Sunday, July 24, 2016
The Govt. MUST take an active role in protecting the Public Shareholdings in Quoted Companies – NDB a case in point at present
The people of Sri Lanka clearly gave a mandate for the new Govt. to immediately establish GOOD GOVERNANCE in order to protect the Country from the Robber Barons in Business and Politics. NO QUESTION ABOUT IT!
SO why is it so hard to do that? People’s power rules OK. We also know that the same Robber Barons are at work in this Govt. as it was in the last. We just have to be two steps ahead of the Barons, as they are “ONLY deal makers to enhance their wealth”, make no bones about it.
As if it not obvious to the observant intelligentsia of which Sri Lanka is sadly lacking in number, the way the profits of NDB has fallen has shocked even the department heads who are running it. With it the share-price, and the Barons are ready to pounce, buy cheap and take control despite Govt. rules to the contrary.
What is even sadder is that the Govt. is acting in an impotent manner, and hence are not safeguarding the interests of the public who own a third of the Bank, to say nothing about passive institutional investors who are merely spectators, watching in shock horror at what has happened to the share price.
Just look at investors who have purchased shares in the last month to get a feel for who they might be, who in concert with the rogues on the Board are about to take the bank to the cleaners to maximize their return at the expense of the State.
Thanks to my previous blog the PM has been notified of the threat, and as we all know he cannot be bought for all the tea in China, is trying to prevent this daylight robbery. The problem is that a senior minister in his Cabinet has been bought over by the Robber Barons and is trying to kibosh the Govt. in its bid to take back control.
Let’s go back to basics. NDB must be a Bank to help Sri Lankan entrepreneurs as a Development Bank. They should tie up with international banks who are willing to help fund this exercise, invest, take control throw the rogues out, put them in jail if found guilty of inappropriate practices and be a lesson to the potential deal makers, that if treachery is proved, where the assets of the people are stolen, they will have to face the consequences, with NO MERCY, just because they are billionaires. One or two examples is all it takes to clean up the mess, and we will take back ownership of our destiny from a whole bunch of Robber Barons, only about 100 acting in concert to enhance their wealth at the expense of the people. Await more scoops here to save the Country