Will action be taken against the 10bn loan after the tenure of the People’s bank BOD ends?

Will action be taken against the 10bn loan after the tenure of the People’s bank BOD ends?

Will action be taken against the 10bn loan after the tenure of the People’s bank BOD ends?

Written by Staff Writer

14 Aug, 2018 | 11:17 pm

COLOMBO (News 1st) – The official tenure of the Board of Directors of People’s Bank is to end on the 31st of August.

This also ends the official term of People’s Bank Director Jehan Amaratunga, who obtained a Rs. 10bn loan from the bank for MTD Walkers PLC where he serves as the Executive Deputy Chairman.

Jehan Amaratunge was heavily scrutinized for obtaining such a large loan amount from People’s Bank.  When an application is made for such a large loan it needs to be approved by the Audit Committee of the bank. Incidentally, it was Jehan Amaratunge himself who was the Chairman of that committee.

Minister of Public Enterprise & Kandy City Development Lakshman Kiriella has also requested the Prime Minister to take action regarding Jehan Amarathtunga for misusing his position.

Meanwhile, as such loans are to be directed to the bank’s loans committee for approval, it is rather significant that for the first time in banking history that People’s Bank Chairman Hemasiri Fernando was not in that committee.

Given the previous track record of this Government, it won’t be a stretch to imagine that moments after the end of the tenure, Jehan Amaratunge will get away with these transactions with no legal action against him?

Is it not imperative that a broad investigation is conducted and those accountable are brought before the law?


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