Desperate Plea

Pramuka Banks depositors association on Monday appealed to President Chandrika Kumaratunga to intervene and re-open the failed bank.
Members walked up to the Presidents House to hand over the letter but were unsuccessful as the President was not in.rn

rnPresident of the association Palitha Gamage says the Central Bank should take full responsibility for the failure of Pramuka Savings & Development Bank.rn

rnThe Central Bank cancelled Pramukas licence on December 19, after suspending it on October 25 following alleged financial irregularities.rn

rnCentral Bank said in a statement that Pramuka was insolvent, mismanaged and had undertaken a series of highly irregular banking transactions. rn

rnThe bank said the decision to opt for liquidation was made after it saw less or no commitment from Pramuka Directors and shareholders to infuse fresh capital.rn

rnUnder the new Chairman Udaya Nanayakkara, Pramukas board had submitted a recovery plan to Central Bank. The proposal included a government backe