Thursday, June 2, 2016
BLOW TO FOREIGN INVESTMENT IN SRI LANKA –HOLCIM EXIT!
If the story is accurate that subsequent to the Lafarge Merger, Holcim, the worlds biggest cement producer has decided to quit Sri Lanka it is NOT a surprise, as it is due to a myriad of reasons, all caused by the Sri Lankan unfriendly system for Foreign Investment.
First, Manilal Fernando, fleeced the Company of an estimated Rs1Billion during his term as Chairman, and he was protected by the Sri Lanka establishment. This is still causing shockwaves in Bern where its HQ is located.
Then when they got to prosecute him through the SL Court System, they were prevented at every step of the way from bringing the CROOK TO BOOK! Even worse the greedy lawyers began charging the most expensive legal fees in the world from HOLCIM which they could NOT justify to their Senior Executives in Switzerland. It is NO SECRET that they were in cahoots with the Judges who permanently delayed or set future dates for court hearings and the President Counsel were charging Rs 5M FOR A ten Minute Hearing! An unheard of rate anywhere in the world, and will certainly deter ANY FOREIGN INVESTOR from doing business in Sri Lanka.
If Sri Lanka is to be saved from rogues, the aforesaid chairman and the defence counsel should both be hung from the rafters, and the judge too, as he is complicit in fleecing foreign investors by postponing and delaying tactics.
Thirdly, when they wanted a price increase for their cement, as they were selling quality cement at a price that they could not justify to make a return, IT WAS NOT PERMITTED.
IRONICALLY 5 cement producers were permitted a Rs60 increase in their price TODAY. Talk about CLOSING THE BARN DOOR ONCE THE HORSE HAS BOLTED.
It is time the Prime Minister is PRIMED with these facts to read the riot act to the TRAITORS who are happily going about their business wining and dining at cocktail parties as if nothing had happened, when they have affected the future of millions of Sri Lankans by their sordid actions.
Worse still these sordid rogues don’t realize they are of the MOST SORDID KIND.