Central Bank failed in its duty to supervise ETI Investments, says President

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President Gotabaya Rajapaksa

President Gotabaya Rajapaksa has said the Central Bank has failed in its duty and cannot evade responsibility for the alleged irregularities in ETI Investments, the Presidential Media Division said.

The inquiring committee appointed to investigate alleged irregularities in ETI Investments met with President Gotabaya Rajapaksa at the Presidential Secretariat on Thursday.

The Committee told the President that ETI Investments had not adhered to proper procedures in the conduct of its business since inception. The company had invested its assets in other ventures and at the same time, it had not been properly supervised by the Central Bank, the Committee said.

President Rajapaksa instructed the Committee to investigate the irregularities in depth and pay more attention to reimburse the investments of depositors immediately.

“The Central Bank cannot evade responsibility in this matter”, President emphasized.

The Central Bank is obligated to protect depositors if any irregularities are discovered in a financial institution. The Central Bank has failed in its duty, the President said.

Retired Supreme Court Judge, K. T. Chitrasiri chairs the three-member committee. The other members are retired Solicitor General, Suhada Gamlath and Senior Banker, D. M. Gunasekara.

Secretary to the President, P. B. Jayasundera was also present at the meeting.