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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Are Regulators Showing a Blind Eye: Unfit and Improper Individuals continue serve in Finance Companies and Several other Boards?

Are Regulators Showing a Blind Eye: Unfit and Improper Individuals continue serve in Finance Companies and Several other Boards?

2 posters

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DealKing

DealKing
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Sri Lanka's Central Bank directive says that to the effect that persons who served as Directors in troubled financial institutions should leave such institutions.

But still several individuals continue to serve in Finance companies and even several other bBoards in the country.

During former Seylan General Manager and CEO Ajita Pasquel's last years from 2008-2011, Seylan ran into difficulties as a direct result of the collapse of Golden Key Credit Card Company but commendably recovered and has been posting impressive results in 2010.

But former Seylan General Manager and CEO Ajita Pasquel is one such individual who is still work as a consultant to Nation Lanka Finance PLC and Cricket Board.

stocksira

stocksira
Manager - Equity Analytics
Manager - Equity Analytics

There are several like that, good example is. One time Deputy CEO of Nations Trust Bank who lost his dealing license and asked to leave the bank in the wake of Rs 800 million loss for the bank somewhere before 2009 ( I am not sure about the exact dates) Now is a director of Softlogic Finance. I am not mentioning names but you could figure it out. Even NTB;s CEO was asked to leave and barred from holding any Banks corporate position because of this incident.

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