Bimputh Finance allegedly connected to Daya Gamage defaults on Rs 350Mn loan from HDFC

• HDFC has lost Rs 69 million as a result of paying unusually high rates  for the depositors
• There has also been an alleged under-estimation of a land owned by HDFC in Colombo 13. 

By Yohan Perera  

Bimputh Finance Ltd, on which Daya Gamage a key member of the United National Party(UNP) and a minister in the Yahapalana government alleged to have interests, has defaulted on a loan worth Rs. 350 million borrowed from the Housing Development Finance Corporation (HDFC), the latest probe carried out by the Committee on Public Enterprises (COPE) has revealed. 

This Minister has been a prominent member of UNP until the recent past.   

The authorities of HDFC have informed COPE that the recovery of this loan is doubtful. COPE had requested a quick internal audit on the issue and to submit a report on it within three weeks. It has been decided that COPE would present a special report on Bimputh Finance to Parliament soon. COPE is also expected to lodge a complaint with Bribery Commission against the company.   

Central Bank cancelled the license of Bimputh Finance recently over a few other issues.   

COPE also queried on the unusually high interests paid by HDFC to its depositors and the alleged under-estimation of a land owned by HDFC in Sangaraja Mawatha, Colombo 13. It has been revealed that this land is to be sold shortly. It was further revealed that HDFC has lost Rs 69 million as a result of paying unusually high rates for the depositors and a company had got involved in this scandal as a third party.   

State Ministers Jagath Pushpakumara, Shantha Bandara, MPs Eran Wickramaratne, Nimal Lansa, Jayantha Samaraweera, Sanjeewa Edirimanne, Jagath Kumara Sumithrarachchi, Sudarshana Denapitiya, Upul Mahendra Rajapaksa, M. Rameshwaran and Charitha Herath participated in the meeting.