FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» CSE listed companies...Failed or collapsed
by Mr. X Today at 7:31 pm

» L B FINANCE PLC (LFIN.N0000)
by kanishkaecomm Today at 5:17 pm

» කොටස් වෙළඳපොළ2020
by කොටස් වෙළඳපොළ2020 Today at 11:52 am

» 14 May onwards -Road Clear to Enter one of the Asias Most Undervalued Stock Market
by kalu351 Today at 6:34 am

» Plantation Sector
by කොටස් වෙළඳපොළ2020 Yesterday at 10:13 pm

» FUTURE of BROWNS INVESTMENT PLC (BIL)
by ONTHEMONEY Yesterday at 9:50 pm

» Company Financials or Group Financials?
by ronstyn53 Yesterday at 8:07 pm

» Banking Sector Analysis
by ADVENTUS Yesterday at 7:34 pm

» CHEVRON LUBRICANTS LANKA PLC ((LLUB.N0000)
by Bakkabwoi Yesterday at 5:24 pm

» Sri Lanka Bonds Go From Asia’s Worst to Best After China Loan
by J-CAT Yesterday at 3:58 pm

» Grain Elevators Earnings Review With Q1 Results
by EquityChamp Yesterday at 10:11 am

» What will happen tomorrow?
by Lakshman wijayawardhana Yesterday at 9:57 am

» Most Undervalued Shares
by Lakshman wijayawardhana Yesterday at 9:54 am

» Future of Talawakelle Plantation PLC
by කොටස් වෙළඳපොළ2020 Yesterday at 5:02 am

» GLAS will be winner with Super Gain.
by invest thinker Thu May 13, 2021 11:59 am

» NEVER GIVE UP BECAUSE: Stock market for beginners
by Asoka Samarakone Wed May 12, 2021 9:37 pm

» Make it your goal to stay positive in a negative market
by reyaz Wed May 12, 2021 9:01 pm

» Daily Foreign Transactions
by Pradeep90 Wed May 12, 2021 8:32 pm

» Ban of chemical fertilizers is a great news
by samaritan Wed May 12, 2021 9:59 am

» SANASA DEVELOPMENT BANK PLC (SDB.N0000)
by samaritan Wed May 12, 2021 9:48 am

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » EXPERT CHRONICLE™ » Japanese money laundering via PABC Bank raise CB eye brows

Japanese money laundering via PABC Bank raise CB eye brows

Go down  Message [Page 1 of 1]

God Father

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Japanese money laundering via PABC Bank raise CB eye brows Chairm10

PABC bank is accused of encouraging Japanese to launder money through PABC Bank with the assistance of Japanese Directors which has caused in a huge foreign currency controversy and legal cases against the bank resulting in the resignation of the Chairman and the head international banking Thilani Pieris.

Japanese Director, Takshi Igarshi, Takaya Toshiyaki seems to have acted in concert with Thilani Piries and former Chairman of PABC which has resulted in the latest wave of resignations at PABC.

Japanese money laundering via PABC Bank raise CB eye brows Screen10


A person believed to be involved in an illegal money transfer racket from abroad, has been arrested at the Bandaranaike International Airport.

Police spokesman DIG Ajith Rohana said that the suspect was arrested by the CID at the airport when he came to travel to Dubai.

He also added that this arrest was made based on illegal deposits of Rs. 86 million to his account. The suspect is a 39-year old man from Trincomalee.

“From the first quarter of 2020, Rs. 1440 million have been transferred to different bank accounts of a local private bank from the United States. It is reported that they have been sent by a person of Sri Lankan origin living in USA.”

“They are suspected to have hacked into US bank accounts and electronically transferred money illegally to these Sri Lankan accounts. The local account holder sends these funds back to US account as if it is being sent from Sri Lanka. The local account holder also gets a fair share of these illegal funds” DIG Ajith Rohana went on to say. (NewsWire)


https://www.newswire.lk/2021/05/03/us-bank-hacking-rs-1440-million-transferred-to-sl-accounts/

Japanese money laundering via PABC Bank raise CB eye brows Thilan10

APRIL 30, 2021
Pan Asia Banking Corporation PLC (PABC) Secretary Nayantha Fernado informed, by order of the Board, the Colombo Stock Exchange (CSE) that Godewatta Arachchige Rasika Dimuth Prasanna retired from his position as Chairman and Director.

