The Sunday Leader

BOC Chairman To Be Removed Over Shady Deal

by Sujith Mangala de Silva

The Chairman of the Bank of Ceylon (BOC) is likely to be removed from his post over a shady deal which had caught the attention of Prime Minister Ranil Wickremesinghe.

Bank of Ceylon Chairman Roland C. Perera and several others are to be removed from their posts over the sale of Seylan Bank shares owned by BOC. The sale of the Seylan Bank shares by BOC was reversed by Prime Minister Ranil Wickremesinghe last week after it was found that proper procedure was not followed.

BOC had sold 13 million shares of Seylan Bank to a Japanese buyer.

An inquiry has been launched to see if the deal was part of a bigger financial fraud. The deal had taken place without the knowledge of the President, Prime Minister and Finance Minister.

BOC Employees’ Union President S. P. Jayaratne said that deals of this nature must be conducted with the approval of the President, Prime Minister, Finance Minister or subject Minister Kabir Hashim as the BOC is a government owned institution.

The government owns 22.5 per cent of Seylan shares while the remaining shares are owned by the BOC and Sri Lanka Insurance.

The sale of the BOC shares reduces the stake the government has on Seylan Bank.

Sources said that the BOC has not been earning the expected profits under the current management and this has been of concern to the government.



12 Comments for “BOC Chairman To Be Removed Over Shady Deal”

  1. Malin

    Is this the first fraudelant Deal? How about BOC granting a loan of a couple billions within 24 hours to Perpetual trustees to complete the Central Bank scam? That transaction had gone under the carpet.

  2. Lima


  3. amaris

    If he is so honest, why did he let go the Central Bank’s bond issue scam ? or in this case he would have not received his share.

  4. Darlin Silva

    Who is to be removed over the CB Bond scam?

  5. garawi

    Central Bank governor was caught up in a scandal and now the BOC chairman!
    The mentality of the high ups haven’t changed with the change of the government. Until that happens, there is no development of the country!

  6. This man is a career “Crook”

  7. Ratna P

    Prime Minister must now investigate Arjuna Mahendran and his bond issue in the same manner. No favouritism

  8. max

    i think it is a case of sower grapes! as they did not get their part of the commission as the boc chaps took it all so this is why they will be removed. if they did it right like some others did in feb 2015 etc etc they would have been removed( to fool the mahajanaya) but elevated to a bigger & more rewarding posts

  9. rupadevi

    Fed up at the scale of corruption in banks. there seems to be no ethics to follow except guided by ‘ feather our own nests ,let the country go to the dogs..
    politicians paved the way by turning a blind eye to corruption. All religious ethics have failed the people. a superficial show of rituals in religion is bolstered to hide the rotten cancer of corruption in humans here..

  10. gamarala

    A good start to clean the BoC of corruption.
    BoC also supported Perpetual Treasuries in the Bond Scam – those who were responsible too, should be removed.

  11. kudson

    another crooked mahendran

  12. MotleyFOOL

    BOC Chairman Ronald Perera is none other than the son of the late Minister Paul Perera (Rep. Kaduwela). Like father like son. Both are thugs and criminals of the first grade. Ronal Perera is a good friend of PM RanilW. Both Ronald and Ranil used to hang out together at their Ward Place home. Therefore, nothing is going to happen. This is why a nincompoop like Ronald who has no banking experience got the job to lead BOC in the first place.

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