The Hon. Kanthasamy Prabu

¶ 01 Hon. Presiding Member, today we debate amendments to the Companies Act, No. 07 of 2007, to rectify gaps in that law.

¶ 02 These amendments aim to provide for identifying the beneficial ownership of legal persons and to make the legal arrangements necessary for collecting and maintaining such information—thus filling several gaps in the Act. Our government intends to prevent corruption, fraud, money laundering, and the financing of racism, religious extremism and terrorism by standardizing the procedures.

¶ 03 Today, every citizen is effectively born a debtor as per-capita debt has surpassed average earnings. For 76 years, alternating rulers have subordinated law and justice to their partners’ interests. The economy’s bankruptcy is a direct result of past governance. Even the then Central Bank Governor and Finance Minister have been named as accused; investigations are ongoing. The infamous Central Bank bond scam is known to all—the largest fraud in our country. Internationally, AML/CFT standards must be implemented to build a corruption-free, terrorism-free country. Hence, we strengthen the Companies Act.

¶ 04 Under our present administration, the tri-forces, public service, judiciary and independent institutions function effectively and independently, recognized domestically and internationally. In the past six months, numerous bribery and corruption complaints have been investigated; past rulers and the officials who assisted them are being convicted and jailed.

¶ 05 By rectifying gaps in this law, we can protect companies internationally, and those forming new companies can align with proper standards and protect themselves. In the North and East, very few registered companies exist; among exporters, only one company in the North (Jaffna) currently operates. As a government, we must protect companies, ensuring legal compliance and transparency.

¶ 06 I also wish to note: discussion continues among the people on the Chemmani mass graves. In the past, when we spoke of the Chemmani massacre and sought to identify the bodies, those in power acted to block it. Today, as the NPP government, we are releasing funds and proceeding with Chemmani grave investigations.

¶ 07 Finally, I state that a fair investigation into the Chemmani massacre will be carried out. I conclude. Thank you.