18 October, 2017

Eyebrows Raise As The Banker Names Ravi K As Asia-Pacific’s Finance Minister Of The Year

Sri Lanka’s Finance Minister Ravi Karunanayake comes with a history of scandals, many leaning towards fraud. However, despite his very questionable conduct, London based ‘The Banker’ magazine has named him the 2017 Finance Minister of the Year for Asia-Pacific.

Ravi Karunanayake

Ravi Karunanayake

The Banker has recognized Karunanayake ‘for his efforts to steer Sri Lanka into a new era of economic reform and a change of mindset. “Crucially, Karunanayake secured a $1.5bn International Monetary Fund (IMF) loan programme that the country needed to avoid a balance of payments crisis, replenish reserves and rebuild confidence among international investors,” the magazine said in an article which announced Karunanayake as the winner for the Asia Pacific region.

However, just months back, in September, Karunanayake was in the centre of a fresh controversy where serious allegations were leveled against him by the opposition to the effect that he had imported luxury Prados in 2015 using vehicle permits which allowed only tractors to be imported.

Karunanayake was also accused of pilfering following the privatization deal of Sathosa.

Since assuming duties as the Finance Minister in 2015, Karunanayake is alleged to have ordered the Director General of Customs Jagath P. Wijeweera to grant sweeping duty concessions to his privately owned firm. Wijeweera had flatly refused the demand on the grounds that the country would lose millions of dollars. Because he could not continue to stand undue pressure being brought on him, Wijeweera tendered his resignation in May 2015 to Treasury Secretary Dr. R.H.S. Samaratunga. Though Wijeweera said he was quitting due to “personal reasons,” he confessed to close friends in the Customs Department he could not bear Karunanayake’s interference into fiscal matters not only on behalf of his (Karunanayake’s) private firm but also for other various suspicious businessmen. For his private company Global Park which provides warehousing and logistical services, the Finance Minister had wanted duty concessions running into millions of dollars granted. Karunanayake had also been in the habit of telephoning Wijeweera almost every day to seek duty waivers, withdrawal of fines and other concessions for several businessmen.

In 2010, Karunanayake was charged with aiding and abetting businessman Raj Rajaratnam of Galleon Group, where he deposited US $ 3 million at the Kirulapona Standard Charted Bank Branch without the authority of the Central Bank. The case dragged on for years, and in 2015 under the present government, the Colombo High Court acquitted Karunanayake on charges of money laundering in violation of the Exchange Control Act.

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Latest comments

  • 20
    5

    No doubt this ace crook ravi may have bribed the banker magazine to win the award

    • 23
      0

      Now all eyes will be on him…

      All of Asia and the world will want to see the conduct of the Asia pacific’s Finance minister of the year and what made The Banker name him so…

      This is good. He will have to live upto the standards set by the best Finance Ministers in the world and or look a fool…

      • 15
        0

        Next month release….

        The most strategic and effective businessman in the world is ‘Arjun Allocius’ of Perpetual Treasuries Limited of Sri Lanka for earning 6.7B rupees in just 8 months !!

        -The Banker –

        /HP

        • 5
          0

          Ravi K winning shows that the Euro-American banking and financial system is CORRUPT and ROTTEN TO THE CORE. The massive Central Bank bond scam happened with Ravi K as Finance Minister and he is also accountable.

          Sri Lanka and Afghanistan are only countries in Asia to borrow from IMF and Sri Lanka is in the intensive care unit according to the Central Bank Governor!

          Ravi borrowed from IMF lender of last resorts and forces taxes on the poor. This is why he won in the neoliberal-neocon global banking system while Ranil has jetted off to Switzerland to have fun at the rich man’s club!

      • 5
        0

        He is already a bloody clown and will continue to be the biggest clown in Asia. “The Banker” needs an award themselves for picking
        him out.

    • 0
      4

      Sopiya,

      Arapan Sopiya dora, agula dala naa numbe hile!

