Prime Minister Ranil Wickremesinghe has ordered to immediately cancel the divestment of 13 million shares of Seylan Bank held by the state owned Bank of Ceylon.
Prime Minister’s Additional Secretary Saman Athaudahetti speaking to the Daily News yesterday, confirmed that the Prime Minister ordered to cancel the transaction. He added that the Prime Minister has also directed the Police Financial Crimes Investigation Division (FCID) to investigate into the transaction.
“It is reported that the due procedure has not been followed in trading of these shares,” he said.
Bank of Ceylon had divested its 7.5 percent stake in Seylan bank PLC for Rs. 1.32 billion. The buyer was a foreign investor who bought the 13.19 million shares at Rs. 100 each. Bank of Ceylon was the sixth largest shareholder in Seylan bank, while Sri Lanka Insurance Corporation holds the largest stake of 15 percent.
The Employees’ Provident Fund also has a stake of 9.8 percent.