Financial Times

Pramuka Bank: Depositors must now decide

By Quintus Perera
Asia Capital, promoters of the re-opening of the failed Pramuka Bank, must get the consent of Pramuka depositors on their proposal for the non-withdrawal of their deposits and a final decision should be taken by June 15, a senior Central Bank official said.

He said once depositors gave their consent to such a proposal, some depositors would able to recover around 30 percent of their deposits while others would get nothing.

When Asia Capital submitted their proposals, some weeks back, after the conclusion of the due diligence process, it had asked the Central Bank to obtain the consent of the depositors. "However we told them that this is not our job.

This is the responsibility of Asia Capital," he said. The proposal submitted by Asia Capital to the Central Bank has not been received by the Depositors Association.

According to the Treasurer and the Secretary of the Pramuka Bank Depositors Association, they were unaware of any report or proposal submitted by Asia Capital to the Central Bank.

Several depositors who attended the Depositors Meeting in Colombo last Sunday said nothing about any kind of report was discussed or mentioned at the meeting by association officials. (QP)

Back to Business