Conflict of “Interest”

Commercial Bank’s Chairman Mahendra Amarasuriya says he has secured 30 percent shareholder support to back him in next month’s Extraordinary General Meeting (EGM) convened to oust him form the board. Commercial Bank’s Chairman Mahendra Amarasuriya says he has secured 30 percent shareholder support to back him in next month’s Extraordinary General Meeting (EGM) convened to oust him form the board. Reports say parties connected to Distilleries Company of Sri Lanka (DCSL) and Sri Lanka Insurance Corporation are pushing the move to control 42 percent of the shareholding.

Amarasuriya says he has secured support of the 15 percent International Finance Corporation (IFC) owned stake. IFC is the private sector funding arm of the World Bank.

Amarasuriya says in addition to IFC support a Middle Eastern investor who recently acquired a near 10 percent stake in the bank will also support him.

He says another five percent of shareholders have also agreed to support him but does not want to name them.

“I have another block vote of 10 percent-I am not sure but I feel- certain on that- the investor who came recently- he is not a front for the other group -that I am sure of.”

“Any investor -w