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Sri Lanka Equity Forum » Stock Market Talk » What is the basis on which you appoint Directors to Commercial Banks?

What is the basis on which you appoint Directors to Commercial Banks?

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Stock Trader
Dear Mr.Governer,
What is the basis on which you appoint Directors to Commercial Banks?
One of the defunct and now retired CEO of a once leading Commercial Bank under his predecessor has indicated at a forum that Composition of Directors of Commercial Banks is not appropriate.
Aren’t you carrying out a test to check whether such Directors are “fit and fair” persons?
This defunct CEO was a “no man” before he joined the prestigious Commercial Bank which was once highly reputed and number one private Commercial Bank , he successfully downgraded to the third position. Once again he became a “no man” after retirement. He became a man only because he held the position of CEO and not vice-versa.
Wasn’t he subject to ‘fit and fair” persons test before he was appointed as a Director?
Do you have the guts to request him to name the Directors who he considers does not satisfy the requirement of composition and carryout investigations on his comments to remove such Directors?
Do you have the guts to take action against him for defamation if he is unable to prove his allegation?
This was the person who has manipulated the price of a hospital share which was offered by a major share holder as security for a facility with the Bank and sold at a deeply discounted price to a person who was not even known as an entrepreneur. Is this the main reason for this retired CEO being offered a job at another Commercial Bank? This person unethically sold a document prepared by senior officials of his previous Bank on”Strategy to restructure XXX Bank” and negotiated the CEO Job.
This person was responsible expanding the pawning business when all other senior officials requested him on the downside risk. Subsequently the Bank suffered losses in the pawning portfolio.
This person was responsible for setting up an exchange house in Canada to provide employment to a lady of his choice. He also set up exchange house in Oman by misleading the Bank by providing a name of a proxy of the real investor as joint venture partner. He was forced to close down this operation after incurring heavy losses. Is the Bank this activity? What action has the Bank taken when this person accompanied the Partner of an audit firm to two foreign countries on Bank expense without proper approval?

He had held the position of the Chairman of the “Asian Bankers Association” where no other reputed Srilankan “Commercial Banks” are members. He declared himself as the “Commercial Banker of the Year”. Doesn’t the Central Bank check on these manipulations?
Mr.Governor it is now left to you to decide on what action to be taken?

Tharini Rajendra(Mrs),
69, Sugastan Gardens,
Off Ward Place,
Colombo -07.


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I salute for yr bravery & courage Mrs. Rajendra. Prove the facts indicated above.


Stock Trader
Chairman of the “Asian Bankers Association”????????????? lol! 

Some CEO's of Commercial Banks seek cheap publicity by obtaining awards such as “Best Commercial Bank”, ”Best retail Bank” etc from Oversea Institutions/Associations . In almost all cases the criteria for the awards are not known and are based on the financial contributions made by the relevant selected winners. Although   some of these Institutions are known some others are not even known in their respective countries.  

Mr.R.T. was elected to head Asian Bankers’ Association which is located in Taiwan.A Layman would have thought this is a great achievement. But, it is not so.  

The interesting feature is that no other Commercial Banks in Sri Lanka , other than Hatton National Bank are even members of this association. Even from our neighboring country of India only ICICI Bank, State Bank of India –Hong Kong branch and Aware Macs Limited (People’s Bank Movement are members.  

This clearly proves that The Asian Bankers Association is not a recognized Body.   bounce

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