Nothing Amiss

Sri Lanka’s Central Bank has sided with business tycoon Harry Jayawardena and his group of companies in the ongoing boardroom battle at Commercial Bank of Ceylon Ltd. Sri Lanka’s Central Bank has sided with business tycoon Harry Jayawardena and his group of companies in the ongoing boardroom battle at Commercial Bank of Ceylon Ltd. Jayawardena’s companies – including the powerful Distilleries Company of Sri Lanka and Sri Lanka Insurance – are being accused of acting in concert to oust Commercial Bank’s present Chairman Mahendra Amarasuriya.

“The share ownership of investors in the three banks in question has been examined by a team of professionals in relation to these provisions, and it has been found by the examinations conducted so far that there has not been a violation of law in respect of which enforcement action can be taken by the authorities,” the Central Bank said in a statement on Tuesday.

The business tycoon currently holds stakes in three other commercial banks – DFCC Bank, Hatton National Bank and DFCC Vardhana Bank.

Amarasuriya and the bank’s unions allege that Jayawardena will merge all four financial institutions if he is allowed to take