Wasantha Kumarasiri, Corporate Services Manager

Wasantha Kumarasiri

Corporate Services Manager

Multicultural Care Limited

Location
Australia - Sydney
Education
Higher diploma, Accounting And Affiliated Disciplines
Experience
36 years, 10 Months

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Work Experience

Total years of experience :36 years, 10 Months

Corporate Services Manager at Multicultural Care Limited
  • Australia - Campsie
  • My current job since October 2022

Reporting to CEO, responsible for Accounting & Finance, IT, HR, Marketing and Administration divisions.

Independent Director / Board Chairman at The Finance Company PLC
  • Sri Lanka - Colombo 5
  • December 2016 to August 2022

Independent Director / Chairman of a leading Finance Company for more than five years appointed by the regulator (Central Bank of Sri Lanka), a company with a significant investment in property and real estate operation, vehicle leasing and commercial lending operation.

Restructured the company operations saving over 20% admin costs. Led the challenges together with the regulator for the cancellation of the business license and managed the affairs of all stake holders. Paid USD77M to the depositors via CBSL.

a. Provided leadership work with management to
restructure 20% admin cost reduction.

b. Recommended & took regulatory actions and
paid 95% depositors (130, 000) $77million
under the Deposit Security Insurance Program.

c. Assets held in mega real estates and loan book
verified and impairment provided.

d. Managed complex and challenging stake holder
issues due to license cancellation.

e. Pursued several investor options with CFO
whilst waiting liquidator appointment.

f. Initiated several legal actions against large loan
defaulters and initiated recovery actions.

Independent Director / Board Chairman at Telford International School
  • Sri Lanka - Galle
  • January 2017 to July 2022

Independent Director / Chairman - Telford Educational Service, a school with two branches, over eight hundred and fifty students and sixty teachers delivering international and local curriculum, delivering prize winners in the region.

a. Appointment being director The Finance Company PLC as the 100% shareholder. Provided the guidance on policies, Business Plan, and the school management.

b. Regularly reviewed of operation. 850 students and 70 teachers and two business locations. School delivers International and National curriculums.

c. Conflicts between the parents and school administration were resolved amicably and delivery of education programs ensured during Covid19 lockdown.

d. Delivered academic programs without disruptions online.

Strategic Advisor / Member Governing Council at Saegis Campus (Pvt) Ltd
  • Sri Lanka - Colombo 6
  • September 2016 to February 2021

Strategic advisor to the Chairman for four years to reform and expand a leading higher education provider (Saegis Campus) in Sri Lanka and performed as a member of the Governing Council. Assisted the recruitment of the CEO.

Appointment by invitation to grow this start up higher education institution.

a. Guided and mentored, the CFO, CMO, and Head of admin, total staff sixty.

b. Developed and achieved the annual business plans & monthly reporting on time.

c. Increased students’ enrolments 150% over two years, reflecting effects of marketing strategies and implementation.

d. Negotiated with Canterbury Christ Church University - UK MBA and select undergraduate Degree programs delivery at Saegis Campus.

e. Acted as caretaker MD during MD/Chairman overseas travel.

f. Advised the MD / Chairman regularly on high-level business issues, Covid19 lockdown related recovery actions and business sustainability.

Investor Director / CEO at Rapid Taxies Enterprise (Pvt) Ltd
  • Sri Lanka - Colombo 1
  • August 2016 to February 2020

A start up business in Software as a Service (SaaS) operations.

a. Taxi Systems supported firstly by NDOT in India and later Cabstartup in Pakistan.

b. Rapid Taxies, online taxi booking engine to capture the market, like UBER.

c. Covid 19 lockdown affected at product launch stage, and down after the launch.

d. Experienced and hands on with the product development, customization, system cut over, product validations, marketing strategies and implementation, and customer acquisition and retention techniques.

Investor / Director & CEO at Keylvin Apparels & Bamcorp Industries
  • Sri Lanka - Colombo 1
  • September 2015 to June 2016

Acquired a business, apparel manufacturing industry over 150 machines and 250 employees.

a. Operated the company for eight months exporting products via buying houses to UK, Australia, and the USA, delivered on time meeting quality standards.

b. Operations terminated due to severe labour shortage driven by the floods. Familiar with apparel production, quality control and marketing issues.

c. Negotiated with buying houses orders and managed the factory manager, merchandising, design office, HR, finance, and export arrangements.

