Financial Times

Crisis at SLIC board settled by PBJ

Treasury Secretary Dr P.B. Jayasundera on Friday intervened to settle a dispute between Pradeep Kariyawasam, Chairman of Sri Lanka Insurance Corporation (SLIC) and the rest of the board of directors, informed sources said.

They said at a meeting chaired by the Treasury Secretary, Mr Kariyawasam was asked to adhere to his function as a non-executive chairman and mentor in the company, which reverted to state ownership after its privatisation was reversed in a Supreme Court decision.

Clashes and disagreements have been growing between the directors and the chairman over decisions allegedly taken by Mr Kariyawasam without consulting the board.

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