20 September, 2021

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Cabraal’s ‘Entitlements’

By Shyamon Jayasinghe

Shyamon Jayasinghe

Furore Over Entitlements

In these terribly hard times there was a natural furore when Ajith Nivard Cabraal, State Minister of Finance, Capital Markets, State Enterprise Reforms and whatnot called for a pensions scheme for the Central Bank of Sri Lanka (CBSL). The public perception was that Ajith Nivard Cabraal was trying to manipulate a pension scheme to cover his previous assignment as Governor CBSL.

In his Twitter account Cabraal reiterated he had not received a “single cent” as pension so far even after working for nine years.Neither have I availed myself of the duty free vehicle from the Government after working as the Governor [of CBSL] for nearly 9 years..”

Cabraal also pointed out that he is entitled to the pension as per the appointment letter handed over to him in 2006 when he took office as the Central Bank governor.

It is unclear why he proposed a pension scheme when he also states he is entitled to a pension. Was that pension arranged as something personally attached to his appointment?

Furthermore, it is puzzling why Ajith Nivard kept this issue in abeyance for so long and only now decides to raise it. Was he waiting for the ‘right moment?’

Poor Ajith Nivard! He should have grabbed a luxuruious car as Governor but then the time wasn’t ripe as the government had fallen to Yahapalanaya in 2015 and only a foolishly generous new government would have kept him after that. Was it all a miss-timing? Knowing the culture among our ruling elites it could not have been a case of self-sacrifice.

After Cabraal

After Cabraal, the new government of Yahapalanaya made a colossal blunder of appointing Mahendran. The latter was soon removed and replaced by a most honourable and professional man called Kumaraswamy who ran his institution to near-perfection. Kumaraswamy left office exactly on the day he said he was going to do. He never cohabited with politicians and never drank with the latter. I have a picture still with me which shows Cabraal dancing somewhere overseas hanging onto Namal Rajapaksa’s collar!

I wonder whether Kumaraswamy got “his entitlements.” Obviously not a pension. I am informed not even the car. Hence, Cabraal’s example had been followed. How good was that?

The Governor of the Central Bank in any country is a highly prestigious and highly important position. The incumbent has to stick to independence from politicians, which is the expectation of that role. He has to keep an arms length from the day-to-day politics. The reason is simple: the Central Bank is in charge of the steering of the economy from a a short term and longterm point of view. It is a professional body that would not pride being in the position of total compliance with the government’s politics. The Central Bank in Sri Lanka did have a series of very professional incumbents who did not play political roles. These persons gave the right advice and discouraged government from pursuing disastrous monetary policies.

One cannot say that Ajith Nivard Cabraal fitted this decorum his last dispensation. He used to give weekly reports about growth rates going up and up, inflation under control and so on-things that the government of the Rajapaksas loved to hear. He became the family’s favourite as evidenced by his selection for nomination as MP in the current government. He has since played his political role faithfully to be in the good books of the Saubhagya regime. Ajith Nivard began by attacking Ranil Wickremesinghe’s management of the economy over media, with distorted assessments of his own making. The economic collapse of this regime now does not justify his lashing. That was political lashing.

Replacing the Current Governor ?

Reports are galore that the state minister isn’t very impressed by his many-titled position and that he wants to oust the present Governor, WD Lakshman. Lakshman is a great economist with international credentials and he is in a position to be Nivard’s Guru. I hope Lakshman isn’t unceremoniously dispensed with as he has done an impressive job in some of the most difficult circumstances that our nation has faced.

But why would Ajith Nivard do with his present car? His present parliamentary pension? Ah! Ah! it is reported that Cabraal wants to move over to CBSL retaining ministerial rank. That’s the catch! This is the latest gimmick; to keep ministerial rank. We have seen Ambassador Milinda Moragoda demanding that to the bewilderment of the Government of India.

The reason is clear and that is to retain some form of political clout. But should the governor of CBSL enjoy political clout? This spells danger as far as the professional impartiality of the CBSL is concerned. Ajith Nivard Cabraal heading the CBSL on a political background is bad for that establishment and would raise serious doubts about the independence and professionalism of that critical institution.

Isn’t the Entitlement Cry Immoral?

The demand for entitlements seems awkward in context. Is this the time and place for such garish claims? Sri Lankan citizens are dying in their thousands; they are moving to starvation with a depleting economy. The present minister of finance, Basil Rajapaksa in his recent speech in parliament stated that Sri Lanka is facing a serious crisis on both domestic finance and external finance. There isn’t money to import petrol, gas, kerosene, medicines and essential food  for the people.

