Lost & Found

COLOMBO, July 12, 2006 (AFP) - Sri Lanka announced Wednesday it would seize an estimated 30 million dollars in dormant bank accounts as part of a drive to clean up commercial bank books.
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Monetary authorities will use a provision under the Banking Act relating to "abandoned property" to access the dormant funds, Upali de Silva, Secretary General of the Sri Lanka Banks' Association, said.

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The association published a notice Wednesday warning people to re-activate accounts dormant for over 10 years or risk the money being transferred to the Central Bank.

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"There are several billion rupees worth of unclaimed property and goods waiting to be claimed," de Silva told AFP.

Customers have until the end of August to re-activate bank accounts, the association said.

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Rightful owners can still claim their money at a later date but will be forced to follow a lengthy legal process.

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