No action against Janaka Ratnayake’s corrupt deals

Monday, 12 March 2012 

Legal action is yet to be instituted on the internal audit inquiry carried out by Bank of Ceylon on irregular dealings carried out at the Merchant Bank of Sri Lanka (MBSL), which a subsidiary of Bank of Ceylon, during the tenure of former MBSL Chairman, Janaka Ratnayake, it is learnt. The investigation was initiated two years ago.

Ratnayake has been accused of misusing stocks of The Finance Company, irregular land transactions, payments made to Computer Island Limited for providing software to computers, increasing the payments to board members and getting his salary increased on several occasions.

Computer Island Limited is a company that is privately owned by Ratnayake.

The internal audit report had been released on September 10, 2010 and neither Bank of Ceylon Chairman Gamini Wickremasinghe nor the Central Bank has taken any action against Ratnayake based on the contents of the report.