From humble beginnings, The Saga of the self-made Billionaire-Jagath Withana – By Sunil Thenabadu
The spotlight on the few success stories often conceals the fact that most people face financial struggles at some point in their lives. The concept of the “self-made” millionaire – or billionaire even – is one that has been popularised by media and society. We often hear stories of individuals who supposedly came from humble beginnings, worked tirelessly, and then amassed incredible wealth .While their dedication, hard work, and ingenuity are undoubtedly commendable, the term “self-made” is misleading, and frankly incorrect. The truth is, no one becomes successful in isolation; every single person who has any level of success has benefited from some form of support, be it direct or indirect, along their journey to success.
Jagath Pinnawadu Withana is one of the five siblings born to parents both government servants attached to the judiciary and health fields who were endangered to transferable services. Hence Jagath had been forced to study in three schools. He had not been found to be a bright student as when he joined a new school to get accustomed with the teachers and students it took time, He has revealed that he was not afforded to shine in those schools at least to become a class monitor or a leader in a school association as there were senior students better known in those schools, During the humble beginnings Jagath had recollected how he shared his father’s push bicycle who waited anxiously until he returned home from work to use it. During his young days he had thought to himself seriously that that when he grows up he should relieve the burdens of his parents, by earning , also to provide them what the duo could not achieve during their lives and to become a millionaire as early as possible In that era the parents were not so worried about what the children should be when they grow up allowing them to find their own ways. Jagath recollects that once he had come first in class which the parental duo had not taken much seriously to his disbelief. It was the criterion of him to get his parents what they were unable to provide to the siblings Jagath had quipped that before joining the Navy he could not afford even two rupees to come home by bus from the Matugama town. Owing to his wish to find employment early instead of opting for higher studies. He was thinking to himself how some portions of the society lived luxurious lives while some others were having inferior livings. He was adamant to somehow become such person to live a luxurious life some day. he had joined the Navy in the lowest rank, just after he had sat for the advanced level examination, when he was just eighteen years old.He had established a record at the Navy by passing out topping the batch after a cumbersome training in India too, Jagath was successful to be designated to the next ranking even before the prescribed period having mastered many fields which were compulsory and useful to any Navy personnel Jagath was then posted to Elephant pass Navy base as an officer to lead about one hundred and fifty lower grades personnel. During this era the ethnic conflict led by Velupillai Prabakaran had just commenced the ethnic war which was a huge apprehension to Jagath.He had sought permission from the Navy commander to attack Prabakaran purely having patriotic sentiments. Unfortunately, permission was denied which hurt Jagath.As he could not resist the temptation within him he had broken the Navy armoury and with weapons had broken the gates had got out of the Navy premises along with about one hundred and fifty subordinates in an endeavour to counter attack Prabakaran All the weapons were recovered safely to the armoury This action Jagath knew was serious and is an offence to be jailed. But the Navy Commander had decided to terminate his services only and his subordinates. He had returned home and immediately sans any money had joined with the Chief Incumbent of the Dimbulagala temple along with his sacked Navy colleagues. The team had made the displaced residents in Bakamuna, Wadumulla, Dehiattakandiya areas to reside in the Dimbulagala surrounding with the guidance of the Dimbulagala Monk. Jagath could not continue this irregular practice as officials of the criminal Investigations and the Police were after him to be arrested. To escape arrest Jagath had returned home sans any money wanted to join a shipping company as he was competent enough having had no money he had pawned his father’s gold ring at Peoples’ bank for rupees four thousand to be utilized for his immediate expenses was desperate in finding a job. He was able to approach a reputed shipping company Arab American shipping .Company to which he was recruited in the rank of ‘deck handler’ the lowest rank in a ship,the duties revolved in cleaning, painting removing rust etc which he performed to precision to impress the ship captain. He used to remit his salaries for home needs like taking water service and repairs to his dwelling , helping his siblings The rest he saved with an intention of bringing back home to fulfil his childhood dream to become an entrepreneur and thereafter to become a millionaire. The theme for this was to spend accordingly not lavishly but in relation to his earnings only, the advice he still perceives by conveying to all entrepreneurs.
