{"id":247177,"date":"2026-05-02T19:13:54","date_gmt":"2026-05-02T13:43:54","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=247177"},"modified":"2026-05-07T05:56:24","modified_gmt":"2026-05-07T00:26:24","slug":"key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/","title":{"rendered":"Key To NDB Fraud Is Disclosure Of Reason For Resignation Of Board Director Shanil Fernando"},"content":{"rendered":"

By Amrit Muttukumaru<\/a> –<\/strong><\/span><\/p>\n

\"\"

Amrit Muttukumaru<\/p><\/div>\n

The NDB FRAUD in terms of its IMPLICATIONS to the country is the most dangerous FINANCIAL FRAUD in recent times \u2013 more dangerous than even the Bond Scam. This is because it affects the ENTIRE Banking\/Financial system in COLLUSION with the CBSL. It inter alia involves some of the biggest names in the PRIVATE SECTOR who are on the \u2018Director Board\u2019 of NDB Bank PLC.<\/p>\n

Although the government through the EPF\/ETF\/SLIC\/BOC is the MAJOR SHAREHOLDER of publicly owned NDB Bank PLC, the CBSL which falls under the purview of the Ministry of Finance of which the subject Minister is President Anura Kumara Dissanayake has not only ALLOWED the NDB \u2018Director Board\u2019 which FAILED to prevent the FRAUD to CONTINUE in office but also given tacit APPROVAL to appoint an \u2018international firm\u2019 to carry out the FORENSIC AUDIT. Does this not have the POTENTIAL to bury the fraud through a MANAGED FORENSIC AUDIT?<\/p>\n

The context to this is:<\/span><\/strong><\/p>\n

1) CBSL Governor Dr. Nandalal Weerasinghe was a Deputy Governor under Arjuna Mahendran at the time of the CBSL Bond Scam. Yet despite all the brouhaha from AKD about \u2018system change\u2019 he had no problem in appointing him as Governor.<\/p>\n

2) The External Auditors of NDB Bank is Ernst & Young of which Managing Partner Duminda Hulangamuwa is Senior Economic Adviser to AKD. On this basis alone is not Hulangamuwa\u2019s position as adviser to AKD fraught with \u2018conflict of interest\u2019?<\/p>\n

3) One area in which successive governments, oppositions in Sri Lanka and the media have CONSENSUS is in giving a FREE PASS to the PRIVATE SECTOR which for the most part is the MOTHER of political corruption.<\/p>\n

4) Powerful interests in CONCERT with the mainstream MEDIA have DEVIOUSLY introduced DISTRACTIONS \u2013 the latest being the missing USD 2.5 Million from the Treasury. Hence is it surprising that the NDB Fraud has COMPLETELY gone off the radar?<\/p>\n

5) Although without question the country must get to the bottom of the COAL SCAM and other credible instances of corruption which includes the missing USD 2.5 Million from the Treasury, it is DANGEROUS for the country to take the eye off the ball from the NDB Fraud.<\/p>\n

Hiding Reason\/s for Resignation of \u2018Board Director\u2019 Shanil<\/span><\/strong><\/p>\n

The KEY to UNRAVELLING the NDB FRAUD is the REASON\/S for the resignation of \u2018Board Director\u2019 Shanil Fernando. This is precisely what is being HIDDEN from the country.<\/p>\n

Worse than this is that regulatory agencies and the mainstream MEDIA presumably at the behest of the INFLUENTIAL NDB \u2018Director Board\u2019 are doing their damnedest to PORTRAY Shanil Fernando as the villain of the piece for the fraud. Being DOWNPLAYED is that he only became a \u2018board director\u2019 in January 2026.<\/p>\n

The MODUS OPERANDI of these DESPERATE mischief makers include:<\/span><\/strong><\/p>\n

1) The letter from NDB Company Secretary Shehani Ranasinghe to the Chief Regulatory Officer of the CSE dated 27 April 2026 merely refers to Shanil Fernando\u2019s resignation effective from that date without giving any reason\/s for the resignation. The only other issue mentioned by Shehani Ranasinghe is presumably a SUBTERFUGE – \u201cThe Shareholding of Mr. Shanil Fernando as at the date of his resignation will be notified in due course.\u201d<\/p>\n

