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Dissolving director boards - Only subject minister can do so: Kiriella

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20 October 2018 06:04 am - 8     - {{hitsCtrl.values.hits}}

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In the wake of President Maithripala Sirisena dissolving the director boards of the two State banks, Public Enterprise Development Minister Lakshman Kiriella said it was the subject minister who had the authority to do so.

He told those gathered at the launching of the load scheme, 'Lak Diriya' in Kandy that he had read media reports about the director boards of People’s Bank and the Bank of Ceylon being dissolved.

“It is only the subject minister who had the authority to do so. However, the President has written to me as the subject minister requesting me to dissolve the director boards using the powers vested in me. I asked the President to submit a list of names to be included in the boards. News stories of director boards being dissolved can sully the international reputation of the banks and will have a major impact on the economy. Such news items are treacherous,” the minister said.

He said the 2019 Budget would provide the people a host of relief measures. (Kelum Bandara)


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  Comments - 8

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  • Kumara Dharmarathne Saturday, 20 October 2018 08:10 AM

    According to the media news of the recent past, as it seems President has made several blunders which any ordinary citizen could understand,if he goes through the media news carefully.

    Cisco Saturday, 20 October 2018 09:18 AM

    Then what happdned to the power wested to president as per constitution?

    sach Saturday, 20 October 2018 08:40 PM

    RW took all the powers using 19A............the biggest blunder of MY3

    Lord Wolfstein Saturday, 20 October 2018 09:33 AM

    If the president asks a minister to do something, that is an order and it does not need any further discussion.

    Dhammika Saturday, 20 October 2018 09:45 AM

    Hon. Minister Please DONT get in to a conflict with HE . We all know MS is a much better leader than MR . Discuss the issue with PREZ. and amicably resolve the issue . JOkers are waiting to create political turmoil for their advantage . Many are with the JOkers NOT because they are GOOD nor HONEST BUT because the presant govt. is WEAK and in DISUNITED.

    Raza Saturday, 20 October 2018 10:13 AM

    According to Bank of Ceylon Act, Peoples Bank Act the Board can be dissolved only by the Minister of Finance. There is no mention about Minister of Enterprises. I am not sure whether a Gazette can supercede an Act of Parliament. Who is going to challenge.These appointments are not valid for the lifetime of any Government but only for three years and cease on completion of the period, unless of course renewed. The H.E. President is correct in asking for new appointments.Another issue is the guidelines given by the Central Bank is that directors term terminate when one reaches 70 years. I am not sure whether this rule applies for the Governor of Central Bank.

    Samson Saturday, 20 October 2018 10:26 AM

    All these institutions has already lost reputation in Sri Lanka as well as internationally. There is nothing to save.

    hello Saturday, 20 October 2018 04:54 PM

    President is king and minister like a nilame, who listen to whom,


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