The directors of state-owned National Savings Bank have been appointed to the board of troubled Entrust Securities PLC, under a Central Bank directive.

Accordingly, the new Entrust board consists of: Chairman Aswin De Silva, Directors, D.L.P.R.Abeyratne, A.Ke.Seneviratne, Suranga Naullage, Ajith Pathirana, Anil Rajakaruna and Chandima Hemachandra. NSB General Manager/CEO S.D.N.Perera has also been appointed as the General Manager/CEO of Entrust Securities.

NSB said these appointments were done with the objective of taking appropriate measures to recover and restructure Entrust Securities. 

Meanwhile, the appointment of a new Company Secretary and a change in the registered address of Entrust Securities has also been effected.

The new registered address of Entrust Securities is: Managers to Entrust Securities PLC, National Savings Bank, No.255, Galle Road, Colombo 03.

Entrust Securities was placed under NSB this January amid allegations of massive fraud.NSB had undertaken a due diligence on Entrust Securities soon after it was placed under them.