COPE reveals scam of Rs.100.5 Million at NSB main branch

Colombo(News 1st) - The Committee on Public Enterprises or COPE met today in Parliament. It was revealed, during the year ending 31st December 2018, a financial scam of Rs 100.5 million at the main branch of the National Savings Bank or NSB had taken place. During the recent past, the bank had also made an insurance claim of Rs 11 million, to recover part of the losses incurred due to fraudulent transactions within the bank. During COPE proceedings, the administration of NSB admitted that the bank recruited over 1000 individuals, based on a document sent by the private secretary of the subject minister. While this recruitment process was severely criticized by COPE, it ordered to suspend the recruitment process immediately and instructed the administration of the bank to formulate a recruitment policy and to present it to COPE. At the proceedings of the Committee on Public Accounts or COPA, it was revealed, the government had incurred a loss of Rs. 4 billion when issuing drivers' licenses. This loss was due to a further two-year extension of an agreement with a private institution, following the expiry of a 7-year contract with the latter.