2) At the time this article is being written on 2 May, the CSE website under \u2018CORPORATE DISCLOSURES\u2019 does not mention a word about the resignation of NDB \u2018Board Director\u2019 Shanil Fernando let alone giving the reason\/s for the resignation. Is not the reason\/s CRUCIAL to shareholders\/depositors of NDB?<\/p>\n

3) The MEDIA by highlighting Shanil Fernando\u2019s IMPRESSIVE Digital Technology credentials such as being the \u2018Co-Founder of Sysco Labs\u2019 tacitly\/mischievously attempts to portray that he has been NEGLIGENT to ALERT the \u2018Director Board\u2019.<\/p>\n

Dereliction of Duty by Dr. Harsha de Silva?<\/span><\/strong><\/p>\n

Given the FACT that the government through the EPF\/ETF\/SLIC\/BOC is the MAJOR SHAREHOLDER of the publicly owned NDB Bank PLC, is it not a DERELICTION OF DUTY for the Committee on Public Finance (COPF) of which leading opposition member Dr. Harsha de Silva is Chairman to IGNORE the NDB fraud? The same applies to the Committee on Public Enterprises (COPE) of which government parliamentarian Dr. Nishantha Samaraweera is Chairman.<\/p>\n

Conclusion<\/span><\/strong><\/p>\n

The SEC must DEMAND that the CSE FORTHWITH:<\/p>\n

1) Obtains Shanil Fernando\u2019s letter of resignation and NOTIFIES the PUBLIC on its website under \u2018CORPORATE DISCLOSURES\u2019.<\/p>\n

2) The CSE informs the MEDIA accordingly.<\/p>\n

SEC Chairman, Dr. Hareendra Dissabandara is an appointee of President AKD in his capacity as Minister of Finance.<\/p>\n","protected":false},"excerpt":{"rendered":"

