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Will the funds lying in savings accounts be affected 
owing to mismanagement of funds?
Because of certain irregularities made by the top management in the huge mismanagement of funds in the NATIONAL SAVINGS BANK, there is chaos among their thousands of respected clientele, who had deposited large sums of money in fixed deposit accounts at the NSB.
They are well aware that similar incidents occurred at Pramuka bank and Ceylinco banks where a large number of customers were made to suffer and had to forego their deposits. This suspicion amongst their large clientele has not been eliminated yet.
However at a press conference held yesterday the 24th, the Secretary of Finance & Planning Ministry, Dr P.B. Jayasundara informed that the clients need not panic and should not have any suspicion about losing their money.
He went on to say that funds deposited are 100% safe he had assured. But
frankly he had admitted that a controversy had occurred in the mismanagement of depositor’s money by the top management. This was as a result of a large stock market issue where shares at THE FINANCE COMPANY had been bought at alarmingly higher rates. This mismanagement had been reverted back and hence all depositors should not be concerned about their deposits which, he gave an assurance are very safe as before.
He also confirmed that there is no political influence behind this huge mismanagement of funds for the stock market transaction.
After this mismanagement was brought to light the Chairman and the Board of Directors have all tendered their resignations. The Post Master General has been appointed temporarily as the Chairman of the NATIONAL SAVINGS BANK.
The earlier top management had purchased a huge amount of THE FINANCE
SHARES at very exorbitant prices. A thorough investigation is to be carried out very soon. It is learnt that the NSB had purchased the FINANCE COMPANY SHARES belonging to 15 persons. The value of these shares had been Rs 7986 million. This was after enhancing the share value. A share which was valued at Rs 30.32 was purchased at Rs 50/-
The National savings bank had made arrangements to pay a sum of Rs 390 million through Sampath Bank. The Sampath Bank had paid the value of the shares to the share holders of the Finance company. The main shares at the Finance company had revolved among just 4 persons, the details of which are appended below:
Dinal Wijemanne- shares to the value of Rs 2.9 million. The higher values of these shares amounted to Rs 145.25 million.
Reynor Silva brother of M.P.Duminda Silva, shares to value of Rs 2.9 million. The higher value of these shares also amounted to Rs 145.25 million.
Nandadasa Perera, value of shares Rs 0.669 million. The higher value was Rs 34.48 million.
Yogananda Perera, value of shares Rs 0.667 million. The higher value of these shares was Rs Rs 33.38 million.
Dinal Wijemanna had been the broker, who is the Chief Executive Officer of the TAPROBANE SECURITY COMPANY. He had been questioned by the officials of the SECURITY & EXCHANGE COMMISSION. A special team has been deployed by the security & exchange commission to examine all records, books and papers of the Taprobane Security Company.
The investigations are in the process of being conducted.
owing to mismanagement of funds?Because of certain irregularities made by the top management in the huge mismanagement of funds in the NATIONAL SAVINGS BANK, there is chaos among their thousands of respected clientele, who had deposited large sums of money in fixed deposit accounts at the NSB.
They are well aware that similar incidents occurred at Pramuka bank and Ceylinco banks where a large number of customers were made to suffer and had to forego their deposits. This suspicion amongst their large clientele has not been eliminated yet.
However at a press conference held yesterday the 24th, the Secretary of Finance & Planning Ministry, Dr P.B. Jayasundara informed that the clients need not panic and should not have any suspicion about losing their money.
He went on to say that funds deposited are 100% safe he had assured. But
frankly he had admitted that a controversy had occurred in the mismanagement of depositor’s money by the top management. This was as a result of a large stock market issue where shares at THE FINANCE COMPANY had been bought at alarmingly higher rates. This mismanagement had been reverted back and hence all depositors should not be concerned about their deposits which, he gave an assurance are very safe as before. He also confirmed that there is no political influence behind this huge mismanagement of funds for the stock market transaction.
After this mismanagement was brought to light the Chairman and the Board of Directors have all tendered their resignations. The Post Master General has been appointed temporarily as the Chairman of the NATIONAL SAVINGS BANK.
The earlier top management had purchased a huge amount of THE FINANCE
SHARES at very exorbitant prices. A thorough investigation is to be carried out very soon. It is learnt that the NSB had purchased the FINANCE COMPANY SHARES belonging to 15 persons. The value of these shares had been Rs 7986 million. This was after enhancing the share value. A share which was valued at Rs 30.32 was purchased at Rs 50/- The National savings bank had made arrangements to pay a sum of Rs 390 million through Sampath Bank. The Sampath Bank had paid the value of the shares to the share holders of the Finance company. The main shares at the Finance company had revolved among just 4 persons, the details of which are appended below:
Dinal Wijemanne- shares to the value of Rs 2.9 million. The higher values of these shares amounted to Rs 145.25 million.
Reynor Silva brother of M.P.Duminda Silva, shares to value of Rs 2.9 million. The higher value of these shares also amounted to Rs 145.25 million.
Nandadasa Perera, value of shares Rs 0.669 million. The higher value was Rs 34.48 million.
Yogananda Perera, value of shares Rs 0.667 million. The higher value of these shares was Rs Rs 33.38 million.
Dinal Wijemanna had been the broker, who is the Chief Executive Officer of the TAPROBANE SECURITY COMPANY. He had been questioned by the officials of the SECURITY & EXCHANGE COMMISSION. A special team has been deployed by the security & exchange commission to examine all records, books and papers of the Taprobane Security Company.
The investigations are in the process of being conducted.