Act or be damned, Harsha warns regulators

Friday, 6 September 2013 03:42 - - {{hitsCtrl.values.hits}}

UNP MP and Economic Affairs Spokesperson Dr. Harsha de Silva yesterday in a statement emphasised that regulators must do their job before thousands lose their life savings – or else the Opposition will be compelled to inform the public. “As a responsible Opposition, it is our duty to warn the public before calamity strikes. We do not need several more Golden Keys in our hands and thousands of innocent people with nothing to live on. It is well-known to the regulators and financial analysts that several finance companies which are still taking public deposits are on the verge of collapse and unable to meet even the minimum statutory requirements. Even some of the rating agencies have withdrawn from rating these suspicious organisations,” Dr. de Silva said. “However, it seems that the regulators are not forthcoming with the truth and sometimes even giving credibility to such companies by officially associating themselves with these companies and their politically connected owners,” he added. “To avoid a run on finance companies, we will not name the rotten ones right away but urge the authorities to immediately take steps to inform the public of the true situation with respect to some of these insolvent companies masquerading as strong financial institutions. This must be done in a methodical manner without causing panic but in a way that the depositors can withdraw their money on demand. If the regulators continue to hide the whole truth, then we will have no choice but to reveal to the public the true state of affairs of each of the finance companies that are technically bankrupt,” the UNP MP charged.

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