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ETI Investments; Central Bank has failed in its duty-Prez

12 June 2020 03:29 am - 13     - {{hitsCtrl.values.hits}}


President Gotabaya Rajapaksa on Thursday said that the Central Bank has failed in its duty and cannot evade its responsibility with regard to the alleged irregularities in the ETI Investments, the Presidential Media Division said.

The inquiring committee appointed to investigate alleged irregularities in the ETI Investments met President Gotabaya Rajapaksa at the Presidential Secretariat.
The Committee informed the President that the ETI Investments had not followed the proper procedures in their conduct from its inception. It had invested its assets in other institutes and at the same time, it had not been supervised by the Central Bank, the Committee pointed out.
President Rajapaksa instructed the Committee to investigate into the irregularities in depth and pay more attention to return people their deposits immediately. The Central Bank cannot evade its responsibility in this matter, President emphasized.
The Central Bank is obligated to protect depositors if any irregularities are discovered in a financial institution. The Central Bank has failed in its duty, the President said.
Retired Supreme Court Judge K.T. Chitrasiri chairs the three-member committee. The other members are retired Solicitor General Suhada Gamlath and Senior Banker D.M. Gunasekara.
Secretary to the President, P.B. Jayasundera also participated in this meeting. 

  Comments - 13

  • Mera Mulana Friday, 12 June 2020 07:05 AM

    So who owns and runs the Central Bank . ? . The govt. rite. Headed by one family and their hench men and women . So who has failed in its duty ! .

    Kingsley Wijesinhe Friday, 12 June 2020 07:15 AM

    The non-bank financial institutions monitoring unit of the Central Bank has failed in its duty not once but many times. Why have the officers concerned not been punished? As long as there is no accountability there is no point in talking about responsibility.

    Sa Friday, 12 June 2020 07:39 AM

    ETI/SFS spend so much to maintain offices and staff out of depositors pocket, and again owners continue their luxury life style unchanged,please identify all their assets and use them to return depositors money

    Depositor Friday, 12 June 2020 07:49 AM

    What did the CBSL do when the Ceylinco problems arose?

    BigEars Friday, 12 June 2020 08:11 AM

    Sad statement. The CB is not the building in Fort. It is the men and women that work inside the institution. So you have to pin point the officers responsible. You may have stacked shelves in USA but still have the glorious culture of passing the buck to the solid pillar.

    Allush Friday, 12 June 2020 08:11 AM

    My 3 part 2 ...

    Sambo Friday, 12 June 2020 08:31 AM

    Mr. President. You are very correct. The central bank has been sleeping for the last several years and neither any finance minister looked into these irregular organizations which mushroomed in the country. They had huge media advertisements and promotions but the central bank never opened their eyes to see who these finance institutions were and if they were registered with the central bank. I wonder if these officials also had anything to do with such legal institutions.I am also a victim of Ceylinco F

    Dee Friday, 12 June 2020 08:34 AM

    Don't be another 'Hitan' please. People respected you!

    Sunil Friday, 12 June 2020 08:55 AM

    As a auditor, I know how some clients provide lunches and gifts in exchange to be lenient in auditing. Must inquire who supervised ETI from Central Bank and were any incentives exchanged in order to overlook irregularities.

    BuffaloaCitizen Friday, 12 June 2020 09:19 AM

    Were Central Bank officials bribed to look the other side, if so, then it is fraud happening inside Central Bank. Those officials need to be arrested.

    Priyanthi De Silva Friday, 12 June 2020 08:51 PM

    What about Golden key ? Lalith Kothalawala said he could have paid the depositors given the opportunity to restart the company to him. Who are the culprits wbo robbed his assets ? Can you Mr. President give a relief to GK depositors too ? This has functioned for 30 years until it collapsed in 2009. How come CB not responsible ? 40 % paid and where did the other 60 % go ? Please your intervention is greatly appreciated .

    Lee Chong Pa Saturday, 13 June 2020 09:59 AM

    The CBSL Officers are so arrogant and has failed in their duties as the Regulator of NBFI. They are not able to handle the proper cancellation of the Finance Business License and understand the limit of the Powers as conferrred under the Finance Business Act . Heads should roll at the CBSL to protect the depositors and the financial stability pf th country

    Banker Saturday, 13 June 2020 01:54 PM

    Central Bank was a much respected and independent institution in the past under earlier Governors.Complaints of irregularities and wrong doing occurred during the sojourn of ANC .

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