Dec 30, 3011 (LBO) – Dinesh Weerakkody, has been appointed chairman of Commercial Bank of Ceylon after Mahendra Amarasuriya its highly respected long time chairman stepped down due to a now controversial central bank rule. Former Central Bank deputy governor Dharma Dheerasinghe was appointed deputy chairman, an official said.
Amarasuriya stepped down despite a court order that temporarily stayed a central bank regulation that required anyone over 70 years to step down from boards of banks.
K C Vignarajah, a governance activist went to court against the regulation, which discriminated against older citizens of the country.
A lower court stayed the order, while a Supreme Court case is pending.
There has been growing unease among private citizens of Sri Lanka over the state acquisition of bank stock sometimes flouting the single shareholder limits.
A central bank controlled pension fund of private citizens has also been buying into banks.