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Report called over Rs. 68 mn. loss at State Mortgage & Investment Bank

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A report is also called for regarding the settlement of the loss incurred by the bank by submitting false documents and taking a loan of 68 million rupees and legal action taken.

Instructions to expedite the establishment of a new core banking system.

Instructions to submit the delayed 2021/2022 annual reports before the end of next January.

The State Mortgage and Investment Bank (SMIB) was summoned before the Committee on Public Enterprises (COPE) which met on Oct. 10 under the Chairmanship of MP – Prof. Ranjith Bandara.

The audit reports of the State Mortgage and Investment Bank for the years 2020, 2021 were examined and the current performance was investigated at the Committee meeting held. Officials representing the Ministry of Finance and the Chairman and General Manager of the State Mortgage and Investment Bank were also present at this Committee meeting held. Special attention was paid to the following points.

Delay in establishing a new core banking system

Attention was drawn towards the delay in establishing a new core banking system as per the recommendations given in the previous Committee meeting. Officials assured that these works have already started and will be completed by July 2024.

The need to start operations as a competitive bank

The Committee emphasized the need to improve the operations of the commercial level in order to increase the assets of the bank and reach an advanced level.

The COPE chair pointed out the importance of being close to the public as a competitive bank without completely deviating from the bank’s core objectives. 

Accordingly, the need to establish the bank’s brand among the public in an innovative and attractive manner (rebranding) was emphasized.

The 68-million-rupee loss due to submission of false documents

In 2017, due to the fact that some people obtained loans by submitting false documents, attention was paid to the related activities to cover the loss of 68 million rupees to the bank. 

It was also revealed that this fraud has taken place by giving the relevant loan amount to 49 loan applicants with the help of some officials of the bank. 

Officials stated that 8 million rupees have already been received aligned with legal proceedings and legal measures have been taken to obtain the remaining amount. 

Although 6 years have passed since this incident, officials were punished and the delay in recovering this money was given special attention. 

Accordingly, the COPE Chair ordered the officials to give a report on this within two weeks.

High non-performing loan ratio of the bank

Attention was drawn to the fact that 10 branches have recorded a high non-performing loan rate, exceeding the average value of the non-performing loan rate of the bank. 

The officers pointed out that since the majority of the customers of this bank are middle- and low-income earners, they had to be given grace periods to pay their debts due to the prevailing economic situation. 

Special attention was paid to this and instructions were given to take necessary steps.

State Minister – Janaka Wakkumbura, Members of Parliament – Eran Wickramaratne, Sanjeeva Edirimanna, Major Sudarshana Denipitiya, Madhura Withanage, Prof. Charitha Herath, were present at the Committee meeting held.

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India’s 76th Republic Day celebrated in Colombo (Pics)

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High Commission of India, Colombo celebrated India’s 76th Republic Day in Colombo on 26 January 2025.

On the occasion, Acting High Commissioner Dr. Satyanjal Pandey unfurled India’s national flag at India House – residence of High Commissioner of India – and inspected the Guard of Honour. Acting High Commissioner also read out excerpts of President of India’s Republic Day address.

In his message, Dr. Pandey also said, “India and Sri Lanka not only are fellow democracies, sharing in our diversity and dynamism, we are civilisational partners, sharing our history, language, religion and ethos. Our stories have intertwined — and our futures are interlinked. Our geographical proximity makes us natural partners and the same proximity demands a mutual sensitivity to each other’s interests. It also requires each of us to support the other with an unmatched spontaneity, unencumbered by third party pulls and pressures.”

“As Sri Lankan economy turns the corner, we are committed to support a more sustainable path to economic recovery, development and prosperity in Sri Lanka. For this reason, a strategic shift from debt-driven growth to investment-led partnerships across different sectors is underlined as the need of the hour in the Joint Statement adopted by Prime Minister Shri Narendra Modi and President H.E. Anura Kumara Disanayaka during the latter’s visit to India in December 2024.”

“We are working with Sri Lanka to expedite implementation of physical, energy and digital connectivity projects. Discussions are underway on the multi-product pipeline between India and Sri Lanka in partnership with UAE, inter-grid connectivity, Sampur Solar Power Plant, LNG Supply. We are optimistic for an early launch of the Sri Lanka Unique Digital Identity project to empower Sri Lanka with a whole suite of Digital Public Infrastructure, proven to improve efficiency of service delivery while curbing corruption, he added.

The event also featured songs by the Sri Lanka Navy Band and a cultural program organized by the High Commission’s cultural arm, the Swami Vivekananda Cultural Centre. India’s rich diversity was celebrated with dance and music performances. A rendition of patriotic songs, organized by ICA, brought children from the Indian community together under the theme Different States, One Spirit #India. This was followed by a captivating semi-classical dance performance by students of SVCC, on the National Song, ‘Vande Mataram’. The ceremony was attended by several hundred members of the Indian community.

Earlier in the day, Acting High Commissioner and officials of the High commission of India also paid tributes to the fallen heroes of Indian Peace Keeping Force (IPKF) at the IPKF memorial.

A ceremonial reception will be organized in the evening at India House. Several dignitaries from all walks of life in Sri Lanka are expected to attend this event.

This Republic Day marks 75 years from the commencement of the Indian Constitution and is being celebrated under the theme स्वर्णिम भारत – “Swarnim Bharat – Virasat aur Vikas”. The theme aptly captures the spirit of Young India’s resolve to modernise and develop while keeping the heritage and cultural ethos of India intact.

Consulates General of India in Hambantota and Jaffna and the Assistant High Commission in Kandy also observed the 76th Republic Day of India by organizing special events.

(Pics : Indian HC)

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29 injured in three-bus collision at Imaduwa

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A collision involving three buses at Angulugaha Junction in Imaduwa, Galle, has left at least 29 passengers injured and hospitalized.

The incident occurred at approximately 8:30 a.m. today (26) and involved two private buses and one office transport bus.

Reports indicate that the accident occurred when one bus was stationary, and another crashed into it from behind, followed by a third bus crashing into the second one.

According to hospital sources, 23 passengers have been admitted to Imaduwa Hospital, while six others are receiving treatment at Karapitiya Hospital.

Authorities are conducting further investigations into the incident.

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No political witch-hunt behind Yoshitha’s arrest: Govt.

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Claiming that Yoshitha Rajapaksa was not arrested just because he is former President Mahinda Rajapaksa’s son, Cabinet Spokesman Minister Nalinda Jayatissa said today law is implemented if anyone had purchased lands or property illegally or in suspicious manner.

He told a special media briefing at the Government Information Department that there is no political witch-hunt behind the recent arrests as claimed by some people.

“If anyone had purchased lands or property illegally or in suspicious manner and CID investigations are conducted into such cases, then the law is imposed. Yoshitha was arrested not because he is Mahinda Rajapaksa’s son,” he said.

The Minister said investigations which had commenced are continuing and that the CID and police will make submissions to court and carry out arrests accordingly.

Responding to a question about the arrested suspects being granted bail, he said “They will get bail. But, the law suit will continue. It is the duty of the judiciary to implement the law. The government only facilitates it.”

(dailymirror.lk)

(This story, originally published by dailmirror.lk has not been edited by SLM staff)

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