Last Sunday and today, the Sunday Leader published a list of names of all the investors in Golden Key Pvt Ltd together with the amounts of their investments.  The rest of the investors are to be named next Sunday.

According to the Leader 'Ultimately however the list of depositors was published not to shame and ridicule the individuals concerned but to bring to light the human aspect of the scandal - to make it clear that behind the almost incomprehensible figure of Rs. 26 billion there are nearly 10,000 victims.'

Some victims had thrown themselves on the mercy of the Leader and had begged that their names not be published but to no avail.  The 'Unbowed and Unafraid' Sunday Leader could not be stopped.  According to them 'for reasons of  credibility and fairness the decision was taken to publish the names of every single major depositor in Golden Key - not a single name was omitted'.

Now call me a cynic but my view is that the Sunday Leader saw an opportunity to make some money and took it.  They knew that the Colombo elite would be examining the lists in detail to see whether they knew any of the names.  Newspaper sales would soar.  Spread over three weeks, there was even more money to be made.  Never mind whose reputations they destroyed.  Never mind the embarassment of innocent investors. The Leader even made out that their disclosures were  virtuous and fair.  In any other country they would have been taken to court for breach of privacy, libel etc.

My hope is that someone does in fact seek legal redress. Human aspect of the scandal, .


http://www.thesundayleader.lk/20090308/exposive.HTM

http://www.thesundayleader.lk/20090315/exposive_1.HTM

I read the article and was appalled that the Leader could in fact do this. From a strictly legal point of view they are within their rights. They are publishing the truth and you can't be sued (even for slander) if you publish the truth. The story has public appeal and so no court is going to give a judgement against them.

But from an ethical point of view, publishing these names amounts to an intrusion of privacy. What beats me however is that many of these people have so much money, and yet you don't see any of their names associated with any philanthropic work.

In my opinion Lalith Kotalawela was much better than any of these ppl, even if he was donating their money to charitable causes.

If this starts a trend of publishing names of those who are not doing things right, it will be a good thing.

It looks like these people have been victimized twice.  I wouldn't blame anyone but their inner greed.

From what I've heard, Lalith Kothalawala has a personal mission of spreading certain religions in Sri Lanka and the money he donated were actually from a higher power and people still blame he was responsible for death of certain famous person.



Last edited by perl on Mon Mar 16, 2009 2:32 pm; edited 1 time in total
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"What is left when honor is lost?"

Just another example of Sunday Leader's absolutely low class journalism.  It is unethical to expose people the way they have done, especially in an environment like Sri Lanka where thieves are praying on people.  Does not matter how these people have made thier millions as it is case upto the law to deal with, but when a news paper acts like a complete m0r0n, what can be done about it?

Pretty little, I think Dammika. Imagine that guy Samad, a wealthy businessman, being exposed of earning interest which is forbidden in his religion. Speaking of which, how come the religious institutions which usually preach against greed themselves investing in greedy, risky ventures that promise 30% returns... come on guys, you dont need a degree in theology to see something shady in 30% interest...

The Leader should not have done this. It's pretty easy to get hold of a list like this. Bribe a peon. But then the newspaper should exercise journalistic reservation if it had an ounce of sense. Infact the people had asked them not to publish but they still went ahead.

Oh yes.. "the law and courts to deal with..." interesting because many of them ARE the courts and the law... Choksy for example....

Dammika, this is hilarious.
Sure, there are few good people.  Don't you love to see when our Prists and Monks are in trouble with their hard earned cash?


"There is no religious distinction either. The Bishop of Ratnapura, Dr. Cletus Chandrasiri Perera has invested Rs. 40 million. In similar vein Ven. Rathanasara Thero from Kegalle has invested Rs. 17 million. As has Ven. B. Somawansa Thero - Rs. 41.4 million."

"The high priest of a temple in Matara who also requested anonymity has invested over Rs. 17 million in Golden Key. He said the money does not belong to him but to a Japanese national who is a "close friend." He maintains that the monies were invested so the temple could use the interest amounting to Rs. 342,000 per month towards the development of the temple. Distraught, asserting he now does not know how to explain the loss to his Japanese friend the high priest is at his wits end. He said he has now approached a politician to intervene and use political muscle to help him recover his capital."


