Stunning SLC lapse could cost millions

16 November 2012 02:49 am - 17     - {{hitsCtrl.values.hits}}

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Officials of the financially-struggling Sri Lanka Cricket (SLC) have made another colossal blunder by failing to insure the heavily rain-affected current tour of Sri Lanka by the New Zealand team, sources told “Daily Mirror”.

That has been an extremely dangerous gamble amidst the current stormy weather caused by monsoons and cyclones and could have cost millions of Rupees which SLC can ill afford, an insider said yesterday.

SLC Secretary Nishantha Ranatunga said he is not aware of the issue while SLC Chief Executive Ajit Jayasekara said they have insured the series.

“Of course we have insured the series” said Jayasekara and claimed it was with “Merchant Bank of Sri Lanka (MBSL)”.

However sources said that the current series has not been covered by any insurance firm and cautioned that could be a costly mistake.

The Only T20 International at Pallekele with which the tour was kicked off was washed out. All five One Day Internationals which followed were affected by rain while the fifth and final match finished without a result due to rain at Hambantota.

The first ODI of the series was washed out without a ball being bowled.

The second and third ODIs of the series which were to be played at Premadasa Stadium in Colombo had to be moved to Pallekele in Kandy due to an unfit ground caused by heavy rains.

The Duckworth and Lewis rain rule decided the fate of the other three ODIs which Sri Lanka won.

Usually the host board takes insurance for the matches to meet the heavy losses that would be caused by a cancellation.

These insurance covers had been always been the subject of controversy in the past as various allegations surfaced from time to time over the huge premiums involving millions of Rupees and also the huge commissions that were allegedly made.

In 2008, the then Sports Minister Gamini Lokuge cancelled a tender for tour of Sri Lanka by India following accusations by Sri Lanka Insurance that proper procedures had not been followed by SLC. Minister appointed a tender board to evaluate bids and later issued a ruling that all SLC insurance had to be carried out only by state-owned insurance firms.

This has obviously limited the choice of SLC and their position had further worsened when Sri Lanka Insurance refused to insure the current New Zealand series.

Sri Lanka Insurance had informed SLC that they cannot undertake the deal as the overseas company which acts as their re-insurer had rejected the cover after studying the weather patterns of Sri Lanka through complex satellite data they had received from international agencies.

MBSL which is largely owned by state bank Bank of Ceylon, has initially agreed to undertake the cover and submitted their quotation but had later withdrawn their offer just a few days before the tour started.

This has stumped the SLC as they had no other options to turn to. Sources said, SLC is now considering taking legal action against MBSL.

Last year, the World Cup events in Sri Lanka had been insured for more than Rs five billion (US $ 45 million) by SLC, which gives an indication as to how important the insurance cover for a cricket series is. (Channaka de Silva)

  Comments - 17

  • Sapumal Bandara Friday, 16 November 2012 07:51 AM

    Sri Lanka Insurance Corporation is under obligation to oblige and seek reinsurance cover accordingly.

    jayantha silva Friday, 16 November 2012 07:53 AM

    Another 'small' mistake. Ranatunga will continue, and all will be swept under the carpet.

    MAN - SEC Friday, 16 November 2012 08:45 AM

    WE CAN PLAY CRICKET BUT WE CANNOT PLAY WITH THE WEATHER AND THEREFORE RESPECT THE CLIMATE

    Kala Friday, 16 November 2012 09:19 AM

    nothing unusal....may be someone didnt get his commission

    pathma Friday, 16 November 2012 09:26 AM

    u may be having a insurance agency-----what a loss for you ???

    Gamunu Kulasekera Saturday, 17 November 2012 06:46 AM

    When uneducated idiots run the Sri Lankan Cricket, how can they do smart or intelligent things. Nishantha Ranatunge & Asanka de Mel will not get even a pions job, else where in the world.

    Luvis Friday, 16 November 2012 10:28 AM

    Cricket is not a sport anymore and it is a very lucrative business and you have to have an insurance to mange the risk.

    mother lanka Friday, 16 November 2012 10:49 AM

    It's Crazy. We talk of all sorts of mis-handling of affairs at SLC, dragging it to this low levels, But the same people remain at SLC. Needs complete overhauling of SLC.. Out of bound for Dharmadasa's, Thilanga's, Ranathunga's etc..

    Janaki Kalansuriya Friday, 16 November 2012 11:23 AM

    Incompetence, when not corrected, escalates and spreads to every sphere in life.
    Our Ministers lead where it matters, don't they? It's always the President who has to inject life and action to all issues in our country.
    SO, we know where incompetence begins!!

    surasena Friday, 16 November 2012 11:56 AM

    The real issue is not insurance but the weather. With or without insurance if cricket is not played, due to adverse weather, it is waste or time and resources. Any idiot know that October-November is the time for rain if there to be any rain. Unfortunately the cricket pundits yet to learn about local weather. "ill maha wesi"

    sach Friday, 16 November 2012 12:02 PM

    Both Nishantha wadabaridasa and Ajith has thumbed dwn ur comment.

    sach Friday, 16 November 2012 12:03 PM

    Or you can use what is between ur ears and schedule them properly.

    Selwyn Friday, 16 November 2012 12:27 PM

    Future Aspiring Sri Lankan Criketers.
    Decide now. Sr Lanka Cricket? IPL? Other Foreign Contracts?
    Consult Malinga.

    chapman Friday, 16 November 2012 06:08 AM

    If Insurance companies do not agree, then what to do?

    rajah Friday, 16 November 2012 06:38 AM

    who will insure knowing its rainy season. doesn't slc know this is rainy season on Sri Lanka

    Singapore Friday, 16 November 2012 06:40 AM

    Who Cares.. For about all these Mad issues -- why Daily Mirro is posting all these.

    Andrew Pitugala Friday, 16 November 2012 07:35 AM

    Incompetance and inefficiency of persons appointing and the persons appointed at all levels driving Srilanka down the pallang, while those appointing and those appointed make money.


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