Minister Ajith Nivard would not blame me for asking him to reconsider his demand for entitlements. Thousands of school teachers walked the streets for days demanding a reasonable salary revision. Other sectors of working men and women were joint of follow the teachers

Resonating the eve of the Russian Revolution

Tsar Nicholas 11 (1894-1917)  had to surrender to revolutionary forces in times such as the one Sri Lanka now faces. By 1917  money printing led to serious inflation; prices increased four times they were in 1914; peasant, faced with higher costs of purchases with no corresponding gains in prices for their products, began to horde their grain and resorted to subsistence farming, cities were short of food while rising prices led to demand by factory workers for higher wages. Sri Lanka is on this path now.

Is it the time for entitlements by those in privileged political positions?

*The writer can be reached at shyamonjayasinghe@gmail.com

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Latest comments

  • 39
    1

    First of all thanks to those 6.9 million who well deserve it. Only in Lanka , Governor CB retaining ministerial rank. This is the guy who thought printing money has no impact what so ever on inflation/economy. Even before his move was announced, , Stock Market got busy with insider trading. From now Cabraaal will make up facts and statics as he goes, print money 24/7 so that people have enough and left over forex will be solely at Rajapaksas disposal. Mahinda off to Italy and Gotha to U.S . BON VOYAGE.

    • 26
      0

      For the first time Malcom Ranjith found his back bone. He voiced his outright opposition to media on, MR and GLP meeting pope in Vatican to explain the progress on Easter killing. Malcom said the goal of the visiting duo is to provide distorted information and confuse the pope. Cardinal pretty much questioned the credibility of MR and warned that the matter will be referred to UN.

    • 17
      2

      Chiv,
      But the curse is as to why the rest of the millions living in the island should atone for ?😉😉😉😉😉😉😉.
      .
      2nd Taliban state is already opened by the new law just passed for money launder s, with Tattamala (hypocrites hidden behind robes) and that condom support vasi and Wimal let hidden under the bed. .
      😡😡😡😡😡

    • 8
      0

      Economic situation ……… some of you might find this interesting ……. https://www.youtube.com/watch?v=nVHUwvC7Og0

      • 9
        0

        My dear NF,
        .
        thanks for this. He seems to have analaysed it well so that Rajapashes have to agree with it now.
        :
        Not just opposition, but entire world is now aware of the facts that our motherland is sinking.
        .
        In such a critical stage, Premier is travelling to vatican on a merry-go-round, while his blood sucker brother is planning to visit NY and CA on the cost of TAX payers last rupee….
        .
        Good riddance to our nation (actually to those paved the way criminals to be back).

    • 8
      0

      This man Cabral is a curse to srilanka today.
      :
      https://www.youtube.com/watch?v=57xPUP9HVuY
      .
      While all is becoming clear to others, that we are on edges, this bugger seems to have audacity to continue lying.
      :
      See, we were right about our predictions about a RAJAPAKSHE govt. ….. none of us were astrologists or mutti throwers, but it was not overlooked, if ballige puthas would be back, the situation would be – hunger state is in making.

      • 7
        0

        Dear LM: “This Cabral is a curse to Sri Lanka today”. Is it Cabral only? He is one among the number of such “Professionals” who have managed to climb up the ladder by virtue of “Learning” (only passing examinations) but EMPTY in “Virtue” and severely lacking and or “Abandoned” the principles of morality in character, and performance of their professional functions. Most of these “Bastards” (this word is used by Plato to describe those “Low-Standard” performers in Public Service”) are from the “Viyathmaga” led by another “Low Standard” performer, the President “GR”.

        No need to write articles about them. The PEOPLE have begun to realize the “MISTAKE” they made and the “DAY” would arrive for them to “ANSWER”.

        • 4
          0

          By the way, what is the link between CABRALs and MEDAMULANAs ?
          .
          From their behaviour on, they are not a match… I think that is why MAFIA BOSS or BASIL the 10% would not be able to say no even if Cabral would demand lot more as compensation, because he knows, RAJAAKSHES and their pandora box is with Cabral.

  • 14
    0

    In his Twitter account Cabraal reiterated he had not received a “single cent” as pension so far even after working for nine years.

    If he would have applied /or reminded he would have received if there’s will there is a way.

    He was concentrating in other things.

    • 14
      0

      ..”He was concentrating in other things.”….
      Or may be the pension and duty free car was just chicken compared to what he made otherwise and can now invest after paying just 1% tax.

    • 7
      0

      Salaried jobs are usually pensionable.
      Assignments for which an allowance or a honorarium is paid are not.
      Paying pensions to MPs was a fundamental error.

      • 6
        0

        🐃🐃🐃🐃Paying pensions to MPs was a fundamental error.🐃🐃🐃🐃🐃
        .
        Exactly the truth!
        .
        🤥🤥🤥🤥

  • 7
    0

    Those days politicians gaveup their wealth in service to the people…..

    These days……..?????