Jagath having won the heart of the Captain of the ship had been promoted at frequent intervals to higher ranks through his expertise, he had gained while at the Navy ultimately had become the Captain of the ship. Jagath had won the hearts of the Captain had been promoted to higher ranks through his experience he gained while at the Navy ultimately had been elevated to as the Captain of the ship.
After about eight years having ultimately become the Captain of the ship had returned to native motherland with savings amounting to nearly a million. He had invested in a few lands in the vicinity from his earnings during his tenure in the ship.The balance he had invested at the National Savings Bank Fixed deposit for which he was paid 24 percent per annum in that era. When he derived a huge sum as monthly interest he was able to live a lavish life. However the interest component was reduced drastically gradually when he decided to withdraw his capital, the money left at his dwelling. Then with his tactical business mind and to make his dream a reality advertised to the public that he gives an interest of 60 percent per annum. For this incentive people commenced to deposit with him including his own parental duo. During this tenure Jagath had recollected a nasty experience when some robbers had entered his dwelling and looted his money and jewelry. Then he had retaliated by finding who the robbers were had assaulted and brough back his money and jewellery along with some the robbers owned too. With his positive tactical business awareness Jagath had opened many branches of Jagath Investments island wide like Kalutara, Eheliyagoda, Ratnapura etc, with investment opportunities to the public which was popular instantly upon opening. He also lent money also but at 2.75 percent interest in relation to the bank rate of 3.5 percent. He advanced money to prospective borrowers by evaluating their credit worthiness by himself taking the credit decision.
Jagath as timepassed he thought he will not be able to pay 60 per cent per annum decided to lower the interest rates gradually. In the meantime the depositors too withdrew their deposits citing many reasons like for weddings of children, to invest in education, to buy lands and other valid reasons. For this reason Jagath very appropriately chose to close down all his investment outlets. But the premises he owned were rented out very prudently via which he derives a monthly rent.
During this era Jagath was interested to know how the banks functioned and how they made profits with the deposits of the constituents. Jagath had made a huge study even by visiting banks on numerous occasions to find out what type of accounts they maintained for constituents, what facilities that were offered and granted. Though he had neither followed economics or had followed any courses on finance. He had confirmed he was able to grasp from his investigations how the banks derived huge profits which was hitherto was a concern to him.When he approached the banks he was not even granted any facilities even a rupees ten thousand loan.Sas the banks insisted on land as collateral having studied how the banks made profits had offered his two lands as collateral had obtained Permanent Overdraft facilities(POD) which he used sparingly towards his businesses he knew from his studies on banking procedures that he was charged only for the amount he had overdrawn. That is how used for his advantage investing on his business ventures which was increasing in number though he had now decided not to invest on new ventures To date he owns over thirty viable enterprises the largest is his transport business owning over one hundred buses possess a much bigger yard than the Matugama CTB depot. Jagath had clarified that though CTB runs at a loss with fifty percent contribution by the government his transport business is a profit making enterprise. Jagath had quipped at a television dialog though he is not having any qualifications he could make any loss making government or private enterprise to a break even or a profit making institutions.
Jagath had commenced his transport business initially by purchasing a reconditioned bus, but it had not clicked to him Thereafter tried by purchasing more buses. But he wanted to revolutionize’ this industry had ordered a new bus from Askok Leyland in India.As there was a huge demand for the Ashok Leyland he dismantled the parts and found some parts like the chassis to be covered with rust. He had got his workers to apply anti corrosive and completely upgraded the facilities like cushioning all seats giving an attractive look by painting differently had introduced CCTV camera system, GPS, television ,air conditioning to have the buses attractive looks naming the bus as “Jagath Super Express” When the fleet was expanded he had imported all spare parts, tyres. tubes which enabled him to make profits when repairs were needed. His buses ply in all routes across Sri Lanka.As the fleet increased all buses were serviced at his own service station, also painting .corrosion, possesses a fuel station of his own for the daily needs of his buses.He now has a fleet of well over one hundred good condition buses with a working staff of over six hundred employees who are given comfortable accommodation with meals and all facilities.Jagath believes that his employees need to be kept happy as many sacrifice their entire lives to his business as such to keep their spirits high he increases their salaries thrice a year. Unlike other bus owners he pays EPF and ETF He has recollected that during the covid-19 epidemic era he had paid full salaries to all employees which no other employer had done. To monitor all activities of his bus business and other businesses he has qualified accountants and staff who work independently sans Jagath’s supervision. Hence he has no burden on his head, hence he stays relaxed.Jagath had quipped that his contact number is stated on the tickets issued as such any complaints like losing personal belongings etc are reported to him. He is able to sort them out via the facility of the CCTV installed. Jagath has confessed that he takes interest personally to all queries though it is a bit burdensome. He had even apprehended pick pocketers via the aid of CCTV footages.
