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Managing Director of Upali Group of Companies Nimal Welgama has been appointed Chairman of the Sri Lanka Telecom (SLT) with immediate effect.
A past pupil of S. Thomas' College, Mt Lavinia, Welgama was one time appointed member of the Central Bank's Monetary Board.
Sri Lanka Telecom is one of the country's most valuable blue chip companies with an annual turnover in excess of Rs 40 billion.
Whilst Global Telecommunication Holdings NV of Netherlands owns a 44.9 percent stake in SLT immediately after conclusion of their mandatory offer to the shareholder of SLT on June 2, 2008 while 49.5 percent is owned by the Government of Sri Lanka. The balance shares are remaining with the general public. Upali Group Managing Director Nimal Welgama yesterday declined a place on the Monetary Board saying he would not accept the offer while a Central Bank inquiry into alleged overseas properties owned by the company's Founder Upali Wijewardene was pending.
Following a complaint made by the heirs of Upali Wijewardene, who went missing in his private Lear jet in February 1981 while on his way to Colombo from Kuala Lampur, the Central Bank began a probe four years ago into whether the flamboyant businessman owned property abroad. The probe is nearing completion.
The Monetary Board is the governing body that is responsible for making all policy decisons and for the management, operation and administration of the Central Bank.
Mr. Welgama's appointment till May 7, 2009 was officially announced by the Central Bank on Friday. He, however, confirmed yesterday that he had declined the offer, and had made his reasons known to President Mahinda Rajapaksa.
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