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Out Of Order

Dilshan Wirasekara, Chairman of the Colombo Stock Exchange

Lawyers for Pramuka depositors told court Friday that the monetary board had no authority to liquidate Pramuka Bank.
Depositors argued that the Monetary Board ceased to exist after certain amendments were made to the Monetary Law Act.
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rnThe depositors legal counsel argued that according to the changes, a five member monetary board had to be appointed with the constitutional councils approval.rn

rnThe existing three-member board, the petitioners claimed, ceased to exist and there were no transitional provisions to keep the previous board in office.rn

rnThe petitioners also argued that certain sections giving liquidation powers to the Central Bank had been rushed through parliament without giving adequate opportunity for public comment.rn

rnThe next hearing is fixed for March 17.rn

rnMeanwhile, the Depositors Association is protesting against the Central Banks move to pay senior managers who have been accused of fraud.rn

rnThey say depositors money should not be used to pay senior managemen

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