Committee probing conduct of state banks during last 05 years receives over 100 complaints

Committee probing conduct of state banks during last 05 years receives over 100 complaints

Committee probing conduct of state banks during last 05 years receives over 100 complaints

Written by Zulfick Farzan

21 Sep, 2020 | 4:16 pm

Colombo (News 1st); The committee appointed to look into the allegations of irregularities at state banks and affiliated institutions during the last five years, received more than 100 complaints.

The Finance Ministry said the complaints were made by the respective banks, trade unions, and the general public.

As the committee continues to receive complaints, it was decided to extend the deadline given for the acceptance complaints to the 30th of September.

The Finance Minister said following examination of the complaints received, the committee would summon the parties against who allegations were made to record statements.

A four-member committee was appointed to formally study the irregularities, instances of violating the objectives and procedures of respective institutions, provision of the Banking Act as well as the unproductive activities and transactions at state banks and affiliated institutions after January 08th, 2015.

The committee will also make recommendations to transform the state banking system into a more people-friendly service.

In addition, the committee will make recommendations on legal, monetary, and administrative measures which need to be adopted to prevent the recurrence of such incidents as well as to identify the officials and external factors responsible for losses incurred.

Prime Minister Mahinda Rajapaksa in his capacity as the Minister of Finance, submitted a cabinet paper to streamline the State banking system and make it efficient in order to strengthen the national economy, and also to look into irregularities that had taken place within State banks.

The committee was appointed based on this cabinet paper.

The Committee is chaired by former High Court Judge Sisira Ratnayake and also includes Charted Accountant Susantha de Silva and retired Additional Auditor General W. Premananda.

A representative of the Finance Ministry will serve as the Secretary of the Committee.

The Finance Ministry Secretary would submit the report by the Committee inclusive of the recommendations to the Cabinet of ministers within three months.

Complaints can be addressed to ;

Director-General
Department of Public Enterprises
Ministry of Finance
The Secretariat
Colombo 01

or via email to;

[email protected]

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