(April 27, Halistavik , Sri Lanka Guardian) People are shocked at the collapse of the much-vaunted ‘budget airline’ Mihin Lanka — named after the President — after one year of operations, due to bankruptcy. The loss to the state banks, tax payers and the poor workers whose ETF money were used to float the airline is said to be over Rs. 3 billion.
Those responsible cannot just resign and walk away from this fraud perpetrated on the people of this country. In my opinion the people responsible for this staggering loss are:
1. Chairman, BOI — At that time Prof. Lakshman Watawala who it is said granted approval for Mihin Lanka in 24 hours. The Aviation Authority refused approval and the head of the authority resigned from his post and took up an overseas appointment.
However Dr. Watawala meekly followed ‘orders’ and gave his approval which it is now obvious, was done without any proper evaluation of the feasibility of the airline.
Dr. Watawala is now in the process of forming an association which goes under the name "The Institute of Certified Professional Managers" of which he is the founder president. His action in granting approval for Mihin Lanka in 24 hours shows a lack of professionalism and the Ethics Committee of the Institute of Chartered Accountants of Sri Lanka should look in to the ethics of this decision. However this is very unlikely as it is similar to asking the CID to investigate a minister.
2. The Chief Executive Officer of Mihin Lanka, Sajin Vaas Gunawardena – This gentleman has studied up to the GCE Advanced Level and has no expertise whatsoever in the airline industry. He was CEO of a company that manufactured adhesive tapes and which went into bankruptcy without settling its debts.
The persons responsible for appointing this individual to this post should also be held responsible. I hope a public interest litigation case will be filed against this individual, as directors are liable for company losses in the event of mismanagement under the new Companies Act.
3. It is reported that the Bank of Ceylon granted Temporary Overdraft (TOD) after TOD despite earlier TODs being in arrears. What kind of banking practice is this? The chairman and the general manager of the Bank of Ceylon should also be held responsible for the loss of this money. I trust the Central Bank’s director of bank supervision would take up this matter.
4. The Treasury Secretary, P.B. Jayasundera who continuously pumped Treasury funds into this airline.
The people of this country have a right to demand a proper investigation and that the guilty parties be punished.
- Sri Lanka Guardian
At first,Who placed this uneducated irresponsible fool as the CEO Mihin Air, Mr.R and Gota?
This fool is still plying with public money, now he is traveling in Europe looking for Planes for bankrupt Mihin Air. Who is in this earth willing to give Mihin Air any planes when they coul not pay the lease for previous planes. He knows, Mr R knows, Gotta Knows? Who is playing public money?
Most definitely, Mr.R and Gorta will give Sajin another CEO post. Look!
We are a blind Nation ruled by a mad bunch of thugs. Afterall, NADUTH HAMUDURUWANGE, BADUTH HAMUDURUWANGE.
I fully agree with the author. The Sri Lankan public and independent authorities should follow up on this, and stand up to to this massive fraud. The culprits should not be allowed to get away like all other frauds in SL, If that doesnt happen, this will be happen again.
Hey, how they investigate this, This airline belong to Mahinda & Co
This special correspondent who wrote this article - is he/she not a Sri Lankan? When on earth did in Sri Lanka any government official who mismanages anything was brought to justice during their respective party is in power? It is a false premise that Sri Lanka has good governance and is a democracy! If Sri Lanka ever to prosper and be a proper democratic country we need to get rid of ALL politicians and perhaps even hire a set of professional Sri Lankan consultants to take care of government departments.
the only man is responsible is MR and vaas is his relatin so who is going to investigate madamulana
Even it is failed investment due to ongoing cevil war.It is due to lack of undestading about the timing as well.If you look at europe some countries have got 10 or 15 bugets air line what about us why we can't have one and run in to profits. Any way now investment is already there it might pick up the business if if the war is over otherwise you cant't forecast it yet .If the war is over ruppe might get stronger and share market will get better if we need funds we can sell it off through shere market eventually.
This is what happens when our leaders are corrupt to the core and their only intention is to fatten them and their kith & kin. Our country is in a sad situation. We have no opposition as all them follow the principle "I will scratch your back and you scratch mine" But one consolation is no one can fool all the people all the time. They will not be in power permanently and when their turn is over let us hope we will have honest intelligent leaders who will deal with these thugs and pillagers and bring them to book.
Dr. Watawala you preach but don't practice. Where is your professional ethics. It is a shame. Chartered institute should take decipilinery action againt him. Selling himself for R family for money.
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