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All recruitments only to revamp BOI, attract FDI

13 Aug 2021

 
  • Private sector talent to engage and hunt for foreign investments
  • Specialised professionals won’t join for public sector salary
  • Rundown BOI office not presentable to investors
By Madhusha Thavapalakumar  Responding to allegations levelled against him regarding recruiting a number of new officials, the Board of Investment (BOI) Chairperson Sanjaya Mohottala told The Morning Business yesterday (12) that these new recruitments from the private sector are a result of a restructuring drive that the Board is currently on in order to deal with international investors and attract more investments. Explaining the rationale behind the 29 new recruitments, Mohottala further noted that at the moment, the Board lacks officials who have professional expertise in certain areas, making it unavoidable to recruit people to fill that void if the Board is to operate efficiently.  Accordingly, as seen by The Morning Business, the Chairperson has put out a cabinet memorandum explaining the need for academically and professionally qualified experienced individuals with exposure to international working environments working with the Board. Allegations were that Mohottala is set to recruit 29 new executive directors, senior deputy directors, and deputy director general for a higher remuneration than that of those who are with the Board at the moment.  The Cabinet Memorandum states that standard benchmark salary structures that are accepted generally and applicable to regular public services are not necessarily designed to attract professionals with specialised skills. BOI intends to strengthen the image building, proactive promotion, investor aftercare, research, knowledge management through IT systems and investment facilitation required by a well-performing investment promotion agency. It is also learnt, a committee on this matter has recommended implementing the BOI proposal of recruiting new 29 officials.  As a response, Mohottala stated: “Yes, there are 29 executives, there are no executive directors and senior deputy directors. We have hired two deputy director generals. It is true we have asked to bring in 29 people. I do not have a qualified chartered accountant in this organisation. I do not have an international lawyer. We sign agreements with international companies. If I go for arbitration, I have to have a lawyer who is converse of international law.” He added that previously there were only two private sector recruits, which made it difficult for the Board to deal with investors in order to bring Foreign Direct Investment (FDIs) into the country, given that number is insignificant.   Allegations also reported having received the approval of the Cabinet of Ministers for these new recruits, who are tipped to be close-knits and friends, an aspect Mohottala thoroughly denied. Previously, our sources questioned why the approval of the Cabinet of Ministers was granted through the Ministry of Finance, on the grounds that the Minister in Charge of the BOI is the President, to which Mohottala responded that certain approval obviously comes from the Ministry of Finance, usually, presenting to us a relevant document signed by then Minister of Finance Mahinda Rajapaksa in March this year. Allegations also pointed out that a floor at the World Trade Center is being renovated by spending a large sum of money, in order to accommodate these new recruitments. Explaining the rationale behind the Rs. 13.5 million renovation of the 24th floor of the World Trade Center, Mohottala, while presenting the pictures of the current status of that particular floor, noted that this floor portrays a negative image of the country.  Reportedly, the new recruits are set to receive a monthly remuneration package, which is six times higher than that of the average BOI staff, amidst the prevailing financial situation in the backdrop of a pandemic. The remuneration cost, accordingly, would escalate over Rs. 350 million per annum due to these staff additions. In response to this Mohottala stated that the new recruitments will not even cost half of the alleged cost of Rs. 350 million.  The BOI also reportedly lowered the qualifications and required years of experience as per the paper advertisement and the Cabinet paper, while the general rule is to recruit someone from the internal cadre, allegations claimed. Mohottala categorically denied lowering experience or qualifications, explaining that the new recruitments are in fact, talented and qualified officials with years of diversified experience. He also noted that while internal staff applied for these positions, they did not get selected in the interview process with board members. Sanjaya Mohottala, who was serving as the Director General of BOI, was promoted to Chairman last December. He replaced former John Keells Holdings (JKH) Chairman and CEO Susantha Ratnayake, who resigned. Mohottala was appointed as DG of BOI in early March 2020, and in addition to this role he is also a Board Member of the Sri Lanka Export Development Board and SriLankan Airlines, as well as a member of the Presidential Task Force for Economic Revival and Poverty Alleviation. Prior to joining BOI, Mohottala was Managing Director and Partner at Boston Consulting Group and worked as a Brand Manager at Unilever Sri Lanka and as an Oracle Product Specialist at MillenniumIT.    


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