Collapsing Administration – Chapter 6: “The public deserve this burden”

Collapsing Administration – Chapter 6: “The public deserve this burden”

Collapsing Administration – Chapter 6: “The public deserve this burden”

Written by Staff Writer

19 Dec, 2016 | 8:54 pm

Seylan Bank was brought under the control of state-owned BOC (Bank of Ceylon) by the Central Bank’s Monetary board on 28 December 2008 -under Section 30(1) of the Monetary Law Act No.58 of 1949.

The BOC is one of the Twenty Largest Ordinary Voting Shareholders of Seylan Bank, with the amount of shares standing at 13,198,305 – otherwise 7.5% of the total percentage of shares.

According to the CSE’s (Colombo Stock Exchange) Daily Equity Movement, the shares held by BOC have been sold to earn a turn over of Rs, 1,320,006,043 on 16th December.

Information gathered by News 1st said that a share has been sold for Rs. 100 – which is Rs. 15 higher than the market value.

The Daily News report

The report by the news paper -headlined “PM Halts Questionable Share Transfer”- said that Prime Minster Ranil Wickremesinghe had ordered to cancel the divestment immediately.

Quoting the PMs Additional Secretary Saman Athaudahetti, the Paper says that the Prime Minister has also asked the Police Financial Crimes Investigation Division to investigate into the matter.

“Since we don’t have enough money in the country we need outsiders to invest in our country. The government invites foreign investors to come in to the country and when they do, the government slaps them and sends them back.”

The above was said by Wasantha Samarasinghe (Convener – Voice Against Corruption), who also questioned the Prime Minister’s intervention in BOC’s decision to sell it’s Seylan Bank shares, pointing out how the premier did not call for immediate investigations on the CBSL Bond Scam and those involved.

Wasantha Samarasinghe:

“What the Prime Minister says is that the public deserve this burden. This is their karma.

And he wants the public to hand over this burden to their children as well.


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