State bank makes revelation on Saudi funds received by Batticaloa Campus

State bank makes revelation on Saudi funds received by Batticaloa Campus
The Chairman of Bank of Ceylon (BOC) Senarath Bandara says that the Batticaloa Campus Private Limited has never mentioned to the bank that the Rs 3.5 billion deposited to their BOC savings accounts was received as a foreign loan from a Saudi Arabian company to establish the campus.

He stated this yesterday (28) testifying before the Special Parliamentary Select Committee looking into the terror attacks on Easter Sunday.

The BOC general manager told the committee that the Batticaloa Campus Private Limited has three savings accounts in their bank.

Rs 3.5 billion of foreign money, amounting to USD 25 million approximately, has been credited to these accounts, and no repayment of the said amount has been noted thus far.

Subsequently, MP Prof. Ashu Marasinghe said that the request made by the Hira Foundation from the Ministry of Defence in 2012, to register the foundation as a non-governmental organization in Sri Lanka, had received a ‘negative report’ from the intelligence chief.

When asked if the BOC was aware of the matter, Mr Bandara said the bank learned of this following the attacks.

He added that the Hira Foundation too received foreign currency accumulating to Rs 313 million.

Meanwhile, the Director General of the Board of Investment (BOI) also testified before the committee regarding the Batticaloa Campus receiving the BOI approval.