28 March, 2024

Blog

Will Anyone Guess What This Is!

By Rusiripala Tennakoon –

Leaked by a Whistle-Blower “a page from the charges A/c salaries of Contract employees”

Could it be a list that includes the salary bill of some institutions paid for about 15 Executives drawing a handsome salary of Rs. 300,000/- each ? Well Rs. 300,000/-per month is a handsome salary according to the standards of the heavily debt burdened country !

Or could it be a little less generous emolument package covering about 30 top level Executives Grade employees, each being paid about Rs. 150,000/- per month?

Does it also refer to Performance Bonus payments made to Executives who showed extra-ordinary performance levels highly recognized by their Board of Directors on some evaluated criteria relevant to the profits generated based on their individual contributions?

This institution or organization has been very generous in computing and paying arrears of increments to its Executive Grade employees.  In one shot they have paid Rs. 37,502,500 Millions. Next year, just 6 months later this very generous organization had paid another sum of Rs. 37,502,500 the same as the previous year’s payment, as arrears of increments again.

As the assumed numbers for the salary payments in our hypothetical assessment above, 15 or 30 in number, this amount of incremental arrears should have been for this number.  If according to our presumption the numbers was 15 then each lucky Executive employee would get  Rs. 2,500,166/- as incremental arrears. The next question is for which period?  If the amount is for one year then each would be entitled to a monthly increment arrears amount of Rs. 208,347/22. Vow! What an increment?

A top level of Senior Administrative Grade (Former Civil Servant Grade) gets an annual increment about Rs. 30,000/- i.e. Rs. 2,500/- per month. (If on the other hand the number is 30 the amount each gets as arrears of increments would be Rs. 1,250,083/- which works out to a monthly increment of Rs.104,173/61). This is an amount which will not be reflected anywhere in any public service salary structure!

Now there are two Gratuity payments in this list.  An amount of Rs. 8,453,300/- paid to a person called Sabry and another amount of Rs. 3,400,000/- paid to a person called Deepal.  The gratuity payment is made according to a statutory formula which is half months’ salary last drawn multiplied by the number of year in service.

If we assume that these 2 Executives had a service period of 15 years then we can work out the salary basing the gratuity formula.  It works out to Rs. 1,127,100/- in the case of Sabry and Rs. 453,333/- in the case of Deepal.

Now you will wonder who these lucky Executives were, and who this generous employer is. We will give you the answer, but not specifically identifying the institution due to other restrictions and reasons.

Nevertheless! There you are. It is a State Bank – Where? In Sri Lanka !

The information quoted is an extract of the charges A/c Contract Employees Salary

And this salary and bonus bill is for how many Executives? Less than 5 !

Not 15 or 30 we assumed in our computations. Even if the number of Contract Executives is taken as 5, according to the April, 2018 Salary figure they are paid an average of Rs. 1,100,000/- each.

According to the Collective Agreements of the banks with their employees (Public documents) the General Manager of a State Bank which is the highest Executive position is entitled to less than Rs. 300,000/- per month.

What a generous and bountiful handout? At the cost of the public ! The customers expiating for the sins of others while the State that controls these Banks sleep. What is the reason for the deadly silence?

Long Live Good Governance! And God Bless the Yahapalana clowns who have been blind folded for their well-paid act of campaigning for Good Governance. 

Let the MOF (meaning the Ministry of Finance) because it is the MOF which has provided funds for State Banks to function and 

the (CBSL – Central Bank of Sri Lanka) because they are the guardian angels of the banking system in the country with all their laid down procedures and guidelines and 

the Minister in charge of State Enterprises to whom the National Government has entrusted the state Banks.

And finally that sanctified venerated divine body call the government audit, because they are the infallible, flawless authoritative body that should uncover the sins and expose to the nation, become answerable to the poor public, some dying in thirst for want of drinking water and several others departing their worthless lives being unable to get the medication they need in time due to lack of transport and means to afford.  

It will be a curse on the decision makers to allow such a huge drain of public monies of this magnitude !  

Print Friendly, PDF & Email

Latest comments

  • 9
    0

    Should be a part of the remuneration of a crown corporation.
    Parliament appointed executives who are drilling the corporations down to the ground.

    This wont be funny if its from Air Lanka.