Managing Director at INDEPENDENT PUBLIC BUSINESS CORPORATION
  • Papua New Guinea
  • February 2013 to April 2015

IPBC manages a portfolio of twelve SOEs involved in Ports, Power, Communication, Aviation, Banking, Oil & Gas, Insurance and Infrastructure in PNG and has a total investment over K8.6billion (USD3billion), turnover in excess of K4.5 billion (USD1.6 billion) and staff over 7700 in all SOEs and with IPBC has a multidisciplinary team of 80 staff.

Responsible to approve any capital & operating expenditure of IPBC and SOEs all capital and operating expenditure above Kina10M (USD3.5M) except regular payroll & utility payments.

a. Provided the Strategic Leadership to IPBC and twelve subsidiary SOEs to achieve the standard of premier service provider in their areas of specialty and make the services competitive and affordable, consistent and continuously improving service levels, shareholder returns via dividends and provide defined Community Service Obligations.

b. Assessed the capacities in SOEs and assist them in finance and human resources capacity building and guidance to Boards, management of SOEs to focus on various strategic and operational issues to achieve the Annual Plan implantation and meeting the targets.

c. Made submissions to the Minister for SOEs and present them at the Cabinet Meetings (NEC) chaired by the Prime Minister of PNG, and articulate and justify the submissions total in excess of US$1Billion.

d. Provided advice to the Board of IPBC on the direction of IPBC and SOEs, and various changes taking place IPBC and politically led and industry reforms and progress.

e. Raise funding for various activities of SOEs and government approved major infrastructure projects. Ensured compliance by all SOEs to IPBC Act and Leadership Code and enabling Acts of SOEs and approve major capital expenditure and industry reforms related activities.

f. Visited various SOEs, Board Meetings, AGMs, industry forums, suppliers, bilateral partners, funding agencies to maintain robust relations and negotiate many matters relevant to SOEs and IPBC.

Chief Executive Officer at Air Niugini Limited
  • Papua New Guinea
  • April 2006 to February 2013

Air Niugini Limited is the flag carrier of Papua New Guinea owned by the Government, now Corporatized. Operates with Qantas Airline as a Code Share partner. It operates in to sixteen domestic locations and to Sydney, Brisbane, Cairns, Singapore, Manila, Narita and Solomon Islands internationally. Employs over 1350 staff including 84 expatriates from UK, USA, Australia, NZ and Philippines.

As the CEO provided safe, reliable and affordable air travel service to the public meeting all relevant local and international regulatory requirements and ensured profitable operation of the Airline. Ensured the currency of the Air Operator Certificate meeting local Regulations and IOSA Certification, LOSA implementation and meeting IATA initiated industry initiatives.

a. Prepared the SWOT analysis, defined the vision and mission of the national carrier and developed a new Business & Strategic Plan and obtained the approval of the Board and shareholder. Negotiated the funding using Balance Sheet.

b. Negotiated with the industrial arms on various outstanding awards and deferred the payments to implement the business plan. Later paid with savings.

c. Expanded the network, increased customers from 400K to 1.2million, revenue from $160million to $480million, created 700 new positions, paid all legacy debts, staff were given bonus on KPI performance for five years consecutively.

d. Changed aircraft fleet 100% to three wide body (B763), three narrow body (B733), eight F100, six Q400, seven DHC8 and one dedicated freighter.
e. Created positive commitment free Cash deposit $72million and USD20M deposit to Boeing for two B788 aircraft.

f. Achieved five years of Air Operator Certificate (AOC) and two years Foreign Aircraft Operator Certificate (FAOC) from all foreign regulators.

g. Achieved Engineering MOC for five years reflecting robust systems and management in place.

h. Passed two IOSA Audits with zero major findings.

i. Maintained the operation with zero accidents and major incidents.

j. Introduced Loyalty Program

K Renegotiated Codeshare with Qantas Airways achieving income protection.

k. Implemented GDS cut over integrating DCS and revenue accounting streaming systems and remove duplications and opportunity for errors.

