News
COPE raises concerns over prolonged delay in recovering Rs 68 Mn lost in SMIB loan scam
The Parliamentary watchdog committee – COPE (Committee on Public Enterprises) has raised serious concerns regarding the State Mortgage and Investments Bank’s (SMIB) failure to recover a substantial sum of Rs 68 million lost due to a loan scam dating back to 2017, parliament sources said on Thursday.
Sources said that the committee’s investigation into this matter revealed unsettling delays in the recovery process, despite six years having passed since the incident.
The COPE committee, led by Chairman Prof. Ranjith Bandara, expressed its disquiet over the matter and promptly issued an order for SMIB officials to submit a comprehensive report to the committee within the next two weeks. This report is expected to shed light on the reasons behind the prolonged delay in recovering the losses incurred.
Officials associated with the SMIB have reported that, to date, they have managed to recoup eight million rupees through legal proceedings. Furthermore, they have initiated legal measures to secure the remaining amount. The loan scam, which led to the losses, involved 49 loan applicants who obtained loans with the collusion of certain SMIB officials.
In addition to the investigation into the loan scam, the COPE committee scrutinized the audit reports of the State Mortgage and Investments Bank for the years 2020 and 2021. They also assessed the bank’s current performance in a meeting held for this purpose.
State Minister Janaka Wakkumbura, Members of Parliament Eran Wickramaratne, Sanjeeva Edirimanna, Sudarshana Denipitiya, Madhura Withanage, and former COPE Chairman Prof. Charitha Herath were present. Additionally, officials representing the Ministry of Finance, as well as the Chairman and General Manager of the SMIB, were also present, parliament sources said.
The Colombo Stock Exchange (GL 12) has contributed LKR 25 million to the Rebuilding Sri Lanka Fund.
The cheque was handed over to the Secretary to the President Dr. Nandika Sanath Kumanayake by the Chairman of the Colombo Stock Exchange, Dimuthu Abeyesekera, the Chief Executive Officer Rajeeva Bandaranaike and Senior Vice Chairman Kusal Nissanka at the Presidential Secretariat.
News
Karu argues against scrapping MPs’ pension as many less fortunate members entered Parliament after ’56
Former Speaker of Parliament Karu Jayasuriya has written to President Anura Kumara Dissanayake expressing concerns over the proposed abolition of MPs’ pensions.The letter was sent in his capacity as Patron of the Former Parliamentarians’ Caucus.
In his letter, Jayasuriya noted that at the time of Sri Lanka’s independence, political participation was largely limited to an educated, affluent land-owning elite. However, he said a significant social transformation took place after 1956, enabling ordinary citizens to enter politics.
He warned that under current conditions, removing parliamentary pensions would effectively confine politics to the wealthy, business interests, individuals engaged in illicit income-generating activities, and well-funded political parties. Such a move, he said, would discourage honest social workers and individuals of modest means from entering public life.
Jayasuriya also pointed out that while a small number of former MPs, including himself, use their pensions for social and charitable purposes, the majority rely on the pension as a primary source of income.
He urged the President to give due consideration to the matter and take appropriate action, particularly as the government prepares to draft a new constitution.The Bill seeking to abolish pensions for Members of Parliament was presented to Parliament on 07 January by Minister of Justice and National Integration Dr. Harshana Nanayakkara.
Five suspects, including former Minister Johnston Fernando and his two sons, who were arrested by the Financial Crimes Investigation Division (FCID), were further remanded until 30 January by the Wattala Magistrate’s Court yesterday.
The former Minister’s , sons Johan Fernando and Jerome Kenneth Fernando, and two others, were arrested in connection with the alleged misuse of a Sathosa vehicle during Fernando’s tenure as Minister.
Investigations are currently underway into the alleged misuse of state property, including a lorry belonging to Lanka Sathosa, which reportedly caused a significant financial loss to the state.
In connection with the same incident, Indika Ratnamalala, who served as the Transport Manager of Sathosa during
Fernando’s tenure as Minister of Co-operatives and Internal Trade, was arrested on 04 January.
After being produced before the Wattala Magistrate’s Court, he was ordered to be remanded in custody until 09 January.The former Sathosa Transport Manager was remanded on charges of falsifying documents.
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