People's bank being looted with political patronage

Colombo (News 1st) - There have been multiple reports exposing Jehan Amaratunge's involvement in obtaining a Rs. 10Bn loan from People's Bank for  MTD Walkers PLC while serving as both a member of the board of directors of Peoples Bank and the Executive Deputy Chairman of MTD Walkers PLC. A recent post on social media made some startling revelations about both the People's bank and Jehan Amaratunge. Dharshana Handungoda of SL VLOG claims that Minister of Social Welfare and Primary Industries Daya Gamage has obtained a total of Rs. 3.54bn from People's Bank in loans for 5 of his private companies. Of this, the companies are yet to pay Rs 420mn due to the people bank, in loan installments. Handungoda states that despite owing People's bank over Rs 420mn in arrears payments, the Peoples bank continues to grants loans for the said companies. He claims that the General Manager of People's bank Lasantha Kumara is being threatened by these companies that they will not make the required payments if additional loans are not granted. The Vlogger also spoke about Jehan Amaratunga who serves on the board of directors of a number of private companies in addition to being on the People's bank. Handungoda quoting experts in the banking sector states that anyone appointed to the board of directors in a bank should clearly declare as to why they are issuing loans to another company, on which the said persons serves as a board director. The social media post also reveals that during his tenure as a member of the People's bank board of directors, Jehan Amaratunge has approved loans amounting to Rs. 10.4bn. Handungoda also revealed that Jehan Amaratunge is a close confidant of Gamini Senarath who served as the Chief of Staff of President Mahinda Rajapaksa. He further stated that Amaratunge is allowed to carry on with his activities at the Peoples bank because he is now a close confidant of Min. Malik Samarawickrama.