    • 6
      0

      This is Peoples Bank

      • 16
        1

        Rusiripala is a disgruntled ex-Peoples Bank employee.

        It is common knowledge that while working there as a junior officer many moons ago, he was actually a “Manik Mudalali”, and made a fortune with the help of a Muslim “Gem Officer” employed by the bank.

        At Peoples Bank Rusiripala made much more money than the total shown in the leaked ledger which CT has published.

        Thereafter he licked his way to be come Chairman of Bank of Ceylon! What a joke?

        In my view the payments shown are not per se illegal, and Rusiripala’s grouse is that it is too much for a state bank!

        Rusiripala, before tilting at windmills please let us know whether these payments are within the contractual entitlements of the beneficiaries.

        If so, please shut up!

        • 0
          0

          Lucky people who go home humming ‘we’re in the money’…….

          For the rest, ‘nice work if you can get it, and if you get it show me how’.

          So, the question really is, if it is contractual, is it still then OK?

          • 6
            0

            Of course it’s ok, if under legal contract of employment.

            Rusiripala suffers from sour grapes syndrome.

            He poses as a so-called public interest activist, but really has no
            antecedent credentials of any merit. His claim to fame derives from his unholy association with the discredited Sirasa/Maharaja organisation.

            It would be interesting to learn how a low-grade Peoples Bank employee was made chairman of Peoples Bank. Come on Rusiripala Tennekoon, please enlighten us!

            Apparently he is still a “manik mudalali”!

            • 0
              0

              CORRECTION: Should read as

              “It would be interesting to learn how a low-grade employee became Chairman of Bank of Ceylon”

          • 2
            0

            S.K,
            The point is that these people do their job (they got the bank 24 billion in profits in 2016). It is possible to hire some nincompoop for 300,000 and then make 20 billion in losses.
            We don’t ask the medical specialist whether it is OK for him to charge around 25,000 an hour ,do we?

      • 1
        0

        I knew a Sabry at Peoples’…… and hear he is back in employment at Peoples’ Leasing? What fantastic bloody payrolls….. and what fantastic gratuities…… this is the bane of today’s society for sure.

        It is also rumoured that Lanka has 8000 Pradeshiya Sabha members, each getting Rs 6 million per year and a duty free car permit worth Rs 15 million.

        No wonder such parasites are thriving while the masses suffer?

        What will change this? Nothing short of a peoples’ (pardon the pun) power revolution

    • 0
      0

      This comment was removed by a moderator because it didn’t abide by our Comment policy.For more detail see our Comment policy https://www.colombotelegraph.com/index.php/comments-policy-2/

    • 0
      0

      Blood suckers abuse poor man s poor funds

      But law professionals are on their long slumber

      If individuals would get it the need of the hour – which is to stand against high corruption.. toppling any state bodies by coming to the streets.. go marchs days and weeks long asking but asking only JUSTICE.

      That I believe is the need of the hour.

  • 16
    0

    Come on CT. Don’t play cat and mouse games. Just name and shame the institution or bank.

    • 6
      0

      Sabry Ibrahim & Deepal Amarasekera, GM grade at Peoples Bank ? People’s Bank do pay much higher than other state banks.

    • 0
      0

      Don’t blame CT. Look at the author’s name. It is Rusiripala the well-known “expert” on Bond Scams and such (but no idea about pre-2015 scams). I wouldn’t be surprised if this “dossier” is what Killi Mahaharajah passed onto him.
      CT, you ought to know better than to promote class envy . If it was possible to run a state bank efficiently with a max. executive salary of 300,000, don’t you think R.T himself would have done it when he was a Bank boss long ago?

  • 5
    17

    Srilanka is a disaster!

    After the unfortunate country collapses due to debt, only Saudi can save it. But on Saudi terms! Can’t wait.

    • 3
      0

      Lol.. you’ve got a loose nut or maybe more in your head haven’t you?????

    • 6
      0

      If the bunch of idle crooks in Parliament can be paid in lakhs, why not pay millions to people who do actual work?

