ISSN: 1391 - 0531
Sunday, February 18, 2007
Vol. 41 - No 38

Pramuka Bank: Duped depositors are still waiting!

When will there be a light at the end of the tunnel for the over 12,000 depositors at the still closed Pramuka Savings and Development Bank (PSDB).

We are now in the fifth year of the “no win” situation with no interest payments or no possibility of withdrawing the money. Despite judgements in favour of the depositors by the Supreme Court and the Court of Appeal, the final judgement is still to be given by the Court of Appeal. It is said that the delay is due to the failure of the Central Bank of Ceylon to submit its proposal for the reopening of Pramuka Bank now known as Sri Lanka Savings Bank.

In the meantime, thanks to the efforts of Wijedasa Rajapakse and Ven. Athureliye Ratana Thera as well as Palitha Gamage, President of the Pramuka Depositors Society, the Government enacted special legislation through Parliament in July 2006 to establish the Sri Lanka Savings Bank out of the remains of the Pramuka Savings and Development Bank.

It appears that all that is required now is the approval of the Court of Appeal to implement the new amendment to the Banking Act.So near and yet so far.

It is the fervent prayer of the depositors, (four of whom have already committed suicide and several others have died) that the President will intervene to get the new Bank functioning promptly. Let not justice delayed be justice denied.

By Rienzie Benedict, Ja-Ela.

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Copyright 2007 Wijeya Newspapers Ltd.Colombo. Sri Lanka.