Hon. Ravi Karunanayake
Hon. Ravi Karunanayake questioned delays by the Central Bank and Finance Ministry regarding oversight of NDB, noting EPF’s approximately 10 percent stake and other state-linked holdings through EPF/ETF, BOC and Sri Lanka Insurance. He asked why directors had not been appointed to represent these interests, whether Central Bank Supervision had investigated alleged malfeasance and losses, and argued that institutional independence should not permit inaction when a bank is deteriorating.
Verbatim record (translated)
Machine-translated from Sinhala / Tamil / English¶ 01 Thank you for the replies. However, the Central Bank took four months to respond. In that time, matters deteriorated. The Central Bank administrates EPF. EPF holds about 10 percent in NDB; EPF/ETF, BOC and Sri Lanka Insurance also hold stakes. The Finance Ministry has not yet appointed needed directors to those entities. With EPF’s 10 percent holding, at least one director could be appointed. Shares were sold; NDB, affected by alleged malfeasance, posted a loss of about Rs. 13,200 million and paid no dividends; overall losses around Rs. 2.5 billion. Why were directors not appointed? Has Central Bank Supervision investigated? Independence cannot mean allowing banks to fail.
Provenance
- Source
- Hansard, Tuesday, 19 May 2026 ·No. 23608 ·English daily/uncorrected Hansard
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- not yet extracted — page/column anchors are not in the current dataset; the source PDF is the citable location.
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/lk/speeches/29198
Cite as: Hon. Ravi Karunanayake. 10th Parliament, Parliament of Sri Lanka. Hansard, 19 May 2026. No. 23608. Politick, https://staging.politick.io/lk/speeches/29198