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CEB deposits: FCID tells court leasing company paid Rs. 76 m to two agents
View(s):The People’s Leasing Company paid Rs. 76.1 million in commission to two ‘agents’ to entice the Ceylon Electricity Board to deposit its Employees Provident Fund (EPF) and pension fund in the company, investigations by the newly setup Finance Criminal Investigation Department (FCID) have revealed.
The FCID on Thursday filed a report in the Colombo Magistrate Court after it completed investigations on the case. FCID officer Y.B. Kahatagahawatta told Colombo’s Additional Magistrate Nirosha Fernando that the transaction – the payment of commissions by the People’s Leasing Company, a subsidiary of the state-owned People’s Bank — was an offence under the Public Property Act.
In a statement to the FCID, the PLC’s Treasury Affairs Manager Dishna Kumari Ratnayaka had said the company had been paying the commission since 2008 to the two agents to attract deposits from the CEB. But a CEB accountant in his statement claimed that no agents were involved in the process.
A CEB clerk told the FCID that Board had deposited more than Rs. 3.4 billion in PLC since 2008 and had ten certificates of deposits. The case will be taken up on April 30.