Committee receives over 100 complaints on malpractices, irregularities at State banks

Tuesday, 22 September 2020 01:00 -     - {{hitsCtrl.values.hits}}

  • Extends deadline for complaints till 30 Sept.
  • Report with relevant recommendations to be submitted to Cabinet within 3 months

The committee appointed to probe malpractices and irregularities at State banks and affiliated institutions during the previous regime has received over 100 complaints.

The complaints have been lodged by the relevant banks, their affiliates and the public and with the strong responses received, the committee has decided to extend the deadline for complaints till 30 September from 15 September.

Prime Minister Mahinda Rajapaksa in his capacity as the Finance Minister appointed a four-member committee to probe malpractices and irregularities at four State banks which include Bank of Ceylon, People’s Bank, National Savings Bank, Regional Development Bank and their affiliated institutions reported at the organisation from 8 January 2015.

The committee received complaints which are contrary to the objectives of the institutions and the main and functional aspects and procedures of the Banking Act. Based on complaints, the accused parties were called in, investigations were carried out and information was recorded.

The committee is tasked with making recommendations on legal, financial and administrative measures to be taken to prevent such situations in the future, identifying officials and outsiders responsible for financial losses and making the necessary recommendations to make the State banking system a more people-friendly service.

This committee was appointed in accordance with the Cabinet paper presented by Prime Minister Mahinda Rajapaksa as the Minister of Finance to streamline and strengthen State banks to resourcefully contribute to build the national economy.

The report with the relevant recommendations will be submitted to the Cabinet by the Secretary to the Ministry of Finance within three months.

The four-member committee is chaired by former High Court Judge Sisira Ratnayake. Chartered Accountant Susantha de Silva and retired Additional Auditor General W.J. Premananda are the other members. A representative of the Ministry of Finance serves as the Secretary of the Committee.

The committee has requested the public with information on such allegations to submit such information by post or by email before 30 September to Director General, Department of Public Enterprises, Ministry of Finance, Secretariat, Colombo or [email protected].