26 July, 2017

Victor Ivan Pocketed Half Of Rāvaya’s Rs 10 Million Fund

The founding editor of the Sinhala weekly newspaper ‘Rāvaya‘ and the chairman of the Ravaya Publishers (Guarantee) limited ‘ Victor Ivan has pocketed Rs 5 Million out of a total Rs 12.7 million that had been collected to ‘keep Rāvaya afloat’, Colombo Telegraph learns.

Victor Ivan

Victor Ivan

Supporters of the newspaper and the positions it had taken from all parts of Sri Lanka and even from overseas responded positively to the call of the financially strapped newspaper.

Responding to a query from Colombo Telegraph, Ivan acknowledged that he had in fact taken Rs 5 Million, but clarified that this was payment for the sale of his 20% stake in the newspaper.

Ravaya, which has been a strong advocate of accountability and transparency, never disclosed in its appeal to supporters that Rs 5 Million of the funds collected would be given to any individual.

Colombo Telegraph learns that Ivan had in fact demanded Rs 20 Million for 40% of his stake in the newspaper. The Rs 5 Million given to him was therefore a part payment.

However, Rāvaya being a Company limited by guarantee and operating as a not-for-profit organization, much like an NGO, does not and cannot have provision for Ivan or anyone else to claim monies that have been collected for a fund of this kind.

The relevant conditions are enshrined in Section 34 of the Companies Act:

“Where the Registrar is satisfied that an association about to be formed as a company limited by guarantee is to be formed for promoting commerce, art, science, religion, charity, sport, or any other useful object, and intends to apply its profits, if any, or other income in promoting its objects, and to prohibit the payment of any dividend to its members.”

Sections 32-34 are the applicable Sections. And here’s the Section that specifically exempts shares, debentures etc from companies limited by guarantee;

THIRD SCHEDULE [Section 35 (1)] PROVISIONS WHICH DO NOT APPLY TO COMPANIES LIMITED BY GUARANTEE
Part IV (Shares and Debentures)
Sections 93 to 98 (Minority buy-out rights)
Sections 99 to 101 (Interest groups)
Section 123(1)(b) and (c) (Company to maintain share register)
Section 124(1) and (3) (Place of share register)
Sections 198 to 200 (Disclosure of director’s interests in shares)
Section 220 (Duty of directors on serious loss of capital)

Colombo Telegraph has interviewed dozens of people associated with Rāvaya regarding this payment. We have Ivan’s contradictory statements on the issue as well as comments from founder members of the Rāvaya, Rāvaya Solidarity members, supporters of the newspaper and legal experts. We consider this is an ongoing investigation and such comments will be interjected as and when appropriate in our reports.

Colombo Telegraph believes that the majority of the Rāvaya Solidarity members desired to save Rāvaya so that it can remain a critical and independent newspaper. Colombo Telegraph also lent its weight to this effort.

Colombo Telegraph learns that a contributor who has not been given a receipt acknowledging contribution nor given a share certificate for the amount of Rs 100,000 is considering taking legal action against Rāvaya.

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Latest comments

  • 1
    3

    10 Million cannot be considered as enough amount to label him as a “hora” in Sri Lanka. He should steal more. You know many people steal when they can. Can you remember you copied from other students in your school days if so you ll do as Ivan when you can. So shut up and go. Most of the Sri Lankans have steal something during their life time. Something Physical or Virtual. To be honest I haven’t and I ll not.

    Powerful people must fight each others to let common people know truth.

    Quran is Great, Read Quran. Quran don’t permit concubine.

  • 6
    1

    Victor Ivan alias lOKU[or Podi?] Athula of 1971 fame is a remarkable guy.I have read many of his books giving very valuable information of the political history of this country. In fact the exposure of the former CJ Sarath.N.Silva and his mistress was one those.Private life is Private no doubt;But when someone occupies the exalted position of CJ.standards are a must.

    We have not heard his side of the story,and as such I will not rush to comment.
    Victor Ivan is also one of those fired by Idealism to revolt against the system in 1971.
    Plato knew a few of them and will not blame them.

    • 3
      1

      True I completely agree with you.

  • 3
    4

    When other members in the Ravaya staff were made redundant, they were paid simply Rs 1000/- as their ‘SHARE’ over one month pay. This applied to those who held 2nd and 3rd in command positions in the institution. How fair it is for VICTOR IVAN to manipulate the Ravaya entity to generate public funds and pick pocket half of it of – FIVE MILLION rupees.

    In fact, how much money he invested in Ravaya.

    IVAN should explain this to the people whose money he ROBBED in the guise of ‘improvement’ or ‘modernization’ of Ravaya newspaper

  • 3
    2

    The military intelligence network now the Rajapakse hit men at it again. Malinda must have given instruction. Expose everyone but Malinda.

  • 0
    0

    When are the military intelligence rajapakse[Edited out], Malunda, Rajiva, et cc going to be exposed? Edited out…….

  • 0
    0

    [Edited out]

  • 0
    4

    Just the way one armed bandits
    do.

    They are so self important. They
    style themselves as great patriots.

    This great revolution drank only
    VSOP brandy when he met Mahinda
    Rajapaksa at Temple Trees.

    Even nowadays he is busy ostensibly
    trying to patch up differences between
    Maithripala Sirisena and Mahinda
    Rajapaksa.

    What do you expect from a men who
    once believed a gun was the only
    way to come to power and rule the
    Yakkos of this country. He is another
    Ivan the Terrible masquerading under
    the guise of a journalist/politcal
    anaylyst/political broker/media
    manipulater and a lot more.

    Congratulation to the Colombo
    Telegraph removing the bandage of
    this fake.

  • 5
    0

    I personally don’t believe that Victor Ivan has done anything dishonest or questionable. He built up Ravaya in the teeth of formidable odds and has been rendering an incomparable service as a journalist. I don’t see any wrong in his claiming his due. After all, he too like you and I needs money to make a living. He does not get his requisites for the upkeep of his wife and self gratis! I hope Victor will make a clarification.

  • 2
    1

    5 million rupees is nothing.

    • 3
      0

      Where is the rest of my post? It’s all public knowledge. Look at what Michael Hardy wrote:

      “A year later, after I returned to the United States, I learned of another reason why Lal threw his support behind Fonseka: Fonseka’s political coalition was secretly funneling one million rupees ($9,000) a week to the Leader. (In a recent email to me, Lal said that the money was intended to help the Leader increase its circulation and did not affect his decision to support Fonseka.).”

      If you want to criticize Ivan, fine. He’s no different than Jansz. Where you do think one million rupees a week went. Tsunami disaster relief?

  • 0
    1

    [Edited out] We are sorry, the comment language is English and please don’t post gossip web links – CT

  • 0
    0

    [Edited out] We are sorry, the comment language is English – CT

  • 0
    0

    Colombo Telegraph can write what ever they like. No author, the site registered in foreign country so it is difficult to get any legal actions against this kind of pre-planned attacks. This happened before for few people. Learn from Ravaya, always publish what the other person would like to say about accusations you bring up against them, just to be fair enough!
    Victor has explained everything about this article published in Ravaya recently.
    Just because of your anonymity, you don’t have to attack people like that. It just disgusting! God bless Sri Lanka.

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