Sri Lanka Central Bank to commission external probe on EPF bond deals
May 10, 2017 10:15 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka's central bank will commission an external probe on the Employees Provident Fund investments, if an internal inquiry finds evidence, Central Bank Governor Indrajit Coomaraswamy said.
On a decision by the monetary board, the governing body of the central bank, an internal inquiry is underway based on the procedure laid down within the institution, Coomaraswamy said.
A team that looked into some deal of the EPF had submitted a report to the monetary board, which showed ground for further investigation.
"Before we do anything we have to give the officers involved in those transactions to explain, to give their side of the story. That is natural justice, and due process," Coomaraswamy told reporters.
An assistant governor of the central bank will talk to officers involved with the transactions that have been identified in the investigation report.
His will be given to an external inquiry panel.
The external inquiry panel will be appointed by the monetary board. It will include an ex-judge, and a person with an accounting background, who are independent of the central bank.
"The second phase is to have a senor office of the central
"If there is misconduct that has been perpetrated and identified by the process that we are undergoing, we will hand-over to the law enforcement authorities," Coomaraswamy said.
There are laid down procedures in the central bank, which are being followed, he said.