      Ane huka mode wassi. Umbala wage eladennuda ehema nathnam The Banker the loke piliganne?

      Umbaaaaaaaaaaaaaaaaaaaaaaaaaaa!

      • 9
        0

        Good grief Colombo Telegraph,

        Do you really endorse Silva’s uncouth outburst at Sopiya as shown here?

        Amazing how you so carelessly contribute to lowly journalism!

        • 0
          6

          Justice & Fairplay,

          Hah hah haaa! There is no justice in the world when thou utterest the most notoriousth! Geeeet a ife!

          • 5
            0

            Clearly a deranged bloke, off his top. Are you by any chance Mervyn Silva?

  • 18
    6

    The fact that securing an IMF loan in the tune of a $1.5bn alone is enough to declare Ravi as the worst Finance Minister of the Year for Asia-Pacific. He indebted the country more

    • 0
      5

      Siriya,

      Tho ada indala kandath epa, bondath epa, nandath epa, mokada it is out of borrowed money that you bastard survive! Ane tho wage wal uurek!

  • 9
    1

    I think Sri lanka is promoting business profits of George Zorros.

  • 2
    2

    Well magazine may be coming from London who owns it,

    These surveys,magazine nomination all back hand money and agenda promote,

    Shouldn’t allow business men to come to politics,their interest mostly on their capital and wants make more money.

    Example was Arujuna Mahendran of CB but these all buddies Raj Rajasthan Ravi k.

    I asked few locals most of the fuel stations got the IOC name what it is they don’t have a clue,but stand for Indian oil co.

    What it show is we can’t even pump the fuel workers may be us but who controls them.

    God save us or the Chinese and the Indians?

  • 18
    2

    Ha, Ha, Haaa! This says a lot about this ‘Banker’ rag, be it London or Timbuktu based.

    No need to rubbish this Finance Minister. He is doing it quite grandly, all by himself, and losing the goodwill of his voters by the minute.

    Sail on Ravi K, you will soon be in the dust heap of history!!!

  • 5
    2

    What about the notorious HSBC land scam presided by Ravi? Sure he lined his pockets on that as we all know. Still ‘Bankers Mag’ Crooks giving each other awards. As we have seen many bankers around the world involved in criminal activity.

  • 6
    2

    Ha Ha Ha Ha Ha Ha ha ha Ha …. choke choke choke.

  • 6
    3

    Ravi K. won because he borrowed from IMF – lender of last resorts which shields the financial criminals and forces taxes on the poor of the world!
    Ravi was IMF’s first choice! Without corrupt clowns like Ravi K, IMF would be REDUNDANT!

    Sri Lanka is the only country in Asia (aside from Afghanistan) that has borrowed from IMF, an organization that increases INEQUALITY and WAR in the world today because of its failure to address financial crimes and forces corrupt finance ministers like Ravi K to raise Taxes on the poor of Sri Lanka to pay off the debts that are caused by capital flight to the West

    Ravi K. if he was a responsible finance minister should have asked IMF and World Bank to use their “experts” to track down all the funds looted from Sri Lanka by its corrupt politicians and their cronies and held in off shore accounts including Panama as revealed in Panama Papers. NOT borrow more funds the IMF and pile on more debt!

    Also, IMF’s head Christine Blackgaurd was indicted for (corporate) corruption in France!

    • 3
      0

      Sri Lanka is the only country in Asia that borrowed from them because Sri Lanka’s the only country in the region that spent with no plan in the past ten years. Ravi is a hypocritical crook, but there’s a limit to this kind of sh*t. If people bothered to educate themselves about fiscal policy, they’d vote accordingly. But no, we’re in a country where it’s easier to vote on ethnic or religious or narrow tribal lines, then cry and whine when things go to the dogs.

      As for IMF demands, all they asked was that the government do tax reforms and actually collect the taxes it has on paper. Instead of doing that, our incompetents went ahead and made 0 effort to curb tax evasion, choosing to hike taxes on goods and services.

