Sri Lanka: This has been their strategy where ever they invest as history shows. More over a court decision came in favor of the Government of Sri Lanka (GOSL) due to a low suit by the deceased former Minister Sripathy Sooriarachchi granting full powers to GOSL as the major share holder with a stake of 51.5% and to refrain from making fresh agreement with any second largest stake holder. This vanquished the secret plan of Maxis as they neither received administrative powers nor fresh agreement with GOSL for their 45% stake.
Maxis further thought of another plan in demanding to fill up the vacant CEO position to accomplish their target which was been covered up by the Chairperson Mrs. Liesha De Silva Chandrasena who is a talented administrative personality been qualified in law & Human Resource. She took up office after been representing as a Board Director for two years in SLT. The knowledge and experience she gathered made SLT to win the highest prestige award in two consecutive years among top ten companies in year 2007-2008 & 2008-2009 by recording the biggest revenue of Rs 47 billion with a profit of Rs 7.2 billion ever in the history of SLT for year 2008-2009.
The Crisis begun deepening, SLT CEO’s Salary 10 million Rupees, Can SLT afford?
For the interest of Maxis, GOSL was compelled to appoint a CEO who was nominated by Maxis, interviewed by SLT Board of Directors, appointed with a salary of Rs 8 million totaling a remuneration up to 10 million by the government to satisfy the interest of Maxis.
The issue remains here is, NTT appointed Japanese former CEO was paid a salary of Rs. 4.5 million by the NTT Company Japan where as the present CEO Greg Young is paid a monthly salary of Rs 8.million plus remuneration up to 10 million by Sri Lanka Telecom. Can SLT afford to pay? Still the question remains unanswered? Do SLT need a foreign CEO? If the CEO is appointed by GOSL does he work under the instruction of GOSL?
SLT holds owner ship of seven subsidiaries. Mobitel, one of the key in the group has a customer base of over 2.8 million administered by a local CEO. Why SLT do needs a foreign CEO to manned a customer base of 1.4 million which is exactly half of Mobitel. The UPAHARA package introduced by Mobitel under the guidance of SLT Chairperson made rest of the mobile operators run Stray. Since the New CEO Greg Young took up office SLT has reported financial loses. He’s running out of immediate strategic plan to resist against the global financial crisis. The environment is heavily competitive at present with number of service providers in swing. The employees are in a battle of securing the existing customers leaving SLT, but the CEO is in a different frame of mind much busy with British Transformation Program introduced by a debilitated consultancy firm in UK(BT-Consultant) ignoring the present crisis situation that the SLT undergo in securing survival.
SLT started its down turn recording a huge decline in profit as 1.2 billion for the year 2008-2009 from 7.2 billion year before. Who is responsible? Is it the GOSL? Is it the Board of Directors? Or Maxis Malaysia? In 2009 the new CEO, who plundered all administrative powers which was vested with Chairperson producing facts to the Board of Directors to justify the need of full administrative powers. The Board Members got caught in a day light trap which the CEO and maxis together plans for a huge draw back in debilitating SLT, employees said.
The secret plans further revels the intension of Maxis succeeded; this down turn of SLT is a manipulated hidden agenda of Maxis and CEO in view of acquiring the complete ownership of SLT by bringing the share price down in the stock market reading Rs. 37.75 today. As a mater of fact they intend to insist the government to sell further shares to get the owner ship in SLT.
The hidden plan of maxis further says of a reduction of the employment up to 3500 in view of complete annihilation.
A Request is made for His Excellency the president by the employees for a meticulous study about SLT in its future before thinking of any further administrative changers. The Down fall is inevitable under these circumstances?