JO calls for Presidential commission into BOI, BOC and People's bank

COLOMBO (News 1st) - Convening a media briefing in Colombo today (October 21), UPFA MP, Bandula Gunawardane called for an immediate investigation into the actions of the Bank of Ceylon and the People's bank which are state banks. He noted that over the past few months it has been revealed that individuals with close ties to the UNP had been inserted into these banks are Directors and that they had in turn cut off massive amounts of loans as non-performing loans and had also taken steps to issue unusually large loans. The MP said that although President Maithripala Sirisena had instructed the subject minister to dissolve the board of directors of both these banks and appoint new members that it has not been done as yet. Several importers claim that imports have been hindered as banks in Australia are preparing to refuse Letters of Credit issued by our banks. MP Bandula Gunawardene requested the President to appoint a Presidential Commission to look into the Bank of Ceylon, the people's bank and the BOI as there is a serious liquidity issue in the market.