SLT Chairman removal: Rohan alleges boardroom coup

• Independent, Non-Executive Director Reyaz Mihular appointed as SLT Chairman with effect from July 20

By Shabiya Ali Ahlam

Sri Lanka Telecom PLC’s immediate past Chairman, Rohan Fernando, yesterday accused that his removal from the Chairman position was executed through a boardroom coup.

In a hurriedly convened press conference in Colombo yesterday, Fernando told reporters that he was “shocked” by the sudden move, and said the decision could have been delivered professionally.

“Today, there was a boardroom coup. It was not known and it was not on the listing of the agenda. So, I call it a coup. Yesterday (Wednesday, 19th) I attended meetings and there was no such thing,” said Fernando.

In a stock exchange filing yesterday, SLT announced the appointment of Independent, Non-Executive Director Reyaz Mihular as the Chairman of the company with effect from July 20, 2023, and said Fernando will continue to be an Independent, Non-Executive Director. Fernando however questioned the validity of his removal, and the appointment of Mihular, as such a move can only be made by the Treasury, as it holds the majority of SLT shares.

According to him, the accepted procedure for making changes to key positions involves the Treasury Secretary notifying the director to step down and suggesting a replacement.

In this case, there has been no written document provided to Fernando, informing him of his removal and the reasons behind the decision.

In an attempt to gain more clarity, Fernando said he would seek legal assistance as there is no clear reasoning for his removal by the board.

Nevertheless, Fernando said he is ready to accept the decision as he was not dependent on the SLT Chairman’s post for employment or benefits.

“I took up the role when it was offered to me to do a service to the country. And since I took over in 2020, SLT has made significant progress. It has the potential to be the best company in Sri Lanka. We were on track for that,” he stressed.

When questioned if any resistance from his side on the proposed sale of Treasury’s majority stake in SLT could have led to his removal, Fernando asserted he never opposed any efforts in that regard.

“That (restructuring) is not my decision. I have never opposed privatisation,” he said while noting that his removal could be linked to the whole privatisation exercise.

Fernando was appointed as Chairman SLT when Gotabaya Rajapaksa was the President.