  • 6
    0

    “Sri Lanka is on this path now”. Very correct. The heart of the capital gives a dazzling appearance with artificial prosperity. How many have at the surface of their consciousness that public debt is at Rs. 16 Trillion plus. How can one think of it when borrowed plumes are shining bright.
    History does not set about its work taking the cue from precise dates like November 7th and not 6th or 8th as Lenin prescribed. The hour produced the man said Nehru. The benighted Island has time more.
    On Christmas eve in December 1989, a communist country in Europe marched against its ruler and made him and his wife understand that an insurrection does not wait for a picturesque outbreak. They knew that it marches on its belly. Yet it may be said Sri Lanka has a respectable respite

  • 16
    0

    Cabal-Rala wants to become the Governor of the CB again because he did not get the expected position as the Finance Minister, with Basil taking over that position. He wants to get back to his old position violating the rules set out in the constitution for the appointment of the CB Governor (parliamentarians cannot be governor of CB) because he is greedy for a higher position and his appointment will also enable the government to manipulate the CB books and reports, as he did under Mahinda. He is a great “accounting cook-up chef”. The last time when he was the Governor he sent money from the CB through Foreign Ministry for Namal to have the “Train Dance” in the US, he also did “alternative accounting” to hide government loans taken by the Government corporations as non-government debts. His sister was also a Director of the firm which was involved in the CB robbery. All in all the question arises is he truly qualified and capable to hold the esteem position of the Governor of the Central Bank.

  • 6
    0

    Ajith Nirvana Cabal-Kapurlala is trying to balance between as an accountant,administrator and politician.this is a difficult task.in politics no permanent friend or enemy.HE CABAL IS TRYING TO BE VERY SMART.IT WILL BE TOO LATE FOR HIM TO COME IN TERMS WITH RAJAPAKSAS CONDOM THEORY.HE WILL BE MADE A SCAPE GOAT AND RAJAPAKSAS WILL THROW HIM IN THE DUST BIN ONCE THEIR GOALS ARE REACHED.

  • 18
    0

    Cabraal is a serpent seeded fake human. Look at his eyes. Like nandasena you can see the reptilian spirit in them.
    Their greed has no limit. Despite having siphoned billions for themselves, they still feel entitled to a pension?

  • 8
    0

    From the top to bottom of Rajapaksa government are experts in misusing state fund to their maximum benefit. So, Ajith Cabraal is no different to Mohan Piries who shared the same benefit during the period under Mahinda Rajapaksa. I understand Mahinda’s other son will replace this man.

  • 12
    0

    Now you are talking !

    This Cabrall is not only a big talking pretender to having high thoughts and standards, but also a greedy exploiter of every situation. We are made to think these sleazy families who dominate the country are high and mighty, but Cabrall’s sister took a job with Aloysius, the son of a Indian Pettah merchant then doing sovereign bond business , while her brother was Governor of Central bank. The rest is history ! For money, the Cabrall’s will auction their mother !

    Now, we cannot only attack one person. From the safety of Australia , you can expose all the Sri Lankan crooks, wearing tie and coat and pretending to be high flying gentlemen .

    We have heard that Mahendran who succeeded Cabrall did not forego a single benefit either. This included getting himself super expensive formal Western suits from London tailors(prior to the appointment he was working in Dubai where we presume he would have worn Western suits to look professional !)

    This is only a small benefit, the list, including entertainment ( Mahendran although a Tamil has very Western taste in luxuries, food and wine ) will make interesting reading.

    Please publish under the right to information all the benefits these two crooks, Cabrall and Mahendran have taken from the Central Bank with our money, the peoples tax money.

  • 0
    0

    Amidst all the talk of corruption at the top, how reassuring it is to learn that there still are among them, some men of virtue? We read that Nivad Cabraal (NC) has claimed not to have availed himself of his entitlement to a duty free vehicle or received a cent of a pension due under his letter of appointment. My old boss had a simple say in these matters. He’d say, “Don’t feel shy to claim what you are legitimately entitled to claim. That is your right” and add an equally simple corollary, “But don’t claim anything you are not entitled to”. Going by the first part of that advice, NC has not been very smart. So, I’d say to him, ‘Tough luck, if you chose to sleep on your rights’. As for his suitability for the role of governor of the Central Bank, I am not sure he enhanced his CV the last time around. Over the years, we have had a mixed bunch in that position. And I recall, our justifiable excitement when the first Sri Lankan was appointed to that role; also, his memorable exit; alas, not in a blaze of glory

  • 2
    0

    Whatever the absurdity of this Cabral being appointed as the Governor of CBSL, once he is Governor, the books would be cooked and the economy would look good and very appealing to convince the voters that the government is electable for another term of 6 years!.
    The economy will grow exponentially and the FE crisis would be overcome. All would be well and fine.
    That is the aim and prayers of the Rajapaksa Bros INC, at this stage and win next elections!

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