- Last Update 2024-07-30 19:31:00
BOC-Seylan transaction reversal by Wednesday
Prime Minister Ranil Wickremesinghe’s order to reverse the controversial sale of state-owned Bank of Ceylon's stake in Seylan Bank will be completed by Wednesday at the Colombo Stock Exchange (CSE), informed sources said.
They said that the PM met with the CSE top brass on Monday and told them of the government's intention to revoke Friday's sale to a Japanese-buyer based in Singapore which some believe could be a front for a local business.
He told them that there’s a circular which prohibits any state asset or part of it being sold and that the government wants to reverse the transaction because it is illegal. Friday's sale of 13 million shares (or 7.5 per cent of Seylan) was done at Rs. 100 above the market rate of Rs. 85. (Duruthu)
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