Seylan Problem in Sri Lanka

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  • Topic: Sri Lanka, Bank, Lalith Kotelawala
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Seylan Bank Problem in Sri Lanka | NowPublic News Coverage

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Tech & Biz Seylan Bank Problem in Sri Lanka
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by Sri Lanka Army news | December 29, 2008 at 11:26 am

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Sri Lanka Army news
Colombo, Western, Sri Lanka

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There is no danger in dealing with the

regulated financial sector and Central Bank

have taken several steps to build confidence in Seylan Bank by bringing it under Bank of said. Ceylon, Central Bank Governor Ajith Cabraal

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He further said "We assure you that they can continue transactions without any danger." According to the CSE Seylan Share Prices

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increased by 33%.Normal share prices was 20.50 Rs and now it is 27.00 Rs. Sri Lanka's stock market (CSE) investors have already given a shares surged LBO said yesterday.

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thumbs-up to the regulatory action, and Seylan

Yesterday 30th Decmber 2008 Central Bank appointed Mr. E Narangoda as the new Gunawardene as the new Board of Directors.

Chairman of the Seylan Bank and Mr. Nihal Jayamanna,Mr. Lalith Vithana and Mr. Niyomal

Seylan Bank PLC is a privately owned commercial bank in Sri Lanka brought under Bank of Ceylon (BOC) control since Yesterday 29th December 2008 by order of Central Bank Monetary board. This was taken place under Section 30(1) of the Monetary Law Act No.58 placing it among the top 500 Banks in Asia for the past 08 consecutive years. The Bank over Central Bank of Sri Lanka.

of 1949.Seylan Bank is the Sri Lanka's 2nd largest private commercial bank with Asiaweek saddled with bad debt that threatened to destabilize Sri Lanka's financial system was taken

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Meanwhile The Monetary Board of the Central Bank wishes to inform the public that they should continue with their normal financial transactions with Seylan Bank PLC and that the Monetary Board assures the public of the safety of deposits and the stability of the financial system.

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http://www.nowpublic.com/tech-biz/seylan-bank-problem-sri-lanka[7/16/2012 6:21:38 PM]

Seylan Bank Problem in Sri Lanka | NowPublic News Coverage

The Central Bank appointed the government-owned Bank of Ceylon to continue business operations at the troubled Seylan Bank and removed its board of directors.The decision Central Bank said. was made because of increased deposit withdrawals and suspected liquidity problems, the

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"The difficulties of Seylan Bank PLC presented a potential danger to the stability of the financial system," the statement said. Deshamanya Lalith Kotelawala, chairman of Ceylinco Group said last week he would sell his shares to repay investors in failed Golden Key Credit Card Company. Both Seylan Bank and would divest or what amount he is expecting to raise from selling his shares. Golden Key are subsidiaries of Ceylinco Group. Kotalawela did not say how much shares he

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I think the media has made this a big issue .. All i can say is our Bank is... Crowd Power

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