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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka Bribery Commission to investigate controversial state bank purchase of finance company stake

Sri Lanka Bribery Commission to investigate controversial state bank purchase of finance company stake

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Aug 27, Colombo: The Commission to Investigate Allegations of Bribery and Corruption of Sri Lanka has commenced investigations into the controversial share transaction between the state-owned National Savings Bank (NSB) and The Finance Company (TFC).

Chairman of the Commission Justice D. J. De S. Balapatabendi said investigations into a complaint received on the share transaction has commenced.

The Commission earlier had recorded a statement from former NSB Chairman, Pradeep Kariyawasam on the NSB-TFC transaction.

Balapatabendi said he was unable to give an exact time frame for the investigation to conclude and details of statements recorded would only be known once the report was prepared.

However, he notes that a legal report would be called in the event the officers probing the case are faced with any doubts.

The controversial NSB-TFC share purchase at inflated prices took place in April this year.

The NSB had purchased 7,863,362 shares from TFC for nearly Rs. 394 million, despite objections by several members of the Board.

The deal involved a 13.02% stake of TFC being bought by NSB at around Rs. 49.74 a share when the market price was around Rs.30-31 a share.

However, the transaction was later cancelled by the government.

The controversy resulted in then NSB Chairman Kariyawasam and several Board members of the Bank handing their resignation.
http://www.colombopage.com/archive_12A/Aug27_1346040974JR.php

Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics
has the SEC concluded it's investigation into this matter?

Maybe chairman of bribery commission will also be asked to resign for doing investigations

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