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NSB-TFC deal: Report goes to AG
The Commission to Investigate Allegations of Bribery or Corruption has submitted a report and the files connected to the controversial share transaction between the state-owned National Savings Bank (NSB) and The Finance Company (TFC), to the Attorney General’s Department to ascertain whether action could be taken against persons involved in the deal.
Officials said this advice was sought because there was no money transaction in the deal to be considered as a bribe, and former NSB Chairman Pradeep Kariyawasam had apparently not gained any benefit from it. The investigation branch of the commission completed its investigations on Friday and a commissioner who headed the investigation team concluded that the commission could not take legal action against persons involved in the deal and he recommended closing the file, a senior commission official said.
Only a statement from the former NSB Chairman on the NSB-TFC share deal was recorded, but there was no documentary evidence to prove his involvement in the transaction, he said. There was no substantial evidence to prove the case he said. The controversial share purchase at inflated prices was reported in April this year. The NSB had bought 7,863,362 shares from TFC for nearly Rs. 394 million, despite objections by several members of the board.
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