Committee probing state-bank malpractices receives over 100 complaints

• Deadline to submit complaints extended to Sept. 30

The committee appointed to look into the malpractices that were said to have taken place in state-owned banks under the previous regime, has received over 100 complaints, according to a Finance Ministry communiqué.

Since more complaints are expected, the deadline to submit complaints has been extended to September 30.

The committee requests the public to send in complaints to the address: Director General, Public Enterprise Department, Finance Ministry, Colombo 1 or direct such complaints to wijayarathne.phas@ped.treasury.gov.lk.

In August, Finance Minister Mahinda Rajapaksa received the Cabinet nod to appoint a committee to look into the irregularities and malpractices that were said to have taken place in state-owned banks, from January 8, 2015.

The committee will look into the alleged wrongdoings at Bank of Ceylon, People’s Bank, National Savings Bank and Regional Development Bank and their affiliated institutions, violating the Banking Act and other established procedures.

While identifying the officials and other private parties, who have had committed these wrongdoings, the committee is also expected to come up with legal and administrative recommendations to avert such incidents in future and make banking more people-friendly.

Names of several state-owned banks were mentioned during the proceedings of the presidential committee appointed to probe the bond scams that took place in 2015 and 2016.  Up to now, nobody has been made accountable for the scams and the legal proceedings are taking place at snail pace. Former High Court Judge Sisira Ratnayake functions as Chairman of the committee. Chartered Accountant Susantha de Silva and retired Additional Auditor General W. Premananda are the other two committee members. 

A Finance Ministry representative will operate as secretary to the committee. The committee is expected to present its report in three months to the Cabinet of Ministers via Finance Ministry secretary.