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"What is left when honor is lost?"

The largest scandal and the broad day light robbery in the history of Sri Lanka . Thanks to free market economy.
  
Questions are raised to day as to
1.    Why don’t they nationalize the Ceylinco group companies?
2.    Why didn’t the Central Bank monitor and announce the unregulated “Finance companies”
3.    Why didn’t the Inland Revenue look in to the financial statement to find how much the top brass siphoned?
4.    President called to pay back the depositors money
5.    President called to protect the Jobs of the Ceylinco group employees.  
  
The answers should be simple and clear
1.    The era of nationalization has long passed; we live in a free market economy.
2.    In a free market economy learn to play the game. You will be bitten not once but many a times. Regulatory      bodies step in when the horses have bolted most of the time and in most cases when it comes to the big sharks. So make sure when you swim with the sharks you don’t get eaten alive.
3.    Had they done six months before the questions will be raised by the same parties as to why they are probing a great philanthropist, is it revenge and so on.
4.    Sorry when you invest it is at your risk. You want to eat a bigger pie you invest at a greater risk. So President is not your savior.
5.    Tough luck in today’s world jobs are given and retrenched at the same pace, we are coming to realize it faster. Concepts of long term service, loyalty being questioned. None can protect the jobs other than your self.. Keep retraining, achieve multi skills keep your ears to the ground and change your carriers with opportunity. “Rolling stones gather no moss” a quote of the past. “It gathers polish” is the reality today.


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MAC1

1. Ceylinco was pushed to extinction for political reasons. Because Kothlawala was betting on the wrong horses during the last prez election. If gov wanted they could have done a AIG type of rescue plan.
2. Why gov. did not rescue depositors? Politicians never cared for people, do they?.

3. Central bank should have checked these finance companies, having them crashed few times in 80s and 90s.
4. Still some companies advertising 20% to 30% interest where these interests are cascade effect of Central Bank interest policies.  These type of interests payback suppose to breakdown at financial turmoil times.

Negambo please speak to some of your friends in Sri Lanka you will find Kotelawala did bet the right horse. Well before the collapse there were rumors that one of the sons was even milking this man for some of his projects.

I am sure you may not be access to information as much as some one living in Sri Lanka. Do not try to white wash this shameless culprit; it will not be good for you, just a friendly advice.


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MAC1

MAC1,

MAC1 wrote:

Negambo please speak to some of your friends in Sri Lanka you will find Kotelawala did bet the right horse. Well before the collapse there were rumors that one of the sons was even milking this man for some of his projects.

I am sure you may not be access to information as much as some one living in Sri Lanka. Do not try to white wash this shameless culprit; it will not be good for you, just a friendly advice.

I am not defending Kothalawala, what I am saying this was handled by political high handedness since during prez election he was against Mahinda in open. See this link what Kothalawala was involved at that time.
http://www.saag.org/common/uploaded_files/paper1586.html

You yourself say what you state is rumours. Why don't you check some one living in Sri Lanka without spreading rumours?

I never had a single cent saved in any of the finance companies, because they by right should collapse anytime. How could one payback an interest of 25-30%.  They should earn at least 50% in an year to cover their overheads and payback 30%. So these high return payback finance companies should collapse sooner or later.

USA bailed out troubled AIG. USA could have let AIG to declare chapter 11, like Lehman Brothers. But, in your words Obama "white washed this shameless culprits" even after AIG dished out fat bonusses to AIG managers.

But Mahinda decided to bailout Mihin Air not the people who invested in the finance companies.  Not only Ceylinco there are other small finance companies in trouble as well.  All the people invested in finance companies left with nothing.

Negombo wrote:

I am not defending Kothalawala, what I am saying this was handled by political high handedness since during prez election he was against Mahinda in open. See this link what Kothalawala was involved at that time.
http://www.saag.org/common/uploaded_files/paper1586.html

You yourself say what you state is rumours. Why don't you check some one living in Sri Lanka without spreading rumours?