General Manager Finance & Administration at Air Niugini Limited
  • Papua New Guinea - Port Moresby
  • April 2004 to April 2006

The position holds the 2IC responsibilities for the Airline responsible for finance and accounting, IT, legal, insurance and risk management, and property management.

a. Recovered Revenue Reporting System (Fastrack) from implementation failure.

b. Completed three years of annual accounts removing the disclaimer audit opinion.

c. Brought credibility and timeliness to monthly management reporting.

d. Implemented strong treasury management under cash trapped airline with millions of liabilities exceeding credit terms.

e. Negotiated continuity of services from vendors despite payment delays.

f. Managed the IT Department, Property, Legal and Company Secretary Divisions

g. Many IT supporting systems in crew roster (Geneva), engineering record maintenance changed with zero disruptions.

h. Visited Lloyds Insurance meetings annually and negotiated and managed the Insurance and Risk Management Program with via Marsh Insurance as brokers.

FINANCIAL CONTROLLER / COMPANY SECRETARY, DIRECTOR JVs & SUBSIDIARIES at Toyota Tsusho (PNG) Ltd
  • Papua New Guinea - Port Moresby
  • October 1997 to August 2003

As the country CFO, managed financial direction for a leading ISO 9002 accredited, multi-franchise, fifteen branch retail operation in automotive, a part of Toyota. Toyota had the largest market share in both new & used vehicles, Parts sales, Service and work shops.

a. Managed of the accounting, finance and credit control departments, endorsed MIS improvements & coordinate with MIS department.

b. Coordinated the annual strategic plan, annual budgets delivered for six years on time.

c. Produced monthly management accounts, quarterly forecasts and tracked KPIs weekly.

d. Managed the working capital and sustained business and managed currency risks and exposures during changes in economy.

e. Liaised with Brisbane Regional Office & HO in Japan regularly on the business performance.

f. Supervised and managed the treasury operation & foreign currency planning, credit control & debt collection.

g. Negotiated bank facilities and restructure borrowings, improve systems and internal controls, risk reviews.

h. Negotiated annual insurance policies for all risk exposures.

i. Investigated all frauds and non compliance issues and actions taken to employees via the CEO.

j. Managed the external audit process with PWC producing the Audit Report within the two weeks of year end. Achieved unqualified audit opinion by PWC, External Auditors for six years.

k. Acted as a change agent to change the company’s culture on stock holding on vehicles, parts warehousing, distribution, parts stock movements between branches and freight cost management and vehicle marketing strategies.

l. Influenced operational managers to achieve profit objectives and KPIs. Assisted the Managing Director to restructure the business continuously to adjust to declining market conditions.

m. Re-established the credibility and acceptance of monthly management accounts.

n. Eliminated delays causing month-end closure, timely payments to suppliers, accounting for debts collected and quality of customer accounts.

o. Implemented Accounting Policy changes throughout the business in 2002 to be strictly compliant with the International Accounting Standards.

Systems Manager - Accounting at Toyota Tsusho (PNG) Ltd
  • Papua New Guinea - Port Moresby
  • October 1996 to October 1997

a. Reviewed existing systems and controls, implemented improved controls reducing system maintenance costs and improving user friendliness.

b. Prepared financial evaluation for a major fleet deal involving close to 600 vehicle units for PNG Defense.

c. Design a new annual budgeting system.

Finance & Administration Manager at World Wildlife Fund - US
  • Papua New Guinea - Mendi
  • December 1994 to August 1996

Major environment protection project in Papua New Guinea funded by Chevron and BHP via WWF -US office. Promoted the protection of virgin forest from logging operations by introducing income generating projects to local land owners.

a. Established accounting and administration office for the project

b. Recruited and trained staff, maintained Quicken accounting package, reported to Washington DC office weekly.

c. Prepared projects budgets, weekly, monthly and quarterly forecasts and staff payroll.

d. Act for the Project Manager in his absence.

e. Established Business Development function and major projects of Hope Forest & Kikori Pacific Timber Projects.

f. Established a Fund to finance sustainable eco-forestry projects. Achieved increased funding form donors reflecting donor confidence.

g. Coordinated with Chevron Site Office on weekly and ad hoc meetings.

