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NSB Chairman released on bail

NSB Chairman released on bail

February 28, 2013  12:46 pm

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Court released former National Savings Bank Chairman Pradeep Kariyawasam on two personal bails of Rs.10 million each over the bribery case he is alleged to be involved in.

The Bribery and Corruption Commission filed action at the Colombo Magistrate Court against former National Savings Bank Chairman Pradeep Kariyawasam for alleged corruption in The Finance Company (TFC) and NSB transactions.
The Commission to Investigate Allegations of Bribery and Corruption commenced investigations into the controversial share transaction between the National Savings Bank (NSB) and The Finance Company (TFC) last year.
Former NSB Chairman, Pradeep Kariyawasam was summoned by the Commission to record a statement on the NSB-TFC transaction.
The deal involves a 13 per cent stake of The Finance Company (TFC) being bought by the NSB on April 27 at around Rs. 50 a share. This was through four separate transactions involving two TFC directors and NSB Chairman Pradeep Kariyawasam, when the share market price was hovering around mere Rs 30-31 a share.

NOTE:- Due to legal contstraints, the Ada Derana Editorial team has taken a decision to disable comments on all articles concerning ongoing court procedures.