      • 3
        0

        “It will be a curse on the decision makers to allow such a huge drain of public monies of this magnitude ! “
        There is nothing to be indignant about. In the first place, it is NOT public money.If this is a Bank, the depositors can vote with their feet and take their money elsewhere.It’s their money, not the Treasury’s. If the Bank provides better service and benefits than others, why complain about salaries?
        I don’t believe the State banks would be able to get a GM for Rs.300.000 when they can get millions at a private bank. Mr. Rusiripala has an obvious political axe to grind.
        Very many professionals demand and get salaries upwards of 500,000 these days. It’s a simple case of demand and supply.IT managers are one group. I suppose our whistle-blowing Rusiripala doesn’t want to talk about doctors who make 25,000 an HOUR on the side? THAT wouldn’t be in his political interest now, would it?

  • 12
    1

    Yahapalan Finance Strategists did their home work before they struck.
    Dr Ranil’s Finance team had Malik Samre, Kabir Hashim and Galleon Ravi.
    And Dr Ranil hired the Singaporean and his ex Royal mate Dr Mahendran.
    Now we know what they did to the Central Bank.
    And set the Bench Mark.
    So these sums are really Peanuts in a sense.
    Galleon Ravi boasted that LKR 80 Lakhs is Small change for him.
    That was when defending the LKR 150 Mil Monarch Santhosam, which Meela and Oneliya got from Aloysious after the Central Bank Heist..
    The beauty is their brilliance in picking the Targets.
    Theses all had/ have a UNP Yahapalan Minister in charge.

    • 3
      7

      KASmaalam K A Sumanasekera

      “Yahapalan Finance Strategists did their home work before they struck.”

      Are you sure they learned the ropes from Ajith Nivard Cabraal and Dr Mahinda Rajapaksa (LLD + 3 X PhD) who was the Minister of Finance (Sri Lanka) from 23 November 2005 to 9 January 2015?

      Surely Dr Mahinda Rajapaksa would have left some notes or paper trail for Malik Samre, Kabir Hashim and Galleon Ravi to learn.

      • 2
        2

        Dear Native,

        Dr Cabral is a regular on the stage at Pohottuwa rallies.
        When is your Idol Dr Ranil is going to bring his mate Dr Mahendran from Singapore to UNP rallies .
        And tell the inhabitants what a pukka job they have done to the Economy.
        And how our Dalits are swimming in Yahapalana Milk and Honey doing millions of assembly jobs provided by your Yahapalana supporter White fellas
        And of course your close cousin Hindians .
        BTW do you get anything from Mallika for your untiring efforts to sell Dr Ranil and his Yahapalanaya.

        • 0
          0

          KASmaalam K A Sumanasekera

          “When is your Idol Dr Ranil is going to bring his mate Dr Mahendran from Singapore to UNP rallies .”

          What made you assume Dr Ranil was my idol?
          My idol was and is Joe Abeywickrema who sadly passed away in 2011.
          BTW why are you laughing?
          I believe your idol was Dr MGR and Dr MR is your current hero for completely different reason. When and why did you switch your loyalty from Dr MGR to Dr MR?

  • 0
    0

    This comment was removed by a moderator because it didn’t abide by our Comment policy.For more detail see our Comment policy https://www.colombotelegraph.com/index.php/comments-policy-2/

  • 0
    0

    This comment was removed by a moderator because it didn’t abide by our Comment policy.For more detail see our Comment policy https://www.colombotelegraph.com/index.php/comments-policy-2/

  • 2
    0

    I heard many ministries have hired executives for them. Railway is one such department, Sri lanka Air liens both Mahinda Ra and Ranil – WIJEGUNATHILAKE – did that.

  • 3
    0

    Name the damn institution and get on with your job instead of playing cute! It is the job of the media to report the facts not judge! I forgot, you are not the media.

  • 3
    0

    Yes, Ranil’s friends salaries from the Public Treasury! What else could it be?

  • 3
    1

    Oh people people is this such a difficult guess? Anyhoo this kind of compensation is not irregular except it may seem despicable considering the other 99% of the mere mortals of this resplendent island.

    • 2
      3

      wannihami

      Don’t despair. It was you who created this monster over 70 years in the name of Sinhala/Buddhism, and gave to Sinhala/Buddhism the foremost place and accordingly it became the duty of the State to protect and foster the Buddha Sasana, in other words protecting all crooks who invokes Chapter II.

      Why complain now? Weren’t you silent when you were profiting from the same system?

