13 December, 2019

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Chandra Wants “Fit And Proper” Affidavit And Declarations For Next Central Bank Governor

Good governance activist, and former Chairman of the Ceylon Chamber of Commerce, Chandra Jayaratne has today called on President Maithripala Sirisena to ensure that a ‘fit and proper’ affidavit, along with declarations should essential prerequisites in the appointment of the next Central Bank Governor.

Chandra Jayaratne

Chandra Jayaratne

In a letter dated 30th May 2016, Jayaratne said recognizing that Fitness and Propriety (honesty, integrity and reputation, competence, capability, and financial soundness) of the Governor of the Central Bank is an essential requirement to ensure the effective operation, good governance and risk management in the conduct of affairs and operations of the Central Bank of Sri Lanka, in compliance with the provisions of the Monetary Law Act; and Recognizing further that no person shall be appointed to such position unless that person is a “fit and proper person” to hold such office: “I appeal to you to kindly call all aspirants seeking nomination or being nominated by the government for the post of the Governor of the Central Bank, be called upon to file duly sworn affidavits and declarations of such aspirants or nominees being “fit and proper persons” to hold the post of Governor of the Central Bank,” he said in the letter, which was also copied to Prime Minister Ranil Wickremesinghe.

We publish below the letter in full;

30th May 2016

President Maithripala Sirisena,
President of Sri Lanka,
Presidential Secretariat,
Janadhipathi Mawatha,
Colombo 1.

Dear Mr. President,

“Fit and Proper” Affidavit and Declarations are Essential Pre-Requisites in the Appointment of the Governor of the Central Bank

Recognizing that Fitness and Propriety (honesty, integrity and reputation, competence, capability, and financial soundness) of the Governor of the Central Bank is an essential requirement to ensure the effective operation, good governance and risk management in the conduct of affairs and operations of the Central Bank of Sri Lanka, in compliance with the provisions of the Monetary Law Act; and

Recognizing further that no person shall be appointed to such position unless that person is a “fit and proper person” to hold such office:

I appeal to you, to kindly call all aspirants seeking nomination or being nominated by the government for the post of the Governor of the Central Bank, be called upon to file duly sworn affidavits and declarations of such aspirants or nominees being “fit and proper persons” to hold the post of Governor of the Central Bank.

The aforesaid affidavits and declarations submitted to you must, inter alia, state that such aspirant and or nominee;

1. Is not subject to at present, nor have been subjected to whilst holding any office previously, nor will be subject to following such appointment, to

  • the disqualification in terms of section 11(1) of the Monetary Law Act, and
  • a further disqualification of being a director, officer, employee, consultant, advisor or shareholder of any banking institution (other than the Central Bank) or any other financial services institution, and
  • a further disqualification being in any other position or office in any other institution or in a contractual relationship or related party commitment, which may be in conflict with the role and responsibility as the Governor of the Central Bank;

2. Is not subject to, nor have been subject to whilst holding any such office previously, nor will be subject to upon fresh appointment,

  • to any forms of conflicts of interest or related party transactions with close members of the family ( including the spouse, children, mother, father, father in law, mother in law, sons in law, daughters in law and step children or any institution controlled or influenced by them), and
  • shall agree to avoid all such situations of personal interest or related party transactions or any such situations of potential conflicts of interest or related party transactions, or be in a situation where any such personal interest might appear to conflict with the position of responsibility as the Governor of the Central Bank or be perceived as having given preference to personal or family interests;

3. Have not been alleged to have engaged directly or indirectly, in any acts of market abuse, market manipulation or insider dealings, and shall hold all information, data, other price sensitive information, and policy decisions of the Monetary Board, received or known in the course of office, in strictest confidence as required, and will not engage in any manner in passing classified information or in directly or indirectly dealing in insider information, or in market manipulations or market abuse;

4. Shall devote his full professional time to the business of the bank; and accordingly shall not accept or hold any other office or employment or accept any consultancy or advisory positions or any other position whatsoever, whether public or private, and whether remunerated or not: (Provided, however, that nothing in this undertaking shall be deemed to prevent from accepting or holding any academic office or position or any office or position in an institution or organisation, established for the purpose of carrying on research in the subjects of economics, money, banking, statistics and finance, or from being appointed to be or acting as a member of any commission constituted under the Commissions of Inquiry Act for the purposes of any inquiry relating to monetary, banking, financial or general economic matters or questions affecting the national welfare of Sri Lanka, or of any council, committee, or other body investigating or examining, or advising upon, any such matters or questions);

