Privatization breeds corruption.
Colombo, Sri Lanka (PRWEB) July 27, 2011
Author Nihal Sri Ameresekere, FCA, FCMA, CMA, CFE, demonstrates that ‘privatization breeds corruption.’ He incisively reveals case studies of corrupt privatizations, annulled by the highest judiciary.
In Sri Lanka Insurance Privatisation, handled by PricewaterhouseCoopers and Ernst & Young - Annulled as Unlawful & Illegal by Supreme Court – of Sri Lanka (highest judiciary) in SC (FR) Application No. 158/2007 - the Court pronounced - ‘it shocked the conscience of Court,’ asserting that public assets are held in trust for the people. He reveals how a valuable national asset was privatized, with involvement of professionals, to hand-picked corporates, headed by a business tycoon, a confidante of Sri Lanka President Chandrika Kumaratunga, and portrayed as an associate of US President Bill Clinton. Funds had been channeled through a new Gibraltar Company, with ultimate parent, Societe Generale, France.
In Colombo Port Bunkering Privatisation - Annulled as Illegal & Fraudulent by Supreme Court of Sri Lanka (highest judiciary) in SC (FR) Application no. 209/2007 – he reveals how a national asset had been privatized to an UN Global Compact Company, committed to combat corruption. US State Department’s Report on Sri Lanka in April 2011 stated – “Official Corruption and Government Transparency - In 2008 the Supreme Court found then Treasury Secretary P.B. Jayasundera guilty of a violation of procedure in the awarding of a large contract for the expansion of the Port of Colombo. The Court barred him from holding the Treasury position. In June 2009, after President Mahinda Rajapaksa named a new Supreme Court Chief Justice, the Supreme Court allowed Jayasundera to proceed with a fundamental rights case protesting the original decision. The Supreme Court then overturned the previous decision and allowed Jayasundera to be reinstated as Secretary of the Treasury.”
In Pillage of the Plantations in Sri Lanka - he alleges how valuable national assets of tea and rubber plantations had been scandalously privatized, with ludicrous valuations, and with the connivance of business leaders and professionals, to perpetrate the pillage and plunder of the plantations, causing extensive losses to the State, without any accountability or responsibility; with an ADB Consultant involved, also having acquired interest in a plantation.
Says UN Secretary-General, Ban Ki-moon: "While recently we have heard much in this country about how problems on Wall Street are affecting innocent people on Main Street, we need to think more about those people around the world with no streets. Wall Street, Main Street, no street – the solutions devised must be for all." (http://gssdev.org/2011conference.html 2011 Economic Conference)
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