CB buys NY property for US$5 million

27 November 2012 02:00 am - 9     - {{hitsCtrl.values.hits}}

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The Central Bank transaction for the purchase of a property in New York has not been properly accounted for, Parliament was informed yesterday.

The Central Bank is reported to have purchased a building with a floor area of 12,000 square feet in New York on August 30 last year at a total cost of US$ 5,075,000.

Deputy Finance Minister Sarath Amunugama gave these details in response to a question by United National Party (UNP) MP Eran Wickramaratne. The deputy minister said the Central Bank Monetary Board had endorsed this transaction.

“The property, which is now solely owned by the Monetary Board, was purchased with the intention of using it for future CB operations,” he said and added that the building had been rented out to our External Affairs Ministry at US$ 68,000.

In a supplementary question, Mr. Wickramaratne said that according to the Monetary Board Advisory Audit Committee Report this transaction had not been properly accounted for.

The deputy minister said this was the first such investment made by the Central Bank, and therefore it had not been included in the Annual Report.

He said such purchases would be reflected in future CB annual reports and added that there were no brokers involved in facilitating this purchase.

“It was done with the facilitation of the Government Chief Valuer and External Affairs Ministry officials,” the deputy minister said. (Kelum Bandara and Yohan Perera)

  Comments - 9

  • MagodisThumaa Wednesday, 28 November 2012 01:10 AM

    I thought... CB means Chandrika Bandaranayaka !

    Sonna Boy Tuesday, 27 November 2012 02:10 AM

    why an earth would our Central Bank want to open a branch in NY?

    meenavan Tuesday, 27 November 2012 02:17 AM

    Purchase of property..loan from world bank...? repayment by innocent of public taxes.

    RamUK Tuesday, 27 November 2012 08:21 AM

    Most of the time in UK they appoint right ppl for the job rather than race colour and religion but in SL most of them are political appointments or based on race colour and religion

    Mom Tuesday, 27 November 2012 08:38 AM

    What ever for? Oh, my God...where are you??

    Nina Kamal Tuesday, 27 November 2012 04:22 AM

    The head of CB of UK was replaced by a Canadian, perhaps may be ours must be replacing the American head!

    Poor guy Wednesday, 28 November 2012 10:05 AM

    podi kada kallak da danne na

    S.Sriranjan Tuesday, 27 November 2012 06:55 PM

    Who told Srilanka is Poor???

    dna Wednesday, 28 November 2012 05:27 AM

    Funny how the pinnacle of Sri Lankan Finance Sector is struggling to understand what needs to be stated in an Annual Report ! Unless it was bought for different reason - condos in NYC cost also around $5m .. ;)


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