They say cowards die many times & the brave only once. There must be many who bravely invested in the ventures of late Lalith Kotelawala (LK) & die daily due to the fall. They may know if LK died once or not after his fall from fame in 2008. LK once said that he grew up in a palatial house at Ward place, owned many houses but still could sleep only on one bed at any given time (Ref. Media). Still it was reported he had interests in his cousin Dr. Gamani Corea’s house at Horton place (constructed by the Arsecularatne family in the 1800s AD).

LK’s uncle PM Sir John donated his estate to the National Defense University. Some indicate that LK’s father Justine (Sir JK’s brother) wasn’t good in financial management & hence Sir JK leased part of his land to ‘Bata’ shoes with instructions to credit the monthly rent to bankrupt Justine K fearing he might sell it if the land was written in his name. LK was the grandson of John K Senior (Policeman cum businessman) who is believed to have committed suicide as a result of unleashing unnecessary violence against late Col. T.G. Jayawardena on the latter’s wedding day. There are many views on that death but the rise & fall of LK should be the lesson studied by young & fallen investors if they wish to be successful. LK (aka - banker with a heart) praised for providing employment to thousands is blamed for mismanaging funds in a heartless way bringing misery to many.

He appeared in tears to tell a tale about a helicopter ride to Diyagama stadium with President Mahinda. A similar story with a happy ending was Prime Minister Premadasa renovating the ‘Sugathadasa’ stadium in 1980s. Premadasa took Arab philanthropist Al Farzi to the stadium & named the grand stand in his name acknowledging his generosity. Arabs known for trading were very active during the ancient Silk Road. Kotte era chronicles indicate that they even leased the small island off Beruwala to trade with the Chinese during 1400s AD.

Shanxi merchants

Shanxi merchants (aka Jin merchants) were traders from the Shanxi province in Great China.  With a history of about 2000 years they were prominent during the Ming & Qing dynasties. Their credibility had played a key role in Chinese economic success during the ancient Silk Road.  They have had influence expanding to Persia, Arabia, Central Asia, Mongolia, Russia & Japan etc.  Shanxi merchants are credited for introducing; a bank draft system, safe printing of currency notes & safe money transfers with dedicated escort services (consisting Chinese worriers who valued the credibility of commerce & banking more than their lives). The values of Shanxi merchants are considered the birth of reliable banking with dignified bankers/ finance managers with a high level of integrity.

The success of Shanxi merchants started with the salt trade as Shanxi is located in Northern China where large volumes of natural salt production took place. Most believe that Shanxi banking system of China was the foundation of modern banking system. Based on such reliable foundations the Peoples Republic of China by now is the world’s largest printer/minter of currency notes & coins. The state owned agency in Beijing has approx 20,000 employees & runs approx 10 high security facilities to produce banknotes & coins. It produces money for several countries including Thailand, Bangladesh, Malaysia, Brazil & many African nations (Ref. Chinese sources). Partners of the Belt & Road have the opportunity to benefit from that stability with agencies such as the Asia Infrastructure Investment Bank etc. Sri Lankans once again learned about an individual from south who cheated approx 990 million LKR recently (Ref Media). Sri Lankans should learn from good friends to prevent conflicts arising from financial mismanagement.

Our greatest glory is not in never falling, but in rising every time we fall - Confucius.

(Views expressed are personal).