5. Possesses academic or professional qualifications or effective experience in banking, finance, economics, business or administration or of any other relevant discipline;

6. Is a citizen of Sri Lankan domiciled in Sri Lanka;

7. Is not over 70 years of age as at the date of appointment;

8. Has not been found by any court of law, regulatory or supervisory authority, professional association, Commission of Inquiry, tribunal or other body established by law in Sri Lanka or abroad, to the effect that such person has committed or has been connected with the commission of, any act which involves fraud, deceit, dishonesty, improper conduct or non-compliances with provisions of any statute or rules, regulations, directions, codes of conduct and ethics, or determinations issued there under;

9. Has not been convicted by any Court in Sri Lanka or abroad in respect of an offence involving criminal activity;

10. Has not been found guilty of an offence of moral turpitude involving conduct that is considered contrary to community standards of justice, honesty or good morals;

11. Has not been declared insolvent or declared bankrupt in Sri Lanka or abroad

12. Has not failed to satisfy any judgment or order of any Court whether in Sri Lanka or abroad, or to repay a debt

13. Has not been declared by a Court of competent jurisdiction in Sri Lanka or abroad, to be of unsound mind;

14. Has not been removed or suspended by a regulatory or supervisory authority from serving as a director, chief executive officer or other officer or an employee in any licensed bank, finance company, Primary Dealer Company, financial institution or a corporate body in Sri Lanka or abroad

15. Has not been a director, chief executive officer or held any other position of authority in any licensed bank, finance company, Primary Dealer Company or financial institution, whether in Sri Lanka or abroad;

  • whose license or business has been cancelled or suspended on grounds
    of regulatory concerns; or
  • which has been wound up or is being wound up, or which is being compulsorily liquidated;

The aspirants and nominees seeking appointment to the office of the Governor of the Central Bank must, along with the affidavit and declaration of “fit and proper person” , file a declaration of Assets and Liabilities, in terms of the Declaration of Assets and Liabilities Law.

Such affidavits and declarations of fit and proper persons received from aspirants or nominees must be transparently available to public for examination and comment prior to nomination as the Governor of the Central Bank.

I remain confident that this appeal made to you in the interest of upholding transparency and good governance will receive your immediate careful consideration

Yours Sincerely,
Chandra Jayaratne

cc. Prime Minister
Finance Minister
Speaker- For Circulation to the Constitutional Council,
Secretary, Monetary Board
Media for Publication

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Latest comments

  • 8
    2

    It is very very appreciable appeal to all present leaders for the sake of the future of our country. I wish to say that all ministers, secretaries head of departments and corporations should be appointed to a similar criteria. And all their backgrounds, ,offences committed by them, if any ,should be make available for public examination under the Right to information law. Giving promotion to government officers must not be done mere seniorty ( now seniority is considered as prime factor)but according to the performances and capabilities and efficiencies (if required paper qualification are there)

  • 6
    10

    Has the Singaporean told his handler that he is leaving?….

    Otherwise, it is a waste of more Tax Payers money to get this translated for our Bodhi Sira to read.

    • 8
      2

      KASmaalam K.A Sumanasekera

      When/why did you start appreciating Chandra Jayaratne?

      • 2
        6

        Dear Native,

        Who is Chandra Jayaratna..

        I thought this is about your Singaporean mate, who was brought down by Batalanada Ranil to give you a taste of Yahapalana Economics..

      • 1
        2

        We still pay for the omission at Batalanda: Oh! had the balls of Sumanaya be fed to dogs on those golden Batalanda days, we would not have pested with the fucker’s incessant vomittings!

  • 6
    6

    Chandra Jayaratne is correct. All Chairmen, Directors and other senior appointees should follow this procedure. Thank you Chandra.

  • 11
    4

    Chandra this letter should have been submitted before the last Governer Nivad Cabral was appointed.But then you were in the Chamber of Commerce then were’nt you? maybe you wouldnnt have then dare to.

  • 8
    7

    I agree with Colin.
    Chandra would have been too frightened to open his GOLDFISH mouth for many reasons.
    Like the white van & also because his lout of a brother in law was serving on Cabraals Monetary Board.
    CABRAAL that politised the CBSL & wasted tax payers money on tamashas.
    Arjuna Mahendran is THE MOST SUITABLE CANDIDATE TO BE GOVERNOR.
    He had all the experience & the education to hold this esteemed position.
    No one can point a finger or toe or anything on him.
    He is a man of integrity & great repute.

