By Dulasha Hettiarachchi
A new chairman and some directors have been appointed to the board of People’s Merchant Finance PLC (PMB).
The company said it had appointed People’s Bank Chairman Hemasiri Fernando as the Chairman with effect from June 30.
Further, People’s Bank CEO Vasantha Kumar, People’s Leasing and Finance CEO D.P. Kumarage, U.N. Gunasekara, M.P. Amirthanayagam and Johnson Fernando were appointed as directors with effect from June 30.
Earlier, the company appointed six new directors—Lakshman De Fonseka D.W.S.S.R.N.J. Dandeniya, C. Warnasuriya, L. De Fonseka, S.M. De Zoysa and M. Senavirathne with effect from May 19, 2015.
In a separate disclosure, the company said the Monetary Board of the Central Bank had directed it to “remove” former Director/CEO Ramanan Govindasamy.
It was only last month that the Central Bank directed People’s Leasing and Finance PLC (PLC), a subsidiary of state-owned People’s Bank, to restructure and manage PMB.
As a result, People’s Bank collectively bought 9.57 percent of PMB, increasing its stake in the company to 49 percent. The two entities have announced a mandatory offer to purchase the remaining shares.
The shares were said to have sold by the former CEO Govindasamy Ramanan.
PMB said it will provide the details of the shares held by Ramanan in the company as of June 4, 2015 as no sooner they receive the same.
Ramanan and former PMB Director Thushan Wickramasinghe collectively owned 29.82 percent of PMB as at December 31, 2014. Since then, the company hasn’t submitted its interim financial accounts.
