Que Sera Sera

Sri Lanka’s Commercial Bank of Ceylon’s controversial extraordinary general meeting was abruptly called off late Thursday after its unions successfully won a stay order in the Appeals Court. The bank’s powerful unions also objected to the meeting saying it was “improper and out of order.”

The bank’s powerful shareholders led by business tycoon Harry Jayawardene’s conglomerate sought today’s meeting to oust Chairman Mahendra Amarasuriya.

But the will of the minority shareholders eventually won the day, protesting loudly in the backdrop of catcalls, jeering and verbal abuse.

“It’s the power and will of the shareholders that won the day,” said a much relieved and jubilant Amarasuriya.

“What happens next I don’t know? I leave it up to God…que sera sera,” he told LBO.

More updates to follow… Sri Lanka’s Commercial Bank of Ceylon’s controversial extraordinary general meeting was abruptly called off late Thursday after its unions successfully won a stay order in the Appeals Court.