      • 2
        1

        Sure mate Native in the US of A Bank CEOs earn about 1000 times the bank cashiers wage, I am sure they are all Sinhala Buddhists and I am sure it is because of SWRD;s policies post independence from British hehehe (I see a pattern there) and as for UK , the white dude CEOs for whom you pine and salivate..(If you convert to Buddhism there is that chance of being born as a dog in a British white home in your next birth, so think about it) don’t even disclose CEO salaries.
        My suggestion is for you to become a Sinhala Buddhist, and you would be happier within, I guarantee you.

  • 2
    0

    loud mouth kiriella will do not do any to stop this sort of things happening
    i hope the tax boys get on to this other big scam
    yahapalanaya is scam after scam after scam
    what they will do in the next 18 months is anybodys guess as the 2 leaders will look the other way

  • 3
    0

    Rogues everywhere. Absolute power corrupts.

    • 3
      0

      Ad

      Absolute power corrupts absolutely.

  • 6
    0

    Colombo Telegraph: It is best to stick to reporting when you have something and the balls to report.

  • 6
    0

    My Guess
    There r only 3 state banks in Sri Lanka that could afford such massive amounts as payments
    NSB is only a savings bank and may not need expert services at such a cost
    So it has to b either PB or BOC
    But from what we know BOC has its own official successions. Recently their last GM who was a Long standing BOC employee retired and he was replaced by another officer from the bank itself as reported
    Then we are left with the only other possibility the People’s Bank!
    Well we have heard many queer things going on there
    Like the Bank replying public allegations about Scams involved in digital procurements
    A local paper gave head line information accusing them of a huge scandal!
    So our Guess points to only one place
    The PB?
    As the article provides two names in the account sheet reproduced called Sabry and Deepal it may not b difficult for some one to find out whether there were two high ranking officials serving there with these names. So one would not need FCID to find out????????
    Looks like it has become some people’s bank?

  • 4
    0

    What a place to work as a “Contract Employee”! A 5 year Contract is enough to retire and live like a king anywhere in Lanka!!. Please CT, name the institution. I want to make a try, even if I have to approach the Prez or PM.

  • 0
    0

    This comment was removed by a moderator because it didn’t abide by our Comment policy.For more detail see our Comment policy https://www.colombotelegraph.com/index.php/comments-policy-2/

  • 2
    0

    It will help my bloodhounds to follow the trail of these crooks if we could get a similar sheet dated before 2015.

    • 0
      0

      You use your bleeding hounds to track the fresh blood first. Hounds without any noses, huh, like the sword with no bloody edge. Liars, conmen and gangsters in charge of the country.

    • 0
      0

      You should be an idiot as no words can define.

      All was over looted in the high days of Rajano…. this is glass clear

      But as goo eating dogs would never stop, you guys further make every effort to protect them.

      I wish Sharial laws would have been the case in sl, EDWIN should be ONE of them to be stoned on the top of th elist.

      • 0
        0

        Satisfying Big Needs. From your name we can see that your things are little, including your little simon. And I know it is frustrating – not just frustrating but hugely frustrating – to the owner when he has to satisfy huge needs.

        Tell your Nazi master (or mistress as the case may be) to change your name to simply SimonOfBerlinToilet. Or simply – S.O.B. Toilet. That may help. At least, it will make the Mother of the SOB happy to know that her son is doing a big job in Berlin, cleaning the mess after the Nazis finish doing the Big Job.

  • 3
    0

    There is nothing to guess here. We have to face the reality. Banking sector salaries for top executives vary from 300000 per monthat state bank level to 3 million at private banks.This particular bank was saved and brought up to this level by the top people who were recruited by the then chairman very courageously recruiting senior executives from mainly foreign banks. on contract basis. To attract them you have to match the salaries.An executive earning a million Rupees with 10 years service will take home a bonus of Rs.3million and a gratuity of Rs. 5 million leaving after 10 years.I worked for a state bank for 30 years and earned a total of Rs. 6 million during 30 years. Starting salary Rs.410 per month and at retirement at almost the top level Rs.30000 a month.Immediately after retirement I earned five times the salary earned at state level from a private bank.

  • 6
    0

    The very reason the Country needs a Dictator, to prevent this type of robbery. another Lee Quan You.

    • 4
      0

      This is not robbery. You know the peanut theory and sour grapes. This bank made Rs.20 billion last year.

