(L to R): Nasir Uddhin Chowdhury - MD, Lanka Bangla Securities, Ajith Fernando - Group CEO, CAL, Naveed Vakil – COO, AKD Securities

Dec 28, 2010 (LBO) – The Merchant Bank of Sri Lanka (MBSL) has suspended its chief executive officer for alleged misconduct, the bank said in a stock exchange filing. MBSL shares were trading at 47.40 rupees each, up 1.10, in mid-morning trade. MBSL’s board of directors had decided to suspend the services of its chief executive A P G Karunathilake with effect from December 21, 2010, it said.

The suspension was “pending an inquiry into certain acts of alleged misconduct,” the statement said without elaborating.