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Committee to probe irregularities, misconduct in state banks during the past regime

ECONOMYNEXT- The Cabinet has appointed a committee to investigate alleged irregularities, unproductive initiatives and misconduct in the state banks during the past regime, the Ministry of Finance announced.

On a proposal submitted by Prime Minister Mahinda Rajapaksa as Minister of Finance the Cabinet of Ministers approved a  three-member committee to investigate these issues in the Bank of Ceylon, Peoples’ Bank, National Savings Bank and Regional Development Bank from 2015 January 8 onwards.

The committee is responsible to make recommendations to change the legal, financial and administrative actions and processes needed to be taken in order to prevent such issues from arising in the future.

The proposal aims to make the state banking sector a more people-friendly service and to identify the relevant officials and outside parties who are responsible for the financial losses in them.

The committee is headed by the former high court judge Sisira Rathnayake with Susantha Silva and retired Additional Auditor General W. Premananda as members.

The recommendation report by the committee is due to be presented to the cabinet in three months’ time (Colombo/Aug19/2020).

Reported by Imesh Ranasinghe