(Lanka-e-News -25.Feb.2017, 11.45PM) Laugfs gas owner W.H.K. Wegapitiya the most notorious crooked businessman who during the notorious nefarious decade of the Rajapakses lined his pockets with billions of rupees of the people along with the Rajapakses misusing the Central bank , is again in the ready to misappropriate Rs. 15 billion of public funds exploiting the Central bank under the good governance too , based on reports reaching Lanka e news inside information division.
Modus operandi according to reports …
The Edirisinghe Trust Investments (ETI) which was engaged in diverse businesses (promising high rates of interest )including fixed deposits, leasing , real estate , jewelry , pawning , and Swarnavahini television media channel, in the recent past was experiencing pecuniary embarrassment .
Sadly , the popular E.A.P Edirisinghe family drove itself into this financial quagmire solely and wholly because they ran their businesses without due regard to financial discipline. The Central Bank in order to protect the public who had deposited monies in the ETI took the ETI Co. under its control. Now those are under the purview of the Central bank. The total worth of the businesses is Rs. 15 billion or Rs. 150,000 million.
Wegapitiya the notorious racketeer who misappropriated billions of rupees of public funds misusing the Central bank and whose antecedence places him in the worst possible light, is now getting ready to purchase the ETI company. Of course every businessman can make such a move , and is vested with the right to purchase any enterprise spending his money, whereas Wegapitiya the swindler cum racketeer on the other hand is seeking to purchase this enterprise via a most intriguing and cunning methodology.
A loan of Rs. 5 billion is to be obtained from Peoples bank on the strength of ETI’s worth of Rs. 15 billion . This loan taken is to be paid to Central bank . A further amount of Rs 5 billion has been requested from the Central bank , and the balance Rs. 5 billion is to be settled by sale of the assets of ETI within 2 years , and the proceeds thereof are to be channeled towards payment to the Central bank.
This is a most astounding transaction ! Wegapitiya the racketeer is seeking to secure a Rs. 15 billion worth venture from the Central bank without spending a cent of his !!
Two crucial issues have cropped up in regard to this proposed racket …
How is Wegapitiya who is not spending a cent , bound to the ETI fixed deposit holders - the ordinary public ? What is the guarantee being given to secure the deposits of the public?
The next issue is, can the Central bank governor grant a loan of Rs. 5 billion to a private businessman ? ( Central Bank is not a commercial lending Institution )
An officer of the Central Bank has expressed his willingness to the proposal made by Wegapitiya the most infamous businessman while the majority has opposed it. This Wegapitiya the notorious dishonorable businessman has no qualms about ‘selling’ the honor of the president . He had said boldly ‘this is a task of the president ’ , and therefore it must be somehow done.
Wegapitiya was a close crony of the Rajapakses earlier on in much the same way as every crook was during the Rajapakse notorious nefarious era . After the political upheaval on the 8 th of January 2015 , he ingratiated himself into the favor of Maithripala Sirisena . However , despite the lapses in the Maithripala Sirisena’s administration , he could not become a notorious mega deal fraudster unlike during the days of corrupt and crooked Rajapakses who took every crook and rascal into their fold like birds of a feather to rob together.
No matter what , Wegapitiya in his latest crooked effort is seeking to ‘sell’ the name of the president and rob people’s funds wholesale via this cunning proposal which is an absolute unalloyed camouflage.
Lanka e news which always espouses the cause of truth in the best interests of the nation and the country , come what may , deems it will be failing in its duty if it does not expose ahead the machinations of this infamous rascal . This exposure is made with the sole and whole aim and objective of saving the president , and the public who have deposited monies in ETI company.
This is because , we are fully aware of the illicit deals this rascal transacted during the Rajapakse corrupt and crooked era. Indeed , on one occasion in association with the Rajapakses sold his Laugfs gas Rs. 10.00 shares to Central bank for Rs. 48.00 (each share) . The Central bank invested the EPF funds of the poor people in that transaction. The total investment was Rs. 4 billion. After the pockets were filled by the rascals , the Laugfs gas share bought by Central bank dropped to Rs. 10.00.each. The loss faced by Central bank means loss of people’s funds.
In the same way crooked rascals like Wegapitiya in league with the corrupt crooked Rajapakses during the latter’s reign robbed the stock market to the tune of many billions. Unbelievably , in spite of the fact that the good governance government has been in power for over two years, it has not taken any action against these stock market fraudsters. If action had been duly taken , rascals and scoundrels like Wegapitiyas would not have dared to come forward to transact such illicit businesses again.
It is very unfortunate the robberies and frauds committed involving the stock exchange cannot be investigated by the FCID , the CID or any other .It is only the Sri Lanka (SL) exchange commission committee which is empowered by law to probe into those. Thilak Karunaratne was appointed as the president of this commission. Though many thought he is a ’ clean’ individual , he is asleep along with the crooks, and it is very unfortunate there is no one to question ‘yakko umba budhi dha? (are you bloke asleep?). Naturally the pro good governance masses are thoroughly disappointed and disillusioned with this lukewarm attitude . Wegapitiyas of course are making hay while the sun shines. They have made this situation a playground to play merry hell with public funds.
by (2017-02-25 20:40:48)
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1 discussion on this news
ETI and SFS have been run down to the ground by Soma and the Edirisinghe sons.
The only way to resurrect the companies and look after the depositors is by selling it to a stable group such as LAUGFS. If not the Swarnamahal group would crash anytime.
CBSL would be the happiest to hand over the headache to anyone!!!
-- by Jagath Fernando on 2017-02-26