Sri Lanka’s Insurance giant ends boardroom battle

ECONOMYNEXT – Ending months of acrimony, the country’s largest insurance giant has appointed a new board of directors jettisoning two while retaining Hemaka Amarasuriya as chairman and inducting three new faces.

The previous board appointed by the then minister in charge of the Sri Lanka Insurance Corporation, had refused to step down allowing the new minister Kabir Hashim to reconstitute the management.

"The two ministers (Ravi Karunanayake and Hashim) had worked out an agreement and the new board was appointed yesterday," a source at Sri Lanka Insurance said.

The two men dropped are P. P. J Perera and Nimal Fonseka. Minister Ravi Karunanayake’s controversial brother-in-law Bangsa Jayah has been retained.

The Board: Hemaka Amarasuriya (Chairman), Keith Bernard, T. M. Bangsa Jayah, Sanjaya Padmaperuma, Pradeep Liyanamana, Prof. L.G. Chandrasena and P. Algama (Treasury Representative) (COLOMBO, April 29, 2016)

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