From The Frying Pan Into The Fire

During our investigations an overwhelming number of stakeholders across all segments of the society opined to The Sunday Leader that  the weakening of these businesses by certain individuals in the top management and certain officials in authority prove to nothing but collusion between the ruled and the ruler, the regulated and the regulator.

The most grave issue they point out is that the Rajapaksa regime even after burning its hands from the collapse of Golden Key and Ceylinco Consolidated failed to learn its lessons and as a result the country maybe still prone to a repeat of Golden Key if urgent attention is not given by the authorities.

Rise and fall of oldest finance house

“This institution was one-time one of the most renowned finance houses in the country. Why it has gone down in the last Financial Year and continues to go down is because of its nefarious Managing Director. After he came our beloved chairman who was a renowned central banker and held responsible positions in various capacities during the 36 years of his career in the Central Bank till he retired as Assistant Governor in 2009; was forced to leave. In addition the Chairman who had a Doctorate in Development Economics from the International University of America, was also Director of the Ministry of Finance due to his wealth of knowledge. But the downfall of the company started with him being thrown out by the Managing Director,” lamented a senior employee of the financial institution on grounds of anonymity.

“The worst part is our Managing Director claims that it was he who restructured and re-launched The Finance and Guarantee and has wide experience in launching and re-structuring businesses in Sri Lanka and overseas. Everyone knows that he performed  very badly and could not resurrect F&G!” (See related stories)

“The most humourous part is that when the current Managing Director  came twice for interviews once when he applied as an Assistant General Manager (AGM) and again as Deputy General Manager (DGM), both times he was rejected but finally ended up as MD. The reason is that a certain lady at the regulator office who  sent his resume twice to the former Chairman finally got him appointed as a Director against the wishes of the Chairman. So the regulator works hand in glove with the MD to ensure that each other is safeguarded. We as the senior management are confident that we can revive the company, but both these unscrupulous individuals must be removed and brought to the book,” he added.

Fingara saga continues

The Sunday Leader reported exclusively last week how the controversial self-proclaimed ‘Chairman’ of Finance & Guarantee Real Estate (Pvt) Ltd and Property Developers (Pvt) Ltd – Upali Rajapakse openly announced his wishes to own  Fingara Town and Country Club but also openly practiced oppression and suppression.

The Sunday Leader learns that last Tuesday (September 6) after Upali Rajapakse’s removal was announced, he arrived at Fingara and shouted at employees of the F&G Trust Office.

“Around 4 PM the same day of the court case, Rajapakse arrived at the Trust Office thrust his car right into the open ground floor of the building to show his animosity. He broke open a room which had been sealed. He then called in the OIC of the Guradroom and scolded him in utter filth. He shouted at employees saying that everything would be ‘finished’ and that all employees would end up in jail. Thereafter he had gone straight to the Mirihana Police and lodged complaints against several employees. On the advice of our lawyers, we were too went to the Mirihana Police showed our recordings of his conduct and lodged individual complaints citing his threatening behaviour. When our Director Ashley visited the Police he was present and he had shouted at him going to the extent of almost assaulting Ashley in front of the Officer in Charge,” said an employee on grounds of anonymity.

Suppression and oppression

Previously in June 2016, the senior management of Fingara Town & Country Club reported to the Director Board the oppressive conduct of self-proclaimed ‘Chairman’ Upali Rajapakse.

The full text of the letter:  

06th June 2016

The Directors.

F & G Real Estate Company Ltd & Property Developers (Pvt) Ltd.

Old Kesbewa Rd.

Raththanapitiya,

Boralesgamuwa.

Dear Sir.

Unacceptable behavior by the Chairman of the company-Mr Upali Rajapakshe

As you are well aware that on 20th May 2016 the chairman Mr Upali Rajapakshe of the Company made an entry against the management of the company and three directors of top management, submitting supposititious prosecution and there was an inquiry in Mirihana Police Station. You are well aware about the whole truth of this substance. During this inquiry the chairman clearly stated that he does not want to resolve this matter peacefully and that he wants to take this matter up to the courts. By this statement it clearly shows that his main objective is to suffer the management and cause discomfort and misery to the top management.Thereafter on Monday 06thJune2016 three directors and the management staff of Fingara was taken to Nugegoda courts. After the Judge’s decision the three directors and management staff was released on bail. In addition to that again we would like to remind you the following incidents that we had to face during the last few Month. Please consider the following incidents also. Always forcing to the Accountant of the Company to not to make the salary payment and advance. In this regards we have already informed in writing to you on 18.05.2016. Mr Neranjan Rajapakshe who is the son of Mr Upali Rajapakshe has several times forced the staff of Fingara Club to do their duties as he wishes. We also would like to state that he is not a director to command staff to do what he wants. On13.05.2016 all the cheque books of Fingara Club have been taken from the accounts department by the Mr Upali Rajapakshe on his own decision. Further Mr Justin who was the Accountant appointed under the trust Board was beaten and verbally abused by Mr Upali Rajapakshe on 17.09.2015in the office premises. This is also one vidence showing his character. By this act we are well aware that you were put into a very embarrassing situation for something that you are not accountable for.It clearly shows that the chairman Mr Upali Rajapakshe of the company along with the support of higher authorities of the government institutes suffer his own staff into a bad situation and caused a lot of problems for the directors and management staff and hereby we clearly state that his unprofessional act is not acceptable. We deeply regret going through this whole incident and as it has brought shame on to the Fingara Club as this matter has spread around.So we hereby state that we are unable to continue our work under his chairmanship and we strongly state that he is not capable and not mentally fit to hold this position. Furthermore we would like to state that there were directors earlier also in Fingara and we never had any conflicts with them. Such a bad shameful conflict took place only during your present management. We the management staff await for the directors necessary action and decisions about this whole matter.

Thanking You

Fingara Management

Mr. R.P. Pushpakumara-General Manager Mr. P.N Ranasingha-Accountant, Mr. Sujeewa Hemantha-Assi Manager HR Mr. H.E.C Priyadarshana- Assi Manager Sport Mr. C. P Ranaweera- Engeneer Mr. Upul Chandana- Marketing Manager Ms. Lanka Madurasingha- Cost Controller Mr. Roy Bertrend- F&B Manager               

Cc- Mr Alawathuge- Director Non-Banking Institution Central Bank of Sri Lanka Mr VirajDayarathne- Deputy Solicitor General (SCFR/317/2009) Mrs M.M Jayasekara- Supreme Court Registrar (SCFR/317/2009)