Monday, 25 August 2014 00:00
Two nominees from Janashakthi Ltd./Janashakthi Insurance Plc have joined the Board of Bartleet Finance Plc, control of which they have agreed to buy as part of financial sector consolidation.
The nominees are Prakash Schaffter, who is the Managing Director of Janashakthi Insurance, and Ramesh Schaffter, who is a Director. Both appointments are as Non-Executive Directors and have been approved by the Central Bank.
On 8 August, Janashakthi Ltd. said it has entered into an agreement to acquire 86.79% of Bartleet Finance and plans to amalgamate the latter with Orient Finance Plc. The move was in compliance with the financial sector consolidation program of the Central Bank.
The planned acquisition is subject to Janashakthi obtaining all relevant statutory and regulatory approval and Janashakthi Ltd. carrying out due diligence of Bartleet Finance and being satisfied with the financials submitted.
Orient Finance Plc said the Central Bank by its letter of 7 August has approved in principle the planned acquisition by Janashakthi Ltd., the ultimate parent of Orient Finance Plc, on behalf of OFP and the subsequent amalgamation of Bartleet Finance with OFP. Janashakthi Ltd. also holds a 67.85% stake in Janashakthi Insurance Plc.
Prakash Schaffter, the Cambridge-educated Managing Director of Janashakthi, was amongst the youngest-ever Fellow Members of the Chartered Insurance Institute. With over 25 yearsâ€™ experience in the industry both in Sri Lanka and the United Kingdom, he has emerged as one of the leaders of Sri Lankan insurance industry. As the President of the Insurance Association of Sri Lanka and through several industry related committees, he has led the discussion on regulatory changes including separation of Life and Non Life business segments.
A former first class cricketer, Prakash represented both Cambridge University and London University. He is a former Secretary of Sri Lanka Cricket and also a former President of The Tamil Union Cricket and Athletic Club. He has also served as President of the Young Presidents Organisation.
Ramesh Schaffter is a versatile personality with over two decadesâ€™ experience in finance and marketing. He is a Fellow Member and former Council Member of the Chartered Institute of Management Accountants Sri Lanka Branch and an Associate Member of the Chartered Institute of Marketing. Having served as Secretary to the Board of Janashakthi Insurance Plc since the inception of the company in 1994, he was appointed to the Board in 2004. He has also served on the Boards of several public listed and unlisted companies.
An accomplished public speaker he is a multiple award winner at national and international level Toastmasters contests. He is President of Habitat for Humanity Sri Lanka, a NGO engaged in providing housing for low income families, and is on the Board of World Vision for Sri Lanka. He has founded Swarga TV and Swargam TV, which are television channels carried on a cable TV platform, in addition to Christian Arts Foundation (CHRAFT), an organisation which promotes music and drama.
Following the changes, the Board of Directors of Bartleet Finance Plc comprises K.G.D.D. Dheerasinghe (Non-Executive Chairman), Eraj Wijesinghe (Managing Director/CEO), S.C. Wijesinghe, E. Wijesinghe, I. Fernando, B. Subasinghe, S. de Alwis, S. Raghavan, S. Sirikanthan, D.A. Wijesinghe, P.A. Schaffter and R. Schaffter.