      This is what happens when you as a country do your best to drive out your best and brightest and keep electing old, out of touch, incompetent crooks into power. Too late to whine now- should’ve realised all this when people in the 70s and 80s were voting from their as**s than with their brains.

  • 3
    1

    Based on Mudukku (bloomandal, Wanatha, etc) toiya’s votes and control entire Economy.

  • 2
    1

    There is no doubt that every ministers and corruption within should be addressed by the media.

    However this article fail to address critically about securing of IMF loan and its impact to the Sri Lankan economy.

    Media is not blindly focusing only at misconduct as a primary functions and letting the rest to secondary important.

    I am afraid that CT is taking wrong direction in this article!

  • 5
    8

    Whatever critics say he is the Asia-Pacific’s Finance Minister Of The Year.
    Of course much better than previous finance minister.

    This whole article says negative things. To say something positive, Ravi started the 1st Supermarket chain, Sathosa in Sri Lanka. That time Cargills and Keells super have not even thought of starting their supermarkets. Subsequently SLFP government bungled the Sathosa. If Ravi had been there Sathosa would have been better than Cargills.

  • 4
    10

    Rogues always insult other as rogues.He is a shrewed businessman.
    There is no record to say he had robbed anyone.If so Former regime would havebrought him before Courts . They had 10 long years to do so. Why do they accuse him Now
    We are confident Ravi, with the help of R W and M S steer the country
    to a safe destnation
    Dogs bark but the caravan moves !

  • 3
    2

    What a joke!!! The standards have deteriorated.

  • 1
    1

    It would be interesting to know the identities of the other individuals who were considered for the title of ‘2017 Finance Minister of the Year for Asia-Pacific’.

    Was RK the best of a bad lot – which would mean that he was just a little less bad than the rest of the bad persons ?

    Or was he the best of a good lot – which would mean he was a little better than the rest of the good persons ?

  • 2
    0

    Is he the one who called the CB Governor a ” hospital attendant ” ?

  • 2
    1

    The Banker must be bankrupt of candidates.
    when you see the list of recent knighthoods and Prime Minister’s Honours List sometimes you wonder if these awards are really worth having!

    But for Ravi it will look good on his CV and he may be on his way to IMF or the World Bank once he finish with politics.

  • 2
    1

    Sharks swim with there own kind.

  • 3
    1

    Check for who has invested for that magazine, probably Ravi K.

    He is a number one crook who has mastered his game.

  • 2
    0

    We miss the politics behind most awards and accolades– from our Deshamanya to the Nobel Prize.

    • 0
      0

      “We miss the politics behind most awards and accolades– from our Deshamanya to the Nobel Prize.”

      Before we consider Nobel Prize just give it a thought on how a Doctor of Letters (Honoris Causa), by UoC bestowed on a war criminal. Another war criminal was conferred Doctor of Law by the same university.

  • 2
    6

    Please remember these allegations have not been proven. To condemn a person without proof or a guilty verdict is offensive. I agree it was misguided for him to attempt to take control of the Central Bank was misguided and foolhardy. The Banks’s independent from political interference was a vital ingredient for its reputation . The current Governor is an internationally reputed economist and has advised countries in the commonwealth how to maintain sound financial governance. He is a top Cambridge qualified economist renowned for his knowledge and independence. To my findings Ravi is a half baked accountant and small time politician with only a little competences in Rnglish could not pick his words to articulate him self when he tried to use a hospital metaphor to explain his misguided understanding of the role of the Central Bank. For the first time after many years we have a person with integrity and honesty.

    • 0
      0

      Kumar S
      Let us forget about RK’s language incompetence.
      Do you remember his fireworks in Parliament when Chndrika K tried to introduce legislation to ‘solve’ the national question?
      He had a smiling admirer in the then Leader of the Opposition.

