11 August, 2022


The Financial Crisis – Mismanagement, Fear Or Collusion?

By Upatissa Pethiyagoda

Dr. Upatissa Pethiyagoda

The crisis facing us is real and the future frightening. But what has caused it? The causes may be unclear and the correction is expected to be long. The causes are probably many, and the cascade will encompass many sectors. It has already led to shortages and long queues for fuel, rising costs and shortages of food and medicines. Social activities are curtailed, and closures of schools and offices, are forced impositions. The shortage of foreign reserves and rupee funds impact in many ways. Extremely unwise decisions such as the overnight banning of fertilizers and agrochemicals, reckless reductions of Income taxes and customs levies are part of this man made crisis. The irony is that the key perpetrators of this tragedy continue regardless and the others resign, (washing their hands off the mess and misery that they have caused), for acting in collusion with their bosses.

In seeking remedies, it may help to consider the dollar and rupee shortages separately. With no claim to originality, as these are so direct and obvious, that one is justified in suspecting collusion between politicians and officials, in preventing disclosure. In all this, it is the people who are impoverished.

The Rupee shortage

* Tighten the Tax net. It is revealed that some reckless reliefs have benefitted the Ultra-rich Corporates or individuals. Are there means to reverse these concessions and to recoup the losses?

* Are VAT collections duly passed on to the State as envisaged, or merely retained by concealment?

* Should not those who received Duty Free vehicles and illegally sold them (vehicle or permit) be charged the Duty concessions that they enjoyed? (MP’s in particular who have done so should not be spared.)

* Should not the (James) Bond scammers, and those who protected them in any way, be called to account? Abnormal receipts of donations to political parties at around this time should be scrutinized.

* Those blatantly favoured importers of sugar, garlic and cooking oils (and any similar ones) be required to pay the legitimate levies?

* A large stash of gold, seized by the LTTE from the residents fleeing Jaffna was said to have fallen into the hands of the Armed Forces and alleged to have been brought under escort to Colombo. The subsequent fate of this is not known.

* Reported street value of the enormous amounts of heroin and other narcotics detected amount to staggering millions. What happens to all this and the large captures of illegal alcohol?

* The latter might find use in hand sanitizers and cosmetics. It would be unethical not to destroy the narcotics and to ship them out. Seized cigarettes and tobacco products too may be legally taxed or sold under supervision and the proceeds credited to the Exchequer.

The foreign Currency deficit

* From time to time, there are references to wealth held in hidden Bank Accounts, Tax havens, immovable assets such as houses, farms, dummy companies and in various forms of money launderings. The Panama/Pandora Papers and Internet revelations (e.g The Ten Richest Politicians / Businessmen etc) are frightening revelations pointing to massive illegal earnings, mainly by Politicians as Bribes or Commissions, Drug Lords, Smugglers and other delinquents. There is little evidence of follow-ups. The criminals have only to be patient, until worse scandals are found and public attention is diverted towards them,

* There is ample evidence that politicians of all hues are involved in major scams. It is more than clear that they are shielding each other, despite the ferocity of intents to get at the criminals, nothing of the sort happens. Most elections merely change the actors, but the play goes on. It is clearly the case of “you scratch my back and I will scratch yours”. The Cahoot Principle. Having been diddled for the umpteenth time, we glory in the flattery that our people are “exceptionally politically mature”. “Bovine excrement”- ours is a sad tale of rejecting one set of rogues for another “Same lump of s..t ; different flies” is apt.

* Corruption cannot be achieved by an unaided person. There are many beads along the chain. When patent criminal administrators are brought back into high office, sometimes despite judicial strictures, we cannot but be silent. The hands of a system, pained by “contempt” seems to act severely, selectively and illogically.

* It would seem that persons who have inflicted billions of rupees loss, bankrupted millions of citizens of their livelihoods go unpunished, merely by walking away, when even a petty thief is arraigned before Courts and fined and /or incarcerated. This does not appear to be just.

Meanwhile, a harassed and powerless people, spending hours and days to get fuel or other essentials, are increasingly angered by the perceived preferential treatment (even to authorized essential services) given to some. Thus the police and Army are compelled to intervene to prevent ugly clashes. They are forced to face hostility when the fault is not theirs. How long their patience will last, is highly worrying. The imminent defying of authority would be the last thing we want.

