One of the Big Four professional services networks in the world – KPMG’s Sri Lanka Managing Director Reyaz Mihular yesterday (07) had said that takeover of the Government by business tycoons and billionaires’ duo Harry Jayawardena and Dhammika Perera can fix all the problems faced by Sri Lanka, addressing KPMG’s post-Budget Forum 2019.

We should give this Government to Mr. Dhammika and Mr. Jayawardena to run – KPMG Managing Director Reyaz Mihular addressing the audience at the KPMG’s post-Budget Forum 2019.

According to analysts several business forums held around Sri Lanka’s Capital Colombo from second half of 2018 has been trending on creating a platform for Business leaders and billionaires in the country to emerge as next political leaders of Sri Lanka’s US $ 87 billion economy, whilst Billionaire Dhammika Perera has been named by some Billionaire colleagues such as Sumal Perera in last year’s first Fire Side Chat event as the potential ‘Presidential Candidate’ for next Presidential Election whilst speaking to AdaDerana Billionaire Dhammika Perera has recently pointed out that he is ready to accept a position such as ‘Treasury Secretary’ which will give him ample of time to take over 10,400 country friendly policies to take Sri Lanka forward than sitting as President. Dhammika Perera has also suggested earlier that Billionaire Harry Jayawardena who has earlier served as a Chairman of Sri Lankan Airlines through a government appointment is  is the ideal person   to run the Chairman seat of Sri Lanka’s debt ridden ever struggling national airline Sri Lankan Airlines even now. Perera has earlier said that only a policy maker position will be able to make changes to develop the country in 10,400 hours - which is a tenure of Presidential term - and thus he is willing to take up the ‘Policy Maker’ position than being the President in Sri Lanka.

Two Billionaires Dhammika Perera and Harry Jayawardena together control nearly 20% of total Market Capitalization of over Rs. 2.6 trillion or US $ 14.7 billion Sri Lanka’s only capital market with control over 40 companies.

During 2005-2014 government era under the Patronage of former President Mahinda Rajapaksa Billionaire Dhammika Perera has already served as the Chairman of the Board of Investment (BOI) of Sri Lanka and Secretary to the Ministry of Transport. Harry Jayawardena.

According to reports Harry Jayawardena has started his career as a Tea Boy at a British owned tea firm in an office closed to Park Street and Baybrook place in Colombo 02. He has earlier taken over country’s largest state owned insurer Sri Lanka Insurance but later it was reversed by a judicial verdict and according to several media reports in past and analysts Harry Jayawardena has became a Liquor Baron after a hostile takeover of country’s largest distillery - Distilleries Companies of Sri Lanka (DCSL) in the past controls another distillery Periceyl (Pvt) Ltd. and a larger Milk Producer in the country – Lanka Milk Foods, Plantations, a travel, leisure, logistics and a hotelier group Aitken Spence, only Sri Lankan completely owned telco operator Lanka Bell under Melstacorp (which was earlier named as Beruwala Distilleries) and Milford Exports and Stassen Exports groups. Jayawardena also indirectly controls country’s largest three licensed commercial banks Commercial Bank, Hatton National Bank and DFCC Bank via cross shareholdings through his business empire of subsidiaries and Sri Lanka’s Financial Market Regulator Central Bank lead Monetary Board in past brought in rules for ownership limits of Licensed Commercial bank ownership when Harry Jayawardena owned business empire was virtually controlling ownership of several Licensed Commercial Banks in the country.

On the other hand Sri Lanka’s Billionaire Dhammika Perera – is Sri Lanka's leading Casino and Finance Mogul who has started his career in Casinos industry initially and has later made investments in three Casino Licenses, three Finance Companies, two licensed commercial banks Sampath and Pan Asia and country’s two largest colonial era conglomerates - Hayleys and Singer and also owns Vallibel One group that controls ownership of key hotel properties in the country.

Meanwhile according to reports, very recently Sri Lanka’s President Maithripala Sirisena has informed the Secretaries to the Ministries that it is a must to act according to the circulars issued by the Secretary to the President when appointing Chairpersons and members to Boards of Directors of State Owned Enterprises (SOEs) including the statutory boards and public corporations. Accordingly the circular numbered PS/PCMD/19/2018 signed by the Secretary to the President has been issued on December 31, 2018. Furthermore, the President Maithripala Sirisena has taken steps to appoint a Committee to submit recommendations after inquiring the qualifications of the individuals to be appointed as Chairpersons or members to Director Boards of State enterprises.

According to analysts, in Sri Lanka's 70 year post independence era owning a controlling stake in a bank or a finance company had enabled several businessmen who had become billionaires to be provided with unlimited access for credit to start new ventures and businesses and had provided opportunities to bailout or takeover ailing business of others. Further according to experts of financial and business world having a Central Bank, Commercial Bank, Insurance Company or a Current Account is the only way to create money whilst owning a Casino can help to move wealth from another to Casino owner that could diverse into many business ventures. In the latest history of the world Casino Mogul and a Real Estate Mogul Donald Trump became world's largest Economy - United States of America's President whilst in Sri Lanka several Billionaires or Millionaire in last seven decades had ventured into several other businesses in a fast phase after they either reached political influential level of becoming a consultant to a politician, or campaign funding or then having a position in a state owned business or a government ministry.

- Reporting by Devendra Francis