Wattegedera TCCS depositors protest over non-payment of their deposits
Protestors
Several hundred depositors (most of them aged) of the now collapsed 532 C Wattegedera (Maharagama) Thrift and Credit Cooperative Society (TCCS) Bank gathered at the Western Provincial Council office in Battaramulla on Tuesday August 23 and staged a protest demonstration over the non-payment of their deposits. Amidst tight police security, they also marched close to the Battaramulla office chanting slogans demanding the authorities to find a redress for them while accusing the powerful politicians including the Chief Minister Isura Devapriya of working hand-in-glove with the former chairman, secretary and directors of the Wattegedera (Maharagama) TCCS Bank.
A tense situation erupted when they made an attempt to forcibly enter the Western Provincial Council office breaking the police barriers. Thereafter 10 depositors were allowed to enter the provincial council office to meet the Chief Minister. A heated argument took place when the chief minister rejected the appeal of depositors by accusing them of slinging mud at him publically. He denied any involvement with the former directors of the Wattegedera (Maharagama) TCCS Bank while admitting that he received some support from the former chairman of the society during provincial council election campaign sometimes back.
He noted that he has personally intervened to settle the problem but it was beyond his control. After repeated appeals made by aggrieved depositors, he agreed to bring this matter to the notice of Minister Rishad Bathiudeen who is in charge of the Department of Cooperatives Development (DCD) and find a way to settle the money of depositors. However JVP Provincial councilor Lakshman Nipuna Arachchi who arrived at the scene of the incident said that a proposal moved at the council to find a redress for depositors had been defeated by the ruling party and this was a clear indication of the involvement of politicians in the financial misappropriation at the Wattegedera (Maharagama) TCCS Bank.
A money swindling scandal has engulfed in the Wattegedera (Maharagama) TCCS with no action being taken by DCD and the Provincial Cooperative Development Commissioner (PCDC). Nineteen former and present office bearers including the former chairman, former secretary, former treasurer, former directors and their spouses and sons have defaulted loans amounting to over Rs.250 million taken from the 532 C Wattegedera (Maharagama) TCCS Ltd, financial records which were in possession of the depositors revealed. Several land deeds mortgaged at the Wattegedera TCCS have gone missing and several other deeds had been re-mortgaged by the previous management, a member of the depositors association told the Business Times.
The previous management has destroyed files with documents and deleted computer data to cover up their corruption, fraud and mal practices, he disclosed. The DCD or (PCDC) has so far failed to instigate an investigation into these financial crimes which were punishable offences under the penal code, he said. However Police have filed a case at the Gangodawila Magistrates Court following complaints lodged against the management, he said adding that they are awaiting the Attorney General’s directive to proceed with the case.