Sri Lanka PABC bank primary dealership ban extended

ECONOMYNEXT- Sri Lanka’s central bank has extended a ban on Pan Asia Banking Corporation’s (PABC) primary dealership by another 6 months, a statement said.

The central bank said that the suspension is for 6 months with effect from 15 February 2019, and will only restrict PABC’s activity in primary bond auctions.
All other banking activities are not affected, the central bank said.
The regulatory actions was taken under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance.
PABC’s primary dealership has been suspended since August 2017 for its transactions with Perpetual Treasuries Ltd during a so-called ‘Bond Scam’.
The central bank on Friday said that it is conducting six forensic audits into the controversy with outside experts.
It said that five of the audits will be completed in 2-3 months and the remainder would be completed before the end of 2019. (Colombo/Jun06/2019)

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