It is these that the “Aragalaya” is about. One hopes that the stalling strategy of the

Powers that be will cease and the culprits be duly kicked off their high perches, while the voice of Youth and honour will prevail.

This may well be our last chance.

Print Friendly, PDF & Email

Latest comments

  • 2

    The Financial Crisis – Mismanagement, Fear Or Collusion?
    Value judgement Rajapashe was pointing mismanagement for Ranil with Bond scam why they appointed as finance minister. What is the next motive.

  • 6


    “* A large stash of gold, seized by the LTTE from the residents fleeing Jaffna was said to have fallen into the hands of the Armed Forces and alleged to have been brought under escort to Colombo. “
    During face the nation this came up and Mr. Sumithran said, peoples jewelry were packed separate with name, during the election campaign Mihanda Rajapaksa returned a very small fraction and he had asked what happened to the rest, what was the govt doing holding peoples jewelry this time. Did his wife and family use the Jewlery. He is still to get a response.

    “Reported street value of the enormous amounts of heroin and other narcotics”
    Considering the state of the country may be these guys used it during the last two years. Now thinking about it, Gota always has dazed eyes.

    • 3


      Some of the those Jewelries that were stolen from LTTE’s depositories (FORT KNOX) were sold in Sea Street Colombo immediately after the war had ended. Some of the Gota’s goons could tell you as to what happened to the Jewelries and several sacks full of cash.

      Although stolen from LTTE’s depositories that belonged to the people of the North East.

      Please watch this clip
      Motivation story about a fruit business man. How are they managing home gardening for their food?
      How to destroy human spirit, learn from Goata and his people.

  • 2

    the present governmetn will last only a day or two. We will have to start from scratch. We can do it. Dammika Perera sounds a practical man. Ranil only knows borrowing, borrowing and borrowing. It doesnot matter to him he will not have the worry of paying back.

  • 1

    “A large stash of gold, seized by the LTTE from the residents fleeing Jaffna was said to have fallen into the hands of the Armed Forces and alleged to have been brought under escort to Colombo. The subsequent fate of this is not known.”

    The fate is known, it was returned to the owners in 2014. Leftover gold was given to the Central Bank for safekeeping. Tamil Diaspora is lying as usual. Why don’t the Diaspora admit LTTE was shooting civilians in the legs as they tried to escape to the government side during the final days of the war?

  • 4

    Put their tow heads on pikes, and they will still be grinning.

  • 5

    LTTE Leader Pirapakaran’s son (MURDERED by the RAKSHAPAKSES) SPIRIT is circling Gota RAKSHAPAKSE. This Spirit has sinhalas at the ready to look after Gota RAKSHAPAKSE IMMEDIATELY upon any movement WITHOUT SECURITY amongs the sinhalas. Waiting !!!!!

  • 10


    So it seems that the Tamil Diasporea are lying as usual but the sinhalas are a virtue of honesty!!! You must be JOKING seeing what the honest sinhalas have done to their country, They were never involved in burning Jaffna Library, killing and looting and arson periodically of tamils property, destroying places of worship, genocide of tamils, tamils surrendered to the army missing presumbly murdered.
    Why cant the HONEST!! Sinhalas able to counter the tamil diaspora who have had foreign governments accept the brutalist of the sinhala peoples.
    Is it because the sinhalas are really intellectually dumb compared to the tamils!!!! or is it that the tamils have evidence and truth like the “killing fields” and the sinhala are merely pathological liars!!!

    • 0

      “…or is it that the tamils have evidence and truth like the “killing fields” and the sinhala are merely pathological liars!!!”
      If Tamils have evidences and truth like the “killing field”, what the hell they were doing for 12 years without revealing them to UN or UNHRC. They have charges and evidences fabricated by Hooka.
      Tamils are the pathological liars. Vaddukkodai Resolution is full of lies. Tamil Diaspora propaganda campaign to mislead the International Community to get their sympathy and support for their demand for a separate State was based on lies e.g. showing a photo of a Tamil hanging in hooks probably at Kataragama festival and say this is how Sri Lanka Army torture Tamils.

  • 0

    Waada Barry Wiruwa Rata Kaawa.

    Jayathi Wadaya wenuwen Gota ganapu modoyo polima innawa.


    Ha Ha

Leave A Comment

Comments should not exceed 200 words. Embedding external links and writing in capital letters are discouraged. Commenting is automatically disabled after 5 days and approval may take up to 24 hours. Please read our Comments Policy for further details. Your email address will not be published.