Wednesday, April 8, 2015

Another JOKER outed! This time it is the turn of DM Gunesekera

I had the fortune or misfortune of meeting DM when he was an AGM in some section, when I went to investigate the possibility of obtaining some finance, or bridging finance in case we were short of funds, and could use client’s share portfolios as collateral, and I was not impressed at all by this affable old soul, and was shocked to learn when he was made the GM of this large bank a few years later. So I guess it was about 6 years since I met him.

In all the news items, they note that he is a highly qualified banker! I guess that may be paper qualifications, and I don’t know how good he was. In any case just being informed that he has been removed, I would like to know the actual reasons, as they were not specific.

Apparently the Board of the BOC had NOT been informed or had not approved the establishment of the Seychelles branch, and therefore he is getting the flack thrown at him for this and no doubt knowing him he WOULD NOT have acted on his own accord to do so, but would have taken orders by superiors aka Rajapakse cronies to take this action.

He is the fall guy, if this was his main sin. However investigations are continuing to see if he has received any backhanders for granting huge overdraft facilities to the likes of the Perpetual Group to do bond trading, as the collateral they were able to offer would a enable them to carry huge overdraft for this type of transaction.

No doubt in time we may know the truth, or at least what he is accused of, and what evidence there is to corroborate those accusations.

I presume that as it is a state Bank the Finance Minister has the authority to suspend his services, presumably at full pay, until investigations are complete. I hope this is a warning to the juniors in the Bank who also took the same line, of using their power to earn a buck or too illegally on the side, due to the massive kickbacks that are offered for such people, who are dazzled at the thought of making the big time, when they deal in billions in lines of credit everyday.

So now what next for DM, and who will be his stand in heir apparent. I hope it is NOT a case of the finance Minister putting a crony of his there, and worse put a staffer below whose true colors have not been firmly established, whether he is a MR loyalist or neutral operator.

It has come to our attention that hovering in the higher echelons of the Bank are a bunch of MR operators bent on wrecking the chances of the bank, to put the blame on the current govt. and I so that is another point that must be considered. It is quite unprecedented to remove the GM of a Bank who has been a lifer in the bank as his credibility in now in ruin  and he is tainted with colors unimaginable.

So DM for your sake I hope you can prove that it was not you who made all these bad judgments, but you were forced to make these against you will, as it was Namal Baby who was really running the show at BOC insisting that his unqualified cronies be put into jobs at the lower end of the scale, and requesting NO DEMANDING that his friends and aides, get loan facilities, even without the necessary collateral. Let all other Bankers be on notice!            


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