The Hon. Shanakiyan Rajaputhiran Rasamanickam

¶ 01 Hon. Speaker, before my question, I extend on behalf of the Illankai Tamil Arasu Kachchi my congratulations in this House to Thalapathy Vijay, Leader of the Tamilnadu party that has just recorded a historic victory in India. We look forward to working with the people and Government of Tamil Nadu on the issues of the Eelam Tamils.

¶ 02 Hon. Minister, this is the third time since 2020 I raise this matter in Parliament. This issue dates back to 2008. The Finance Company was doing well; for political reasons, after clashes involving Lalith Kotelawala, a programme to render The Finance Company insolvent began in 2008. From 2008 to 2019, on 23.10.2019, while knowing the licence would be cancelled, in January 2019 a large advertisement was placed to attract new investors, and almost Rs. 950 million in new deposits was mobilized, and only thereafter was the company closed. Your Government should, outside the ongoing process, appoint a commission or take new steps, because we have reports that institutions like Sussex College were acquired using funds of The Finance Company.

¶ 03 Also, The Finance Company owned a significant portfolio of “airspace” rights and buildings in Colombo. Your reply focuses on insurance compensation. Insurance is separate; depositors’ own monies were not returned, and through the liquidation process, employees have taken their monies. In 2008, when the Central Bank took over, assets exceeded liabilities. I see a massive, deliberate conspiracy. In the 2021 Commercial High Court case, it appears lawyers reached some arrangement without consent of the petitioning party. Will the Government intervene, appoint a new committee, and provide relief to these helpless people? My request is to ensure justice to depositors, not counting only insurance payouts.