  • 2
    5

    “Fit and Proper……..”

    Bloody nonsense! AM will continue and no one can stop it. Besides there is no basis for his discontinuation. The bond issue is just a rumor.

  • 3
    2

    Well aware why Chandra has appointed himself as ‘good governance activist’.
    [Edited out]

  • 5
    0

    There are rumours circulating online of Dinesh Weerakkody aspiring to the post. However, father in law john amaraya regularly puts his foot in it, including lately over the car buying matter. In any case, people without experience and qualifications in economics should not be considered for the post. Especially not if they operated in an unrelated sphere.

  • 1
    4

    Under the current CB governor of Arjuan Mahandara that mishandling of National economy has unending ills have been appear since 2015 January 9th; due that mismanagement of monetary reforms and its theories has created by CB governor has running for instability of money market and Fiscal policies adopted unsustain of growth policy of UNP last 18 months by UNP leaders.

    The very policy of CB governor has created following economic disparities as follows; we want redress and re-order value of Money and currency of Rupees as quick as possible:

    1 Cost of production overhead or fixed has been increased want redress.

    2 Cost of production of plus ” principle been increased want regain.

    3 Cost of production that has push inflation turn into limits.

    4 Monetary Policy and its theories of Arjuan Mahandaran need to review
    and seek new research by CB & individual thinking tanks of elites.

    5 Real policy of Money and Bond prices want drastic changes by Govt.

    We have start new process that break bond monopoly by Perpetual Trades in Treasury bond market by UNP leaders are involving .

    The political power bases of monopoly bonds that inside trading of CB bonds, which power control by CB governor has to be eliminated the concern that principle interest of National Economy.

    Here an issue is purely address growth and development of Sri Lankan economy not the individual interest.
    CB governor has undermined Sri Lankan implements the future strategy for economic prosperity and innovation.

    What we have do now that CB governor committed with the UNP politics of policy could that stay away from complex policy-marking in Central Bank.

  • 2
    0

    What utter nonsense most of these responses have been.
    I know the present Governor of the CB extremely well & he is the most suitable person for the job.
    The self titled guru ‘good governance activist’ & all other critics are just green eyed monsters.
    So what if he is not a Sri Lankan citizen?
    Can one blame him for giving up his citizenship of this filthy country for a better one?
    Any one would jump at such an opportunity, to live in a civilised Country, that all our Sri Lankans run to for even a headache.

  • 0
    2

    [Edited out]

  • 0
    1

    [Edited out]

  • 0
    1

    I am not that against Arjuna Mahandaran is NOT a Sri Lankan citizen! That is out of question time being.

    Ours an issue is policy matters with CB current governor difference between Sustsnibility of New Path of Capitalism and Neo -liberal depend capitalism dominated by MNC of monopoly capital by US and Indian political agenda!

    That has to be change policy of CB and its CB Governor by himself.

    Monetary policies and its reforms required that New International Financial News Survey is urgently needed by apply sustainability of develop of investment capital-market and commodity market in
    Sri lanka by CB and its Governor.

    All factors of the development national economic base on that Intended Investment depend on by an interdependent instruments of monetary policy convertible currency of value of Rupees.
    The Rupee is ours national currency the stability international capital movement required unification to global by economic governances of CB as key players of Sri Lankan’s development.

    In the case of monetary policy we have search, that Income and quantity theory of Money by CB policy makers of NEW CAPITAL MARKET. But not that fully depend old and moribund capital market, we have to have New era of Banking and Capital market ;this is new phenomenon of growth and development of capitalism.

    CB current Governor has abandon following intangible assets of nation growth;
    He( CB governor) lost sight of undermentioned Economies theories of INTEREST;
    1 Abstinence Theory of Interest.

    2 AGIO THEORY OF INTEREST AND INTERST HOARDING.

    3 The INTEREST AND MARGINAL EFFCIENCY OF CAPITAL is most
    important.

    4 Productivity of Theory of Interest.

    Only economic policies can be scale down by such policies of Interest -rebate system of soft and hard landing of national economy guided by CB and its Governor.

    For me I cannot see such set of policy move by CB that serious policies has been implemented by Arjuan Mahadarn last 18 months since 2015 January 9th.

    We have come to the consultation and conclusion that INTERVENTION IS URGENT NEEDED BY President and team of Economics thinking tanks that WITHOUT INTESTACY.

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