Political Figures, Entrepreneurs and Artists Raise Concerns Over CBSL Freezing Orders on Plantation Companies

A media briefing was held regarding the freezing orders imposed by the Central Bank of Sri Lanka (CBSL) on several companies, including plantation companies, with political figures, entrepreneurs and artists expressing concerns over the impact of the measures.

Speaking at the briefing, Sarath Manamendra, leader of the Nawa Sinhala Urumaya Party, claimed that Kasagala was not simply an organisation dependent on public funds and questioned the Central Bank’s authority to regulate such companies.

He claimed that the situation had adversely affected members of the public, saying farmers were facing difficulties in selling their produce and that employment opportunities for young people had been affected.

“Those sitting in suits and eating with spoons do not know how many people depend on these businesses,” he said, referring to the people and businesses affected.

Manamendra also claimed that small and medium-sized entrepreneurs connected to these institutions were now facing difficulties.

He further alleged that the Central Bank Governor appointed during the tenure of former President Ranil Wickremesinghe was attempting to place the current Government in a difficult position.

“If I were President, I would remove the Central Bank Governor. I would bring all these affected families and sit on the road in front of the Central Bank,” Manamendra said.

Meanwhile, Prabath Darshana, a former member of the Kaduwela Municipal Council and a social activist, said agricultural investment businesses had been severely affected by the situation.

He said that decisions taken during a difficult period for the country's economy should be carefully considered.

Darshana claimed that the freezing measures had disrupted the lives of many families and urged that the affected people should not be pushed further into hardship.

He said the Government should not treat these institutions in the same manner as organisations previously accused of financial fraud or pyramid schemes.

He also claimed that while the direct impact involved around Rs. 500,000, the indirect impact was much greater, affecting the livelihoods and savings of ordinary people. He further claimed that there had been no police complaints against the affected individuals.

Representatives of the Organisation for Empowering Local Entrepreneurship also expressed their views at the media briefing.

Entrepreneur Pushpa Kumara Karunananda, the organisation's secretary, and Vimukthi Perera, its national organiser, were among those who spoke.

Veteran musician and Chairman of the Sri Lanka Singers and Performers Association, Visharada Jagath Wickramasinghe, also expressed his views at the media briefing.

The comments come amid Central Bank freezing orders currently covering six companies and their directors. The CBSL says the orders prevent the disposal, transfer or other dealings involving the companies’ and directors’ assets. The Colombo High Court has confirmed and extended the orders. The Central Bank says investigations into Kasagala Green Plantation (Private) Limited and Ceylon Green Life Plantation (Private) Limited are ongoing under the Finance Business Act.