Finance Issue

June 30, 2009 (LBO) – A new word that has been added to Sri Lanka’s vernacular usage recently has been ‘sakvithi’. This word has so far not got into lexicographers’ lexicon in its new sense. Literarily, it means the ‘Chief God of Heavens’.

But, the contemporary media have used it in a different sense, drawing on a recent episode of fraud that had ended up pauperising many investors who were ambitious of high gains. Hence, its contemporary meaning has been clear even to its first-time spotters.

The picture created in the mind when one hears the word is not that of a god but a man: a man bent on deceiving others with false promises of unusually high gains, but at the end, finishes up by appropriating to him their wealth. It is also the picture of a man who has played with the psychological frailties of people with crafty marketing and propaganda by projecting himself as a saint, friend and saviour.

Those who fall for his artful schemes will get one thing for sure: complete loss of their life-time savings. It, therefore, foretells of shattering of hopes which they may have cherished about a better future as well.

Sakvithi’s Lessons for Microfinance

Sakvithi episode is not an isolated incident of breach of tru