Four Okanda Finance Directors fined

By T. Farook Thajudeen

Four directors of Okanda Finance who intentionally suppressed information to Central Bank were fined Rs. 300,000 each by the Colombo Chief Magistrate.

The four Directors – Manikku Waduduraga Okanda Silva, Theja Dilhanee Ruwandige Silva, Manikku Wadudurage Dhanapala Silva and Chamila Jeewani Sawundage Siriya – of Okanda Finance were convicted by the Colombo Chief Magistrate Rashmi Singappuli.           

They were convicted for intentionally suppressing information in respect of the period 23 September to 10 October in 2002 in respect of the names and addresses of the Directors of the company, the business registration number, company resolution and its date, names of the officers of the company, information in respect of the investments, names and address of the depositors and the dates the deposits were made, interest rates and the modes of the loan schemes to the Central Bank when requested by the bank from the accused.

Further, they were convicted for failing to submit information in respect of the financial year 31 March 2002 to the Central Bank under Section 2 (1) of the Finance Company Act No. 78 of 1988.

The Magistrate observed that the case had been proven beyond doubt and ordered the four directors of Okanda Finance to pay Rs. 300,000 each amounting to Rs. 1.2 million in all.

In the event of failing to pay the fine, they were sentenced to one year’s imprisonment. Each of the accused was charged on three counts.