      If he is only a half-baked accountant, who lets him talk out of turn about the Central Bank?
      RK was never ‘misguided’. He knew what exactly what expected of him by his master (as does the Tamil minister who is forcing iron cages on the people of the North).

      They are all good HMVs.

  • 3
    0

    It is Ravi Karunanayakam and Rohitha Bogollagama who profited millions from selling reclaimed land in Kotte and Rajagiriya.

  • 6
    0

    Banker magazine is making a major mistake by promoting a top rogue. Shame on you Banker Magazine.

  • 6
    0

    I lost all my respect to Banker magazine. Will not buy it again nor would I read it

  • 6
    0

    Some countries (including US) when a person is charged on an Indictment issued by the Attorney General, such a person’s application for entry clearance is automatically refused. Because the accepted norm is that the Attorney General never issue a indictment unless there is a prima facie case against an accused.

    Ravi K was charged in the Colombo HIgh Court on an indictment issued by the AG (Court No 1) for his involvement in a serious foreign exchange fraud.

    After Ranil Government was established every attempt was used to have him discharged from the case, but the Judge in the Court No 1 stood by and refused to give into any pressure. What happened next?

    The case was transferred to Court No 4, before a woman judge who was about to retire and every thing was put in place to have him ‘exonerated’ on the basis that indictment served on him was wrong. The normal practice followed in such an even is issuance of a indictment afresh and proceed with the trial and this is what the AG did with Basis Rajapakse.

    But Ravi K’s case, the application for wrong indictment was upheld by the Court and he was ‘exonerated’ without a trial on the day the said judge (Court No 4) retired from the office.

    What happened to the Judge thereafter?

    She was duly rewarded and now returned to service as the High Court Commissioner for the Western Province .

    God bless Sri Lanka.

  • 0
    3

    Please remember these allegations have not been proven. To condemn a person without proof or a guilty verdict is offensive. I agree it was misguided for him to attempt to take control of the Central Bank. It was misguided and foolhardy. The Banks’s independence from political interference was a vital ingredient for its reputation . The current Governor is an internationally reputed economist and has advised countries in the commonwealth how to maintain sound financial governance. He is a top Cambridge qualified economist renowned for his knowledge and independence. To my findings Ravi is a half baked accountant and small time politician with only a little competence and knowledge in English and could not pick his words to articulate him self when he tried to use a hospital metaphor to explain his misguided understanding of the role of the Central Bank. For the first time after many years we have a person with integrity and honesty in charge of our finances in Sri Lanka.

  • 1
    0

    Wolf is run by corrupt leaders now Donald Trumpt will

    Teach us this in few months . So protect yourself

    And wait for anarchy . During next few years.

  • 2
    0

    Kumar: “For the first time after many years we have a person with integrity and honesty in charge of our finances in Sri Lanka”. To whom are you referring to? Is it the Present Governor of the Central Bank OR the present Minister of Finance?

    Isn’t Sri Lanka the “Miracle Of Asia” for producing the “Best Finance Minister” in the Asia Pacific Region”? Unfortunately, this “Banker” magazine could have acquired that TITLE, if it isn’t based in London, England.

  • 1
    0

    folks, this might turn out to be like the volkswagen factory thingy!! hopefully tomorrow we might here from *The Banker Magazine* itself that this news is false..

  • 2
    1

    When one sees all the above, one feels, most of the comments are from sick people who are mean, and want to demean everything.

    All grow up, The Banker is a prestigious and most respected banking and financial publications which is read by all the top bankers and financial professions in the world.

    When they bestove some honour and accolade on someone they wouldn’t do it for flimsy reason without ascertaining the facts and figures.

    Besides, in the world erna, it’s a big honour and recognition for the country as well, when one of our countrymen is recognised in this way.

  • 0
    0

    Trump was spot on.
    Remember what he said “corrupt” press.
    “The Banker” and many such publications are no better.
    Sorry, readers of DT to stress the obvious.

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