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| Monday, 12 January 2004 |
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by Poddala Jayantha The five storeyed banking complex of the City Road Branch of Bank of Ceylon (BoC) has been sold at a loss of Rs. 1000 million in foreign exchange last October, states a Sri Lankan banker domiciled in England in a complaint to the Exchange Controller of Central Bank of Sri Lanka. This 9,085 square feet banking complex became Bank of Ceylon property on an investment of 2.2 million sterling pounds in 1986 on a 225 year lease, the complaint states. When the deal took place last October, the remainder of the lease period was 208 years. The banker has informed the Bribery or Corruption Investigation Commission of Sri Lanka and the Criminal Investigation Department of this under hand deal. The British entrepreneur who took over the remaining 208 year lease for 200,000 sterling pounds (approximately Rs. 33 million) transferred its lease hold to a third party for 700,000 sterling pounds (approximately Rs. 116 million) within a month. |
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