Presidential Commission on ETI reveals malpractices | Daily News

Presidential Commission on ETI reveals malpractices

The report of the Presidential Commission appointed by President Gotabaya Rajapaksa on January 9, 2020 to investigate, inspect and report the alleged wrongdoings, irregularities and malpractices of the Edirisinghe Trust Investments Ltd (ETI) which was chaired by retired Supreme Court Judge K. T. Chithasiri has been submitted to the President on October 6, 2020.

The aforesaid commission has pointed out that there have been several offences under the Company Law, The Financial Cooperation Act, The Money Laundering Act, The Financial Information Reporting Act, The Legal Framework for the transfer of lands to foreigners as well as the penal code by its observations and recommendations. Moreover, the report of the aforesaid commission has pointed out the need to reform the Non-Banking Financial Institutions Supervision Department of the Central Bank of Sri Lanka that supervises and regulates Finance Companies.

Approval of the Cabinet of Ministers has been granted for the proposal submitted by President while drawing the attention of the Cabinet to the aforementioned matters and forwarding the report to the Attorney General to take immediate legal actions to execute the recommendations of the aforesaid commission report on alleged finance and property irregularities of Edirisinghe Trust Investment Ltd.

A decision has also been taken to inform the Ministry of Finance to completely reform the Non-Bank Financial Institutions Supervision Department of the Central Bank of Sri Lanka and to formulate a new institutional structure to regulate Finance Companies.