18 October, 2017

Chairman Of Lankaputhra Bank Expelled

Chairman of the Lankaputhra Development Bank Lasantha Goonewardena was expelled by the bank’s Board and Director Ranil Fernando has been appointed as the Acting Chairman.

Lasantha Goonewardena

Lasantha Goonewardena

According to the Daily FT, Goonewardena had attended the Board meeting held on Monday and had later walked out of it. The Board decided to expel Goonewardena complying with an order issued to the bank’s Board by the Monetary Board.

In June, quoting the Anti-Corruption Front, the Colombo Telegraph reported how former Governor of the Central Bank Arjuna Mahendran had abused his power at the bank by protecting Goonewardena, despite an order by the Central Bank’s Department of Bank Supervision calling for Goonewardena’s ouster.

The Department of Bank Supervision on the 24th of March 2016 in a letter to the Chairman of the LDB ordered that he should no longer continue to serve in the said post. “The reason for this was twofold. The first was that Gunawardena did not possess the professional qualifications required as per Section 3 (5) (IX) of the Banking Act, Direction No. 12, of 2007. The second was that previously despite warnings of danger being given, the Chairman had unheeded them and failed to protect the Bank’s confidentiality and thereby failed to fulfill the duties and responsibilities of the post of the Chairman,” ACF said.

However, Mahendran had recalled the letter sent on 24th of March. “The CBSL Governor has no power to recall a letter sent by the Department of Bank Supervision. Recalling recommendations made following a technical assessment constitutes a dictatorial/ an authoritarian/ an arbitrary act. An inquiry into this matter has revealed that the Department of Bank Supervision has never recalled an original, initial letter sent by them. Therefore, this letter still remains valid. If so, how is the Chairman of the LDB still continuing on in the post?,” ACF questioned in June.

Financial institutions and special banks registered in the country are bound to conduct themselves in accordance with directives and warnings provided by the CBSL’s Department of Bank Supervision. This is for the betterment of the banking process and to protect the standards in place. Section 76 (h) (42) (2) of the Banking Act, No. 30 of 1988, provides the CBSL with the required powers for this.

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Latest comments

  • 1
    1

    In Apeh Aanduwe SL Everything is connected to ONE SINGLE RELIGION AND COMMUNITY.

    THE MOST OF THE HEIERACHIS ARE FROM THE SAME COMMUNITY , KITHS AND KINS TO RUN THE STATE OR PRIVATE INSTITUTIONS.
    In fact they all appear to be from the same or similar pods.
    The state funds are either , fiddled , mismanaged, or very badLY Managed.

    There’s no question of mix and match as there are well educated men and women too among the minority groups.
    By chance if a candidate from the minority community gets promoted or given a high position according to their qualifications Or merits the sooner they’re appointed smear campaign commenced by the Devils of the Majority.

    For the success of a COUNTRY BEST TO MIX AND MATCH THE TALENT FOR THE PROGRESS OF OUR COUNTRY.
    By this method thieving and mismanagement can Be identified and punished.
    The crooks and thieves and unqualified men and women from the same community tends to hide and steal the state funds together .

    This kind of NEPOTISM DESTROYS THE PROGRESSION OF A COUNTRY.
    DRAWS TO CLOAK AND DAGGER SITUATION AS EVERY BAD PRACTICE AND THIEVING GETS HIDDEN FROM THE TOP MANAGEMENT.
    Similar to Lankaputhra Bank Chairman who was allegedLY to be unqualified for the job yet he was appointed and the facts were hidden.

    NEPOTISM AND THE DESTRUCTION OF OUR LAND SRILANKA CONTINUES.
    LAUGHABLE AND REGRETTABLE IN FACT.
    OUR PARA YAH STATE WILL BE FOREVER A PARA YAH STATE , CONTROLLED BY PARA YAHS OF ONE COMMUNITY.

    ONE DOES NOT BECOME A STATEMAN OF INTEGRITY TO CONTROL THESE INSTITUTIONS JUST BECAUSE THEY HAVE DONNED THEMSELVES WITH THE SUIT AND TIE ( Western attire gives an EGO) TO IMPRESS OR GIVES A FEEL GOOD FACTOR BUT AN EMPTY VESSEL OF A PEANUT .

  • 1
    0

    Stunted Brain and Stunted Progress of the Country.
    All due to Inbreds and ,Nepotism.

  • 0
    0

    I think it is the same with Central Excutives. they are not properly qualified. so they quit.

  • 0
    1

    In Malaysia, A Malaysian buddhist monk was attacked because Mahinda Rajapakse came to Malaysia.

    For CT, that was not news to publish.

    but, this firing is news.

    • 1
      0

      Jim softly

      Why do you think CT has omitted the story on the Saffron clad Assault in Malaysia??

      Simple explanation for it that to do with THE FEAR PSYCHOSIS CREATED BY THIS NEW AGE ( Modified and not the actual Buddha ‘s Sermon ) Propaganda Religion of modern SL .

      If you say ,write , or even eat drink or behave against the RELIGION LORD BUDDHA WILL PUNISH YOU MAY EVEN FACE ULTIMATE CURSE TO YOU AND YOUR FAMILY.
      THIS IS THE KIND OF SERMONS INSTILLED IN MODAYAS CAUSING FEAR PSYCHOSIS.

      THESE ARE THE UNTOLD GATHAAS TOLD IN INNOCENT MINDS FROM CHILDHOOD.
      BAD WILL FALL ON YOU EVEN IF YOU SPEAK AGAINST THE RELIGION.

      BUT THE PREACHERS CAN PRACTICE ALL THE EVILS FORBIDDEN BY THE RELIGION.
      ALL A HUMBUG , IN WHICH CT TOO MAY HAVE BEEN SUCKED IN THE WEB OF DECEIT.

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