  • 0
    0

    The Colombo Telegraph has got only a snippet of the highly paid salaries. Sources close to a Professor who is now appointed oversee Information Technology in the country tell me that in the outfit which he has to head there was a lot of misappropriation of money, even under the nose of the “Yahapalana” Government aided and abetted by the Treasury. If the “Sil-redda” was wrong then this is wrong manifold. Money was given by the Government to that institution to pay bills which it owed. Instead a good part of it is pinched to pay salaries. What is revealed by Colombo Telegraph is a case of say a person possibly earning about 3 Lakhs a month. But in this outfit the top-tier fellows get about 9 Lakhs a month. Only the third layer gets about 3 Lakhs a month. They have even gone on foreign trips by the bushel on pinched money and are given handsome stipends far in excess of Government published rates. The result is a situation of money comes money goes. May the Good Lord help Sri Lanka.

  • 3
    0

    Oh this is nothing new! RT in the Middle East and Singapore a Bank Manager draws around 20,000U$ excluding other perks.
    I hope Killi Sirasa didnt pass this dossier to you.

  • 0
    0

    To be fair by the UNP all of them were recruited by the 20 year SLFP regime. They were right the bank needed expertise.

    • 1
      1

      Upali,

      20 years of Blue brigade rule has destroyed democracy and rule of law.
      Its time up for foreign Judges to put things in order.

  • 0
    0

    Is the Auditor Generals department functioning?

    • 1
      0

      SF

      Which department is functioning properly in Sri Lanka. Only the corruption department.

  • 5
    0

    To throw a spanner on to this wheel, I don’t believe in a Capitalistic system it is wrong for the Executives to be payed 10 times that of the lowest wage owner. In USA it is about 1000 times or more of the lowest wage earner. This piece of paper does not say if the lowest wage earner were payed gratuity or not..if not that would be wrong. But one cannot expect to live in a Capitalistic society, enjoy all the freedoms that it grantees but expect equality when it comes to salaries. How many of my fellow travelers here would be happy in a communist system..none I would say. You cannot eat the cake and have it too as the say.

    • 0
      0

      ” But one cannot expect to live in a Capitalistic society, enjoy all the freedoms that it grantees but expect equality when it comes to salaries.”
      Well said, Wanni. One must remember that the writer himself was a Bank Trade Unionist and has these socialistic hang-ups.

  • 0
    0

    If these people were employed fifteen years back, they are probably from outside the state banks and would not have given up lucrative jobs in the private sector to join the state sector unless they were appropriately compensated.
    It’s no secret that private banks pay much bigger salaries than these to their top staff. (Yes, I do envy them, wish I hadn’t left my banking job long ago;( )

    If this is PB weren’t they running at huge losses like Sri Lankan till some years back when a foreigner was brought in and turned it into a profit making entity?
    So maybe they worked to make it happen, unlike the old recruits :) :) :)

    Also if salaries had been contracted over four years ago yahapalana govt cannot be held accountable for it. Was it perhaps one of the few smart things done by the previous regime?

  • 0
    0

    If you ask these top salary earners to take a small pay-cut so that the lower category of minor employees could have some relief would they agree? NO!
    But if a minor employee pilfers out an office stapler or some such item to pay for Milk Powder for his child there would follow an interdiction,an Inquiry and so on with the proceedings costing much more than that of that Stapler.This then is the reality of our capitalist system.
    What a World!

  • 0
    0

    Check the name of the Chief executive officer in People’s Leasing PLC.

  • 0
    0

    This comment was removed by a moderator because it didn’t abide by our Comment policy.For more detail see our Comment policy https://www.colombotelegraph.com/index.php/comments-policy-2/

  • 1
    0

    It does not say ‘Executive salaries’ but ‘Executive salary’ meaning one person’s earning!
    Corruption/nepotism has pervaded our institutions to the extent that such actions go unchallenged.
    The silver lining is Lankans like Rusiripala Tennakoon (Thanks to you) are reporting it.

  • 0
    0

    This is PEOPLES Bank. I am sure as the article has given two names that is Sabry and Deepal. Sabry is former DGM Credit and present CEO of Peoples Leasing Company. and Deepal is head of marketing or distribution.
    This is why people say this bank is SOME PEOPLES BANK.
    So where is the bank trade unions who are shouting at each and every moment of the state. They too are thiefs.

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.