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| Tuesday, 5 October 2004 |
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Depositors challenge second attempt to liquidate Pramuka The President of the Pramuka Bank Stakeholders' Association, Palitha Gamage petitioned the Appeal Court yesterday against the Monetary Board of Sri Lanka and the Central Bank's Director, Bank Supervision (DBS), complaining that they have yet again failed to properly act as required by the Banking Act and the Monetary Law to take steps towards restructuring Pramuka Savings and Development Bank (PSDB), despite an Order of the Court of Appeal to do so in the best interests of the Bank's desperate depositors, which they undertook in the Supreme Court to properly implement, in consultation with Mr. K.C. Vignarajah, who was to represent the depositors in this regard. Mr. Vignarajah, a well-respected figure in the corporate world, has also given an affidavit to Court, affirming that the Central Bank did not honestly or properly involve him or act in meaningful consultation with him in considering restructuring options. The writ application was filed yesterday through Mr. Gamage's lawyers, M/s. Sinnathurai Sunderalingam and Balendra Associates, with the papers settled by Counsel, M.A. Sumanthiran and Viran Corea. The Court will hear the petition today in view of the seriousness and urgency of the matters canvassed. |
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