Lankaputhra Bank under probe, P’ment told

Friday, 6 February 2015 00:31 - - {{hitsCtrl.values.hits}}

By Ashwin Hemmathagama Our Lobby Correspondent Government has launched investigations to find irregularities and frauds taken place at Lankaputhra Development Bank and to re-open soon. Minister of Finance Ravi Karunanayke in response to a supplementary question raised by JVP MP Anura Dissanayake confirmed the Parliament out of 228 credit facilities given 68.9% fell into non-performing status and the total core capital of the bank was Rs. 6,800 million. Highlighting the reasons for establishing Lankaputhra Development Bank, MP Dissanayake charged the Mahinda Rajapakse government. “The bank was initiated to support small and medium enterprises. There were instances the recovery was at 50%. So, this is a bank that financed people based on the relationship. Parliament in different occasions allocated public moneys for Lankaputhra Development Bank. Public money cannot be allowed to waste. There were instances land belonging to templeswere given collateral for bank loan,” said MP Dissanayake.

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