Committee to be appointed to probe State bank malpractices

• Committee also tasked with recommending legal and administrative measures to avert future incidents 
• Report to be presented to Cabinet of Ministers in 3 months through Finance Ministry Secretary

Finance Minister Mahinda Rajapaksa has received the Cabinet nod to appoint a committee to look into the irregularities and malpractices that were said to have taken place in State-owned banks from January 8, 2015 under the previous regime.

The committee will look into the alleged wrongdoings at Bank of Ceylon, People’s Bank, National Savings Bank and Regional Development Bank and their affiliated institutions, violating the Banking Act and other established procedures.

While identifying the officials and other private parties, who have had committed these wrongdoings, the committee is also expected to come up with legal and administrative recommendations to avert such incidents in future and make banking more people-friendly.

Names of several State-owned banks were mentioned during proceedings of the presidential committee appointed to probe the bond scams that took place in 2015 and 2016. 

Up to now nobody has been made accountable for the scams and the legal proceedings are taking place at snail pace.

Former High Court Judge Sisira Ratnayake will function as the Chairman of the committee. Chartered Accountant Susantha de Silva and retired Additional Auditor General W. Premananda will be the other two committee members. 

A Finance Ministry representative will operate as the Secretary to the committee.
The committee is expected to present its report in three months to the Cabinet of Ministers via Finance Ministry Secretary.