FINANCIAL CONTROLLER / COMPANY SECRETARY at Barlow Industries Pty Ltd
  • Papua New Guinea - Port Moresby
  • December 1993 to November 1994

Barlow Industries a part of PICSA Group, managed by the HO in Sydney Australia. Company is the main supplier of roofing products, water tanks, production & installation of solar hot water systems, fabrication of steel products and fabrication and installation of aluminum and glass products.

a. Managed a team of ten accounting / office staff and over sixty sales and production staff.

b. Maintained of Attache accounting package, prepared consolidated monthly and annual financial statements incorporating three branches.

c. Sourced and ordered raw materials from various foreign sources meeting savings.

d. Carried out costing reviews for tenders.

f. Managed foreign currency exposures.

g. Carried out stock takes, review

h. Approved payroll and strengthen internal controls and procedures.

i. As the acting branch manager guide staff and manage the business increasing sales, market share and profitability.

Project Accountant at Prospect Electricity
  • Australia
  • August 1992 to November 1993

Prospect Electricity is the second largest electricity distributor in New South Wales, Australia. It introduced a new system called Activity Based Management and Reporting.


a. Assisted as a member of the team to identify activities, cost elements, cost drivers, stimulate work sheet to test models.

b. Prepared activity budget reference manual for users.

c. Analyzed a range of complex reports and reported profitability of each division and issued monthly management report to the Board and selected senior managers of the Council via the Management Accountant.

Consultant Finance & Accounting, Director at SEEDS
  • Sri Lanka
  • February 1989 to October 1991

SEEDS Gte. Ltd., a major micro financing financial institution managed by the largest NGO in Sri Lanka.

a. Introduced a project wide accounting and reporting system that was assessed by the internally appointed donor monitors commendation.

b. Reviewed the processes, procedures, forms and documents and instructional manuals for the project.

c. Expanded and ensured proper operation in ten new districts in eighteen months.

d. Received 200% increase in funding and expanded the program to 600 villages in the country.

e. Visited Bangladesh BRAC and India Grameen Bank with a ten member team and revised the project operation introducing small group management concept in micro finance operation.

Company Accountant at Consolidated Business Systems Ltd
  • Sri Lanka
  • July 1988 to January 1989

a. Overall in charge of the accounting department managing month end accounts, monthly reports, accounts receivable, accounts payable and payroll.

Corporation Accountant / Chief Accountant at Sri Lanka Cashew Corporation
  • Sri Lanka
  • August 1985 to June 1988

a. Managed the accounting department supervising over fifteen accounting staff.

b. Produced monthly management accounts, annual statutory accounts, annual budgets.

c. Visited plantations and carry out internal audits.

d. Liaised with banks and government agencies.

Education

Higher diploma, Accounting And Affiliated Disciplines
  • at The Institute of Chartered Accountants of Sri Lanka
  • October 2007

It is a prestigious professional accounting qualification.

Bachelor's degree, Accounting
  • at CPAs Australia
  • August 1993

A prestigious Accounting Designation in the Accounting Profession in Australia.

Diploma, Accounting
  • at University of Sydney
  • June 1992

Degree Extension Program as a basic requirement of the Australian Society of CPAs.

Bachelor's degree, Accounting
  • at University of Sri Jayawardenapura
  • October 1984

Four year honours degree program. Completed the degree with a Second Class Lower Merit.

Specialties & Skills

Management
Annual Budgets
Administration
Strong Business Acumen
Risk Management
MS Excel & Word
Internet, Power Point and various other programs
Use of computers and Review and improve systems

Languages

English
Expert
Arabic
Beginner

Memberships

The Institute of Chartered Accountants of Sri Lanka
  • Member
  • September 2002
Australian Society of CPAs
  • CPA Member / Voting member
  • August 1993

Training and Certifications

Computer Applications Orientation Course (Training)
Training Institute:
Institute of Chartered Accountants of Sri Lanka
Date Attended:
March 1989
Duration:
200 hours

Hobbies

  • Reading and engage in Social Work
    Performed as the Honorary Consul for Sri Lanka in Papua New Guinea Honored with Queen's Awards of OBE for the service in Aviation and Business