Business News: D.Soosaipillai, a pioneer in the leasing and financial services industry both in Sri Lanka and overseas was recently appointed as the new Chairman of Commercial Credit.
He succeeds Cecil Perera, a finance industry veteran and senior attorney-at-law who chaired the Board before him and retired after the regulatory 9 years on the Board.
A fellow of both the Institute of Chartered Accountants of Sri Lanka and the Institute of Certified Management Accountants of Sri Lanka, he has served on the boards of several leading specialised leasing companies in the capacity of Finance Director, Chief Executive Officer and Managing Director.
He was appointed a Director of Commercial Credit and Finance PLC in January 2014 and chairs the Board Audit Committee while being a member of the Board Integrated Risk Management Committee.
He chaired the Board Audit Committee of Trade Finance and Investments PLC, the subsidiary of Commercial Credit and Finance PLC a few years ago.
Soosaipillai is an Independent Non-Executive Director on the Board of Hatton National Bank PLC and chairs the Board Integrated Risk Management Committee of the Bank and is an active member in other board subcommittees of the Bank.
He is additionally an Independent Non-Executive Director on the Boards of Udapussellawa Plantations PLC and Hapugastenne Plantations PLC – companies in the Finlays Ltd, UK group of companies and chairs the Board Audit Committees of both these Companies and is an active member in other board sub-committees of both Companies.
A member of the Sri Lanka Institute of Directors, he is an active member of the Audit Committee Forum and the INED Forum of SLID and the Corporate Governance Committee of CA Sri Lanka.
Soosaipillai has over 30 years of experience in Risk Management and Compliance in Financial Services, both at operational and strategic levels.
He was engaged by the World Bank as a Short Term Consultant on a Payables Assessment assignment in the Maldives as part of a wider Public Finance Management project in 2012.
Soosaipillai served as the Managing Director of the Maldives Finance Leasing Company (Private) Limited for more than seven years and was the Chief Executive Officer of Ceylease Financial Services Limited, a subsidiary of the Bank of Ceylon prior to that.