Prof. Ranjith Bandara, Director Merchant Bank of Sri Lanka (MBSL) has resigned from his post citing personal reasons, MBSL sources said. They said that this came on the back of allegations of conflict of interest by shareholders at a recent Annual General Meeting (AGM) that Prof. Bandara was also a director at a firm linked [...]

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MBSL Director Prof. Bandara resigns over conflict of interest

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Prof. Ranjith Bandara, Director Merchant Bank of Sri Lanka (MBSL) has resigned from his post citing personal reasons, MBSL sources said.
They said that this came on the back of allegations of conflict of interest by shareholders at a recent Annual General Meeting (AGM) that Prof. Bandara was also a director at a firm linked to a company which wanted to purchase a substantial stake in BSL subsidiary, MBSL Savings Bank (formerly Ceylinco Savings Bank).

Last year, MBSL had reached an understanding with a consortium of investors-led by Navara Capital Ltd., to divest 68 per cent stake in MBSL Savings for Rs. 562 million. Prof. Bandara was appointed to the Board of Infrastructure Developers PLC, (of which Navara owns about 15 per cent) from 1 March 2012.

“The shareholders had raised this issue at the AGM of MBSL. Prof. Bandara didn’t attend it. Thereafter he sent the resignation,” a MBSL source said. Prof. Bandara is also the chairman of the Sri Lanka Foundation.

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