Baton Change

Pramuka Banks key shareholders on Monday evening gave the Janashakthi Group the mandate to look at the possibility of resurrecting the troubled development and savings bank.
Janashakthi is currently the largest Pramuka shareholder controlling 13.5 percent in the name of the National Insurance Corporation (NIC), and Acland Holdings Ltd.rn

rnJanashakthi Capital, who will handle Pramukas affairs, wrote to Central Bank on Monday with their restructuring proposal.rn

rnldblquote There will no cash bail out on our part. We simply want to return Pramukas balance sheet back to Central Banks requirements,
dblquote Janashakthi Group Director, Ramesh Schaffter told Lanka Business Online.rn

rnldblquote We met with Central Bank and told them that we have the resources to formulate a restructuring plan. But first we need Central Bank permission to have access to all Pramuka information,
dblquote he said.rn

rnThe proposal broadly outlines a change in the banks management, downsizing operations and reducing s