Fernando disclosed this yesterday (29) under Section 8 of the Listing Rules and he further informed that the resignation took place in terms of Section No. 3 (2)(ii)(A) of the Banking Act of Direction No. 11 of 2007 of Corporate Governance as Prasanna completed his term as the Director of Pan Asia Banking Corporation PLC. Accordingly, on 1 May 2021. Prasanna completed his service of nine years, according to the said terms of the Banking Act.  

Fernando further informed that by 29 April 2021, G.A.R.D. Prasanna held 34,801 of the relevant interest of shares of PABC PLC.

Also, at the meeting held yesterday (29), the Board appointed Sarath Bandara Rangamuwa as Chairman and Mahawaduge Yasalal Aravinda Perera as Director, respectively, with effect from 2 May 2021. It was informed that S.B. Rangamuwa held 125,000 of the relevant interest of shares and Aravinda Perera did not hold any interest of shares as at 20 April 2021.

Sstar likes this post

Share this post on: redditgoogle

Japanese Money Laundering methodology exposed
Japanese money laundering via PABC Bank raise CB eye brows Bb8cc210

Japanese money laundering via PABC Bank raise CB eye brows D6bc7e10
Japanese money laundering via PABC Bank raise CB eye brows 55f1ae10
Japanese money laundering via PABC Bank raise CB eye brows Efd73710

Japanese money laundering via PABC Bank raise CB eye brows 3d8f8610

Central bank should investigate these matters and take action to prevent any future wrongdoings by PABC and its directors.

We have not seen any statement issued by PABC nor CSE regarding this matter which is quite price sensitive.

CB is duty bound to make clarifications to the public regarding this matter and rebuild confidence in the banking system of Sri Lanka.

PREVENTION OF MONEY LAUNDERING ACT, NO. 5 OF 2006

(1) Any person who knows or has reason to believe from information or other matter obtained by him in the course of any trade, profession, business or employment carried on by such person, that any property has been derived or realised from any unlawful activity, shall disclose his knowledge or belief as soon as is practicable, to the Financial Intelligence Unit.

Japanese money laundering via PABC Bank raise CB eye brows 49ce9310

Lotus Eater

Post Fri May 07, 2021 9:34 pm by Lotus Eater

Recent reporting of related party transaction by local and foreign directors of some of the commercial banks in Sri Lanka has raised concerned among the general public.

Legal framework for Related party transactions in Banks in Sri Lanka are as follows.

Transactions between affiliates
Which legal and regulatory limitations apply to transactions between a bank and its affiliates? What constitutes an ‘affiliate’ for this purpose? Briefly describe the range of permissible and prohibited activities for financial institutions and whether there have been any changes to how those activities are classified.

Affiliate is referred to as ‘related party’ under Sri Lankan law.

Section 3(7) of the Banking Act Direction No.11 of 2007 (for LCB) and Banking Act Direction No.12 of 2007 (for LSB) requires the bank’s board to avoid any conflicts of interest that may arise from any transaction of the bank with ‘related parties’ and to ensure that ‘more favourable treatment’ is not given to them.

Related parties are:

- any of the bank’s subsidiary companies;
- any of the bank’s associate companies;
- any of the directors of the bank;
- any of the bank’s key management personnel;
- a close relation of any of the bank’s directors or key management personnel;
- a shareholder owning a material interest in the bank; and
- a concern in which any of the bank’s directors or a close relation of any of the bank’s directors or any of its material shareholders has a substantial interest.

Types of transactions covered include:

the grant of any type of accommodation, as defined in the Directions on maximum amount of accommodation;
the creation of any liabilities of the bank in the form of deposits, borrowings and investments,
the provision of any services of a financial or non-financial nature provided to the bank or received from the bank; and
the creation or maintenance of reporting lines and information flows between the bank and any related parties which may lead to the sharing of potentially proprietary, confidential or otherwise sensitive information that may give benefits to such related parties.

‘More favourable treatment’ includes granting of ‘total net accommodation’, exceeding a prudent percentage of the bank’s regulatory capital, as determined by the board, charging lower interest or paying more than the bank’s deposit rate for a comparable transaction with an unrelated comparable counterparty; providing preferential treatment or providing or receiving services without an evaluation procedure.

Most banks are listed with CSE and are also expected to comply with the CSE’s related-party transaction regulations.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum