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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Bank should disclose to CSE: A Nations Trust Bank Branch Manager had fraud-ed over Rs.600 million and has escaped

Bank should disclose to CSE: A Nations Trust Bank Branch Manager had fraud-ed over Rs.600 million and has escaped

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Business Basil


Manager - Equity Analytics
Manager - Equity Analytics

According to insiders of the Nations Trust Bank, A Branch Manager at Nations Trust Bank has fraud-ed over Rs.600 million to the bank and has escaped. The Bank should immediately disclose it to the Colombo Stock Exchange and carry out a proper investigation.

ronstyn


Equity Analytic
Equity Analytic

Business Basil wrote:According to insiders of the Nations Trust Bank, A Branch Manager at Nations Trust Bank has fraud-ed over Rs.600 million to the bank and has escaped. The Bank should immediately disclose it to the Colombo Stock Exchange and carry out a proper investigation.

This was in their last report 31st March 2015.


"(5) A one off impairment of Rs 365 Mn has been provided against lending to some customers at two of our branches which has been made against security
that has been fraudulently provided. Whilst every effort is being made to recover these sums , as a matter of prudence, a 100% impairment charge has been
made".

If this is something new, looks like they have weak controls. If I remember correctly many years back they had a serious problem in their foreign currency unit and lost about Rs800 million, resulting in the then CEO and deputy having to quit.

stocksira

stocksira
Manager - Equity Analytics
Manager - Equity Analytics

Yes They have very weak controls. I worked their for a very short period some time back.

They even had a AMEX Credit card fraud and then DGM - IT or CIO - Chief Information officer has to go. That loss was around 500 Million. 

Main problem is they have a non baker in the position Chief Operating Officer since 2004. He was a friend of former CIO. He came from USA worked in a very low position in USA Supermarket chain. All friends and relatives.

Now former sacked deputy CEO of NTB due to 900 million forex scandal is a director of Softlogic Finance and Chief Forex Dealer at that time is CEO of First Capital. Now can you see who running what ? Smile

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