Political Archives - Page 162 of 392 -

“NPP Sought Pillayan’s Support to Seize Control of Batticaloa Council” – MP Shanakyan

Editor June 11, 2025

National People’s Force MP Shanakyan Rasamanickam has revealed that his party has reached out to former State...

Top IMF Figure to Visit Sri Lanka

Editor June 10, 2025

Dr. Gita Gopinath, the First Deputy Managing Director (FDMD) of the International Monetary Fund (IMF), is set...

https://slguardian.org/sri-lanka-how-hatred-for-sajith-made-anura-president/

How Hatred for Sajith Handed the Presidency to Anura: Inside Sri Lanka’s Political Gamble

Editor June 9, 2025

If Ranil Wickremesinghe hadn’t split the SLPP in time for the 2024 presidential election, he wouldn’t have...

Justice for Sale? Minister Admits Pardons Were Traded for Money in Prison Scandal

Editor June 9, 2025

In a stunning revelation that underscores deep-rooted corruption within Sri Lanka’s prison system, Minister of Justice and...

Alleged Importer List of 323 Containers Revealed by Politician Gammanpila

Editor June 9, 2025

The controversy surrounding the release of 323 containers from Sri Lanka Customs already a hot-button issue in...

Pardon Scandal Explodes: Top Sri Lankan Prison Officials Arrested Over Forged Presidential Amnesty

Editor June 9, 2025

In a dramatic escalation of a high-level forgery scandal, the Commissioner General of Prisons, Thushara Upuldeniya, was...

President Anura to Visit Germany on Poson Poya Day

Editor June 8, 2025

President Anura Kumara Dissanayake is set to embark on an official visit to Germany on June 10,...

NSB extends $9 million loan to Maldives company without looking into it – even extending grace period while it was still in place The Auditor General has slammed the National Savings Bank for extending a $9 million loan to a private tourism company in the Maldives. It is said to be a move that violates the bank’s legal mandate. The loan, which is currently classified as non-performing, was issued without proper risk assessment and has yet to be repaid. This raises serious issues about the regulatory oversight and control of the state-owned savings bank. The loan was made to RPI Private Limited in the Maldives in 2018, the Auditor General’s latest report revealed. The borrower has not paid any principal repayments or outstanding interest of $4.18 million as of May 31, 2024. The National Audit Report revealed that the loan was provided to this foreign company operating under the tourism industry for the construction of villas and this did not fall within the scope specified in the National Savings Bank Act. The provision of loans for construction work to a private company engaged in the tourism industry in a foreign country was an area not covered by the National Savings Bank Act and the audit did not uncover evidence that a comprehensive credit assessment or risk assessment was carried out before the loan was granted. The initial grace period of one year provided by the bank for the repayment of the capital after the loan was granted has been extended from time to time until 2022. Although it is a foreign company not covered by Circular No. 5 of 2020 issued by the Central Bank, the bank had provided loan relief under that circular, but the borrower company had not made any capital repayment until 31 December 2023. The loan was classified as non-performing at the end of the year and no field inspection by an independent party regarding technical skills and competence has yet been conducted, the audit report indicated. Of the total loans and advances, Rs. 3,800 million was foreign loans, the total value of which was included in the $9 million loan provided to this private company in the Maldives and the accrued interest calculated on it as of December 31, 2023. The National Savings Bank’s asset base recorded a slight increase from Rs. 1,687 billion at the end of 2023 to Rs. 1,710 billion at the end of October 2024. The bank’s deposit base increased by 2.2 percent.

Empty Promises: State Bungalows Still Idle Months Later

Editor June 8, 2025

Despite sweeping pre-election pledges to break from the past, the National People’s Power (NPP)-led government has yet...

SJB Draws Battle Lines: Demands Open Vote for Mayors, Threatens Disciplinary Action

Editor June 8, 2025

The Samagi Jana Balawegaya (SJB) is tightening internal discipline as it takes a firm stand against backroom...

IMF Power Play: Top Officials Head to Sri Lanka to Monitor Electricity Tariff Hike

Editor June 8, 2025

In a high-stakes visit that could impact Sri Lanka’s economic trajectory, IMF Deputy Managing Director Geeta Gopinath...

Political

“NPP Sought Pillayan’s Support to Seize Control of Batticaloa Council” – MP Shanakyan

Top IMF Figure to Visit Sri Lanka

How Hatred for Sajith Handed the Presidency to Anura: Inside Sri Lanka’s Political Gamble

Justice for Sale? Minister Admits Pardons Were Traded for Money in Prison Scandal

Alleged Importer List of 323 Containers Revealed by Politician Gammanpila

Pardon Scandal Explodes: Top Sri Lankan Prison Officials Arrested Over Forged Presidential Amnesty

President Anura to Visit Germany on Poson Poya Day

Empty Promises: State Bungalows Still Idle Months Later

SJB Draws Battle Lines: Demands Open Vote for Mayors, Threatens Disciplinary Action

IMF Power Play: Top Officials Head to Sri Lanka to Monitor Electricity Tariff Hike

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