Jagath from his profits utilises about 10 to 15 percent on community activities.He lends his buses absolutely free for funerals, pilgrimages, weddings etc in his electorate. He has constructed the tallest Buddha statue in Asia in the heart of the Matugama town and also constructed ‘Aramayas’ He had constructed a fully-fledged swimming pool to his old school Matugaama central. He has water browses by which he distributes water to the needed during drought periods. These water browses are used as fire extinguishers too by which any fire in the district could be dowsed. Via the leadership of Jagath he had made several houses to the destitute in the district also he has substituted the polythene covered dwellings to more comfortable living lodgings. Jagath has provided a free water service project to the people of his area. Jagath is a staunch United National Party supporter but he provides these facilities to all irrespective of ones political affiliation to any party He deviates from pity partisan politics which is his significant eminence. Jagath had made many such housing projects to the destitute ‘Ranavirus’ too.
Jagath as mentioned is a staunch UNPer.But as the leader Ranil Wickremasinghe on many occasions despite repeated requests to enlighten him of peoples’ needs was never given the opportunity. He had some favourites close to him who were only given the opportunity to express. Hence Jagath had joined the Samagi Jana Balawegaya under Sajith Premadasa who listens to the suggestions of his. Jagath has had enormous experience in politics knowing very well what the people needs .Jagath had spent his own money for his many election campaigns had polled the highest number of votes for the Local government and Pradeshiya Sabha elections polling over 40000 thousand preferential votes. It was regrettable as he failed to enter Parliament in the last general election by only 4000 odd votes .His counterparts Rajitha Senaratna and Kumara Welgama were seasoned campaigners hence the duo was able to eclipse him .His ambition to enter Parliament was not at all to earn even a cent.But to make the MP’s to change the attitudes where they should focus on the programs that benefit people. Jagath wants this patten in the parliament to change completely. However, with his powers under the Pradeshiya Sabha he does the maximum for the benefit for the people….
Jagath had confessed that initially he had sacrificed his personal life to come to this position. He had never attempted to fall in love as it could curtail and jeopardise his proposed journey. He now has a daughter who is a qualified medical officer and a son who helps in his business. Jagath in a recent television dialog had added that when he was young he had to live sans any comforts. Reminisces how he walked behind the ‘thirikkale’ to school carrying the children of the rich folk. But now he possesses many luxury vehicles particularly as the reputed vehicle companies inform him when the latest cars are introduced. Now when he drives them he offers lifts to anyone whom he sees walking. He had owned five elephants as an elephant lover, But now only elephants two are living who are fed daily personally by him, giving them all comforts which he spends lavishly to maintain them. He has purchased an expensive lorry had made some facilities for the transportation of his elephants for which had cost him an unbelievable seventy-five lakhs.The facilities are available within this truck to eliminate their faeces an exclusive vehicle.
Jagath is one hundred percent honest who pays proper income tax, is the highest tax payer in the district .He has confessed that many who are liable to pay income tax are absconding. But the Inland Revenue goeas on increasing the taxes of the few who are genuine tax payers.Some also pay the taxes though there businesses are not flourishing. He had suggested also at a television confrontation the inland revenue department should find those absconding taxes and get them to pay which would lessen the burden of the true tax payers like him.
In the context of the foregoing Jagath Withana is the entrepreneur who need to be emulated by all businessmen. His advise is to own a couple of businesses or at least four in the same tenure .Hence when one business is lost making the other will become a profit making as such this entrepreneur would not be a loser. All Sri Lankans would wish him more successes in his journey of having varied businesses employing many giving them good renumerations with a perfect environment to work in.Jagath is now happy that he had built a comfortable dwelling and leads a contented life.