Look I have stated before that I am living in Sri Lanka. I consider those what we hear are rumors therefore I said that If you want me to checkout then I have to go to Presidents house.

The article refers to M. Kotelawala Business tycoon and king maker. Who is this M. Kotalawala?  Ceylinco chairman is J.L.B. Kotalawala, ok lets say these guys who wrote the article did not know his initials, is he a king maker? That it self shows how much they know of this man. Lalith Kotalawala did support Mahinda in his election campaign. Sorry you may have lost some touch on ground situation, being abroad. It’s no surprise that happened to me too when I was away.


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MAC1

Following came from an email distribution and I am hoping they are true:

Quote:

All holy Men.........with undeclared money. The perks of being Holy! & investing with Golden Key!

1. Rev. ARC Peiris                                           Rs. 40,000,000.00
2. Rev. Bishop of Ratnapura                             Rs. 40,000,000.00
3. Rev. Raja Perera                                        Rs. 41,050,000.00
4. Rev. PDSB Rathnasinghe                              Rs. 10,391,300.00
5. Rev. Sister Heloise Mariet De Silva                 Rs. 12,000,000.00
6. Rev. Dr ARL Peiris                                       Rs. 15,214,400.00
7. Rev. Father M Thomas                                 Rs. 17,066,944.00
8. Rev. Fr Dexter Fredric Gray                          Rs.  5,000,000.00
9. Rev. JARL Rodrigo                                       Rs.  5,000,000.00
10. Rev. JKLNG Perera                                    Rs.   5,000,000.00
11. Rev. Joseph Arulraja Albert                         Rs.   5,000,000.00
12. Rev. Fr MGAM Ferdinandez                         Rs.  5,050,000.00
13. Rev. HPJ Tissera                                       Rs.  5,074,591.50
14. Rev. Malegoda Nanda                               Rs.  5,505,000.00
15. Rev. BKER Rodrigo                                    Rs.  3,000,000.00
16. Rev. Bishop of Badulla                                Rs.  3,000,000.00
17. Rev. Bishop of Badulla                                Rs.  3,000,000.00
18. Rev. Fr D Fredric Gray                               Rs.  3,000,000.00
19. Rev. IG Pietersz                                        Rs.  3,000,000.00
20. Rev. Fr D Fredric Gray                               Rs.  3,700,000.00
21. Rev. Fr D Claretian Publications                    Rs.   3,900,000.00
22. Rev. WMFE Tissera                                    Rs.   4,100,000.00
23. Rev. A Winitha                                          Rs.  4,289,216.16
24. M/Rev. Dr Oswald Gomis                            Rs.  4,580,000.00
25. M/Rev. Chairman of the Bishops Conference   Rs.  4,750,000.00
   Total                                                       Rs.251,671,451.66


1. Ven. B Somawansa Thero                             Rs.  41,400,000.00
2. Ven. Kegalle Ratnasara Thero                       Rs.  17,050,000.00
3. Ven. M Dhammasara Thero                          Rs.    4,316,000.00
  Total                                                        Rs.  62,766,000.00

Grand Total of undeclared money deposited by holy men is Rs. 314,437,451.66

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"What is left when honor is lost?"

MAC1 wrote:

Sorry you may have lost some touch on ground situation, being abroad. It’s no surprise that happened to me too when I was away.

kohetha yanne malle poll answer.

your standard last resort when you cannot continue a conversion.

Negombo wrote:

MAC1 wrote:

Sorry you may have lost some touch on ground situation, being abroad. It’s no surprise that happened to me too when I was away.

kohetha yanne malle poll answer.

your standard last resort when you cannot continue a conversion.

I liked what you stated here. “Conversation”. By all means I like to have a conversation. I will not write what I do not like since I have mentioned before.
You have understood me wrong here when you quoted me. I did that with all good intentions. Now please go back to my last reply. I have put my comments on the article you referred.


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MAC1

too many holy men and too much money. from what i understand this is not their money but collected from the congregation and the interest goes to their institution. rather a roundabout way of doing things.