Malicious campaign against me, says Ajith Nivard Cabraal

The Govenor of the Central Bank, Ajith Nivard Cabraal has sent us the following rejoinder to a newspaper article carried in another (not Lake House) publication: "Over the past few weeks, I have observed a highly organised and malicious smear campaign designed to discredit and humiliate me. It has been unleashed by a politically biased newspaper which is well known to be striving towards discrediting and destroying the image of the present Government.

By attempting to tarnish my name, it is clear that those elements now wish to diminish my role in the development work of the Government and the country.

In their vicious reports with banner headlines, they have made allegations which are false and have also attempted to misinterpret my past professional consulting work in the field of Business Recovery and Capital Restructuring as a sinister exercise.

As is well known in the business, banking and professional circles, my firm and I had been providing consulting services to many clients who faced business closure, down-turns and crisis. On many occasions, through our efforts we had been able to revive sick and ailing companies.

Further, due to my intense interest in the subject and its value to the business community, I also provided the leadership towards the establishment of the Business Recovery and Insolvency Practitioners Association of Sri Lanka. This Association, for the first time in Sri Lanka, highlighted the need to revive sick companies professionally in order to turn-around such companies so as to be able to continue their business and play a role in the economy of our nation.

It is therefore sad that these pioneering and professional efforts at revival of companies in difficulty has been construed by certain newspapers as being some kind of undesirable or unethical practice.

At the same time, these politically motivated persons under the convenient cloak of journalism, have attempted to suggest that certain companies which are supposed to have links to pyramid schemes are connected to me. This is a malicious and untenable attempt to tarnish my credibility.

My views on "pyramid schemes" and multi-level marketing has been clear, consistent and in the public domain. In my book, "Lak Mawata Muthu Potak" published in October 2004, I have included an essay authored by me and published in the popular Sunday Lankadeepa newspaper on 27th June 2004 titled, "Pyramids in Sri Lanka?".

In that article, I have clearly explained the dangers and ill effects of pyramid schemes and advised the general public to beware of such schemes. Such warning was made by me long before some of the current vociferous crusaders against pyramid schemes even realized the dangers of such schemes.

I wish to categorically state that members of my family and I have not received or availed ourselves of any travel or entertainment benefits whatsoever at any events from any organization as insinuated. In fact, any reader who read the entire report carefully, would have probably realized such fact, although readers may well have been easily misled by the sensational banner head-lines, mischievous sub head-lines, and the innuendo which have been cunningly used by the newspapers concerned.

I also state that, notwithstanding any personal or professional connections I may have had with clients and other associates during my career in the private and professional sectors as a Management Consultant and/or a Director, since assuming duties as the Secretary to the Ministry of Plan Implementation, I have discharged my duties with the highest degree of objectivity and impartiality in the interest of the Government and the country.

Needless to say I shall continue to do so as long as I hold public office. Further, upon taking up of office as the Governor of the Central Bank of Sri Lanka, I would act in absolute accordance with the mandate and requirements of the office and I believe His Excellency the President is confident of my overriding and sincere desire to do so.

Finally, let me state that I bear no ill will towards the overt mischievous elements or the covert manipulators who are behind this mud-slinging campaign of hate and malice against me. I am sure that some day they would realize the futility of their viciousness.