Dr. Yaddehige quits NDB Board

The single largest individual shareholder Dr. Sena Yaddehige has stepped down from the Board of the NDB Bank.

The move was despite holding 5% stake in NDB Bank amounting to 4.2 million shares currently worth nearly Rs. 1.5 billion. He was appointed to the Board in December 2007 and the resignation effective 23 November completes nearly 3 years.                  

Whilst couldn’t be reached for comment as he was overseas, sources said that the decision to step down appears personal and to focus more on his core business and investment Richard Pieris and Company.

Yaddehige is a Sri Lankan born British Scientist/Engineer and a UK based industrialist. He is the Managing Director of a European Company, which is part of a group involved in the development of high technology, automated manufacturing, and export of automotive components and systems to Europe and the United States. In addition to the Companies in the Richard Pieris Group, Dr. Yaddehige is a Director of a Swiss Pharmaceutical Company and a Director of a number of European Companies.