How did they entered to Sri Lankan market and acquired half the company and its assets of a National Telecom company such as SLT is a big wonder!
The truth is the entire deal was negotiated by current chairman by using Manoj Abeydeera. This is proven as Manoj Abeydeera is a current Director of the GTH Lanka which is the local company representing GHT foreign company in Sri Lanka. This combination Chairman and Manoj Abeydeera covered and camouflage the opposition to this transaction by the patriotic politicians, religious leaders and union leaders who always stood against foreign takeovers. Today these two control SLT for their personal gain and for the gain of the foreign party. It is clear current Chairman and Manoj Abeydeera are the ones who brought Greg Young (current CEO) to SLT.
 |
| The 28th Anniversary of the disappearance of Mr. Upali Wijewardene, Founder Chairman of the Upali Group (Pvt) Limited was marked yesterday with religious ceremonies and blood donation campaigns. A special Bodhi Pooja was held at the Kelani Rajamaha Viharaya yesterday evening. It was conducted by Chief Incumbent of the Kelani Raja Maha Vihara Dr. Kollupitiye Mahindasangharakkhita Thero. Managing Director of the Upali Group of Companies and Chairman of Sri Lanka Telecom Nimal Welgama, Chairperson of Upali Newspapers Ltd Lakmani R. Welgama, Director of Upali Group of Companies, Dhammika Attygalle and Miss Karishma Welgama are in the picture. Pic by Nimal Dayaratne. |
What is SLT performance in 2009 & 2010? The net profit of SLT recorded for year 2009 is Rs. 1.2 billion. This is 81% lower than the previous year. Previous year before current Chairman and CEO arrived in SLT, the net profit of SLT was Rs. 6.6 billion after tax and with their management in 2009 it dropped to Profit after tax of Rs. 1.2 billion.
To maintain SLT CEO the company need to expense a cost of Rs. 120 million for a year which is 10% of total net profit of SLT. Can this be justified? Can SLT CEO claim any significant performance improvements at SLT to spend such a large sum of money and cost? It is know, the previous foreign CEO from NTT Japan, who had 30 years experience in Telecom field and was also the CEO for many years at SLT cost the company only Rs 3.5 million a month. Is the SLT Chairman pamper current CEO to manipulate all doings at SLT.
Current Chairman’s 2010 profit strategy is cut-down all activity budgets including the essential activities to reduce expenses to bogusly show a healthy bottom line. This is like penny wise pound foolish “be hungry to save money, and eventually when you are sick, you need all the money for medicine to recover, while all other healthy operators will overtake”. If the Chairman needs to cut down expenses he must first set an example by cutting down current CEO’s expenses which is amounting to 10% of SLT profits.
Current Chairman and CEO’s performance has affected SLT where the company has fallen from the position being No.1 corporate in Sri Lanka to No.7 in the prestigious Business Today award for Sri Lankan corporate companies. This may be why Chairman did not attempt to take the 7th place award by himself while all other Chairman’s/ Managing Directors of companied received their respective awards regardless of the company ranking.
The Chairman applies the same strategy for management of SLT. He does not come to SLT often as a Chairman should be. All previous Chairman’s devoted their fullest time towards this prestigious position. Why he is not interested? Or this is just a drama? Who encouraged and forced him to take the position? Is it the current SLT foreign partners from Malaysia which the Chairman had relationship prior to taking SLT position? Why has he given full powers to current CEO do whatever he wants? Is the Chairman working to the foreign parties tune?
Not only SLT has a very lucrative telecommunication business, SLT has prominent land in every city and towns of this country. Is this part of a major plan to get absolute control of SLT telecom business and control of the valuable properties that SLT as a company owns.
The current Chairman who is the leading devotee of the Kalaniya and Gangarama Temples can create a bad impression on all other true and honest Buddhist businessman and community in this country. Great sacrifices were made by true Sri Lankans from all races and religions to get the independence to Sri Lanka and to defeating the terrorism in our mother land. Is the Chairman leaning towards betraying the community to prevent economic prosperity of Sri Lanka becoming the miracle of Asia, by working together with foreign forces to their agenda with colonial mentality.
The chairman should be a straight man in all what he does! Even when appointing Sri Lankans he should be honest and not do personal favours by appointing such as Ms. Roshni De Fonseka, as the specialist marketing consultant to a company such as SLT. Ms. Fonseka was the marketing and adverting head at Upali Group in charge of Kandos just previous to SLT appointment. What was her success at Kandos. This brand was popular then and where is Kandos as a brand and as a product now? If she was so successful why was she appointed to SLT sacrificing SLT Chairman’s own business? What does she know about SLT and telecommunication industry. Can’t the chairman find a better person than a failed individual. Now that all marketing matters are happening to her wishes, then why does SLT requires a marketing and adverting division at all? And with latest Advertising Agency evaluation it was clear even before the evaluation the selected party was Leo Burnett agency.
Are all the manipulations above are just a part of the program of the foreign investors to recovery the initial investment with a handsome profits with a very short period of time?
In the telecom industry due to what is happening at SLT, currently it is becoming laughing stock. Is this should be the plight of a well respected national asset and a leading corporate in Sri Lanka.
Decisive action must be taken by The Minister/ Government and the Board of Directors now.
Over to you.
 The master plan of taking control of the largest telecom company in Sri Lanka by foreign Diaspor...){kind=link}
Post a Comment