[…]<\/p>\n","protected":false},"author":163,"featured_media":247178,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,46,8],"tags":[],"class_list":["post-247177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-colombotelegraph","category-constitutional-reforms","category-editorial"],"yoast_head":"\nKey To NDB Fraud Is Disclosure Of Reason For Resignation Of Board Director Shanil Fernando - Colombo Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key To NDB Fraud Is Disclosure Of Reason For Resignation Of Board Director Shanil Fernando - Colombo Telegraph\" \/>\n<meta property=\"og:description\" content=\"[…]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/\" \/>\n<meta property=\"og:site_name\" content=\"Colombo Telegraph\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-02T13:43:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-07T00:26:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2026\/05\/Board-Director-Shanil-Fernando.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"628\" \/>\n\t<meta property=\"og:image:height\" content=\"440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Amrit Muttukumaru\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amrit Muttukumaru\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/\",\"url\":\"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/\",\"name\":\"Key To NDB Fraud Is Disclosure Of Reason For Resignation Of Board Director Shanil Fernando - Colombo Telegraph\",\"isPartOf\":{\"@id\":\"https:\/\/www.colombotelegraph.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2026\/05\/Board-Director-Shanil-Fernando.jpg\",\"datePublished\":\"2026-05-02T13:43:54+00:00\",\"dateModified\":\"2026-05-07T00:26:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.colombotelegraph.com\/#\/schema\/person\/80cec533b28ef410b73e728fa17ef9b0\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/#primaryimage\",\"url\":\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2026\/05\/Board-Director-Shanil-Fernando.jpg\",\"contentUrl\":\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2026\/05\/Board-Director-Shanil-Fernando.jpg\",\"width\":628,\"height\":440,\"caption\":\"Board Director Shanil Fernando\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.colombotelegraph.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Key To NDB Fraud Is Disclosure Of Reason For Resignation Of Board Director Shanil Fernando\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.colombotelegraph.com\/#website\",\"url\":\"https:\/\/www.colombotelegraph.com\/\",\"name\":\"Colombo Telegraph\",\"description\":\"In journalism truth is a process\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.colombotelegraph.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.colombotelegraph.com\/#\/schema\/person\/80cec533b28ef410b73e728fa17ef9b0\",\"name\":\"Amrit Muttukumaru\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.colombotelegraph.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/facc3280b2e77f8ea16874104c34e109a62fa2294c3012058f0f38e3eb91f2b0?s=96&d=identicon&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/facc3280b2e77f8ea16874104c34e109a62fa2294c3012058f0f38e3eb91f2b0?s=96&d=identicon&r=g\",\"caption\":\"Amrit Muttukumaru\"},\"url\":\"https:\/\/www.colombotelegraph.com\/index.php\/author\/amritm\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Key To NDB Fraud Is Disclosure Of Reason For Resignation Of Board Director Shanil Fernando - Colombo Telegraph","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/","og_locale":"en_US","og_type":"article","og_title":"Key To NDB Fraud Is Disclosure Of Reason For Resignation Of Board Director Shanil Fernando - Colombo Telegraph","og_description":"[…]","og_url":"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/","og_site_name":"Colombo Telegraph","article_published_time":"2026-05-02T13:43:54+00:00","article_modified_time":"2026-05-07T00:26:24+00:00","og_image":[{"width":628,"height":440,"url":"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2026\/05\/Board-Director-Shanil-Fernando.jpg","type":"image\/jpeg"}],"author":"Amrit Muttukumaru","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Amrit Muttukumaru","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/","url":"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/","name":"Key To NDB Fraud Is Disclosure Of Reason For Resignation Of Board Director Shanil Fernando - Colombo Telegraph","isPartOf":{"@id":"https:\/\/www.colombotelegraph.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/#primaryimage"},"image":{"@id":"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/#primaryimage"},"thumbnailUrl":"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2026\/05\/Board-Director-Shanil-Fernando.jpg","datePublished":"2026-05-02T13:43:54+00:00","dateModified":"2026-05-07T00:26:24+00:00","author":{"@id":"https:\/\/www.colombotelegraph.com\/#\/schema\/person\/80cec533b28ef410b73e728fa17ef9b0"},"breadcrumb":{"@id":"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/#primaryimage","url":"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2026\/05\/Board-Director-Shanil-Fernando.jpg","contentUrl":"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2026\/05\/Board-Director-Shanil-Fernando.jpg","width":628,"height":440,"caption":"Board Director Shanil Fernando"},{"@type":"BreadcrumbList","@id":"https:\/\/www.colombotelegraph.com\/index.php\/key-to-ndb-fraud-is-disclosure-of-reason-for-resignation-of-board-director-shanil-fernando\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.colombotelegraph.com\/"},{"@type":"ListItem","position":2,"name":"Key To NDB Fraud Is Disclosure Of Reason For Resignation Of Board Director Shanil Fernando"}]},{"@type":"WebSite","@id":"https:\/\/www.colombotelegraph.com\/#website","url":"https:\/\/www.colombotelegraph.com\/","name":"Colombo Telegraph","description":"In journalism truth is a process","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.colombotelegraph.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.colombotelegraph.com\/#\/schema\/person\/80cec533b28ef410b73e728fa17ef9b0","name":"Amrit Muttukumaru","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.colombotelegraph.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/facc3280b2e77f8ea16874104c34e109a62fa2294c3012058f0f38e3eb91f2b0?s=96&d=identicon&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/facc3280b2e77f8ea16874104c34e109a62fa2294c3012058f0f38e3eb91f2b0?s=96&d=identicon&r=g","caption":"Amrit Muttukumaru"},"url":"https:\/\/www.colombotelegraph.com\/index.php\/author\/amritm\/"}]}},"jetpack_featured_media_url":"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2026\/05\/Board-Director-Shanil-Fernando.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.colombotelegraph.com\/index.php\/wp-json\/wp\/v2\/posts\/247177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.colombotelegraph.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.colombotelegraph.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.colombotelegraph.com\/index.php\/wp-json\/wp\/v2\/users\/163"}],"replies":[{"embeddable":true,"href":"https:\/\/www.colombotelegraph.com\/index.php\/wp-json\/wp\/v2\/comments?post=247177"}],"version-history":[{"count":2,"href":"https:\/\/www.colombotelegraph.com\/index.php\/wp-json\/wp\/v2\/posts\/247177\/revisions"}],"predecessor-version":[{"id":247254,"href":"https:\/\/www.colombotelegraph.com\/index.php\/wp-json\/wp\/v2\/posts\/247177\/revisions\/247254"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.colombotelegraph.com\/index.php\/wp-json\/wp\/v2\/media\/247178"}],"wp:attachment":[{"href":"https:\/\/www.colombotelegraph.com\/index.php\/wp-json\/wp\/v2\/media?parent=247177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.colombotelegraph.com\/index.php\/wp-json\/wp\/v2\/categories?post=247177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.colombotelegraph.com\/index.php\/wp-json\/wp\/v2\/tags?post=247177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}