AJITH SIRIWARDANA 
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No glitches at BOC in Seychelles
Bank of Ceylon Chairman Ronald Perera said yesterday the Seychelles branch of the BOC was functioning smoothly and there were no any grey areas in its setting up process in January 2014.
He told Daily Mirror the Bank had launched an inquiry on the circumstances that led to the establishment of the branch because of allegations of wrong doings.
”We inquired into allegations that the BOC branch in Seychelles was established in haste and with ulterior motives. The inquiry report has found nothing irregular and we are fully satisfied with the setting up process and the management of the branch,” Mr. Perera said.
He said there was no question of closing or any threat of bankruptcy at the branch.
The then Finance Minister Ravi Karunanayake ordered an inquiry to find out if Sri Lankans had deposited ill-gotten funds at the branch in Seychelles, which is considered a tax haven.
Questions were asked why the BOC opened a branch at Seychelles when only 46 Sri Lankans were living there. There were allegations that this branch was opened for the purpose of money laundering.
Mr. Karunanayake also said the investigation would help reveal whether the opening of the branch was authorised by the Finance Minister or Central Bank Governor during the Rajapaksa regime.
The branch opened on January 20, 2014 was the first ever Bank of Ceylon branch in an African country. Seychelles Vice President Danny Faure was the chief guest at the opening ceremony.(Sandun A Jayasekera)
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