Sale of Seylan Bank shares by Sri Lanka state-run bank under scrutiny

ECONOMYNEXT – A sale of 13 million shares in Seylan Bank by state-run Bank of Ceylon is being looked into by the administration, a senior government source said.

The Seylan stock was sold for 100 rupees, about 15 rupees higher than the market, giving capital gains to the bank.

The stock was bought by a foreign buyer, acording to market sources.

The government was looking into the matter to check whether proper board approval was obtained the source said.

The transaction valued at about 1.3 billion rupees is small considering the balance sheet of the bank.

The bank comes under state enterprises ministry.  (Colombo/Dec18/2016)

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