institutions should surpass the private sector in the field of management.