Financial Times

MBSL Chairman clarifies Computer Island cas

Right of Reply

Chairman of the Merchant Bank of Sri Lanka (MBSL) Janaka Ratnayake has denied some sections of the The Sunday Times FT report last week underlined ‘MBSL Chairman to appear in computer fraud case’.

Mr Ratnayake says this is not a case of criminal breach of trust but alleged default. It pertains to a payment of around Rs.3.3 million to Sterling Merchant Investments Ltd, formerly Pramuka Merchant Corporation Ltd by Computer Island Private Ltd, and alleged mishandling of 39 computers.

Mr. Ratnayake says he relinquished duties as the Chairman of this company two years ago. The civil case to recover the money was filed at the Commercial high Court by the former Pramuka Merchant Corporation Ltd company and not the CID, as erroneously reported.

Computer Island Pvt Ltd had been given a loan facility of Rs. 8.5 million by the former Pramuka firm to import 100 computers from IBM Singapore Pvt Ltd. The defendant company settled some bills amounting to Rs. 2.4 million on 05 -06-2002. Then, Mr. Ratnayake on behalf of the company, says he issued a cheque for Rs. 3 million, as a surety bond without dating it and alleged that the plaintiff company had inserted the date 11-03-2003 and submitted to the bank to encash it. Mr Ratnayake says he instructed the bank to stop payment but it was not returned to the drawer due to lack of funds. The case was taken up last Monday by the Colombo High Court Judge Ms. Rohini Welgama and put off for trial to July 31.

Top to the page  |  E-mail  |  views[1]
Other Financial Times Articles
> Econ boom in the north soon
> Calling all Sri Lankans to rebuild
> Jetwing must make mandatory offer-SEC
> Finance industry now stable
> IBSL to discuss Janashakthi at next board meeting
> UN donor meeting end-June
> ‘At last …we can make money’
> COMMENT- Developing the north
> Right of reply - MBSL Chairman clarifies Computer Island cas
> CB rejects S&P report, reviews relationship with rating agency
> Three Ceylinco Directors remanded, 3-member committee appointed to value GK assets
> Sri Lanka tourism cashing in on peace
> Singha Cement producer helps IDPs
> Business and trade chambers hail victory over LTTE
> Commercial Bank supports IDPs
> Tourism gearing up for good winter
> WB suggests revitalising pension system
> HNB net in 1Q2009-10 fell but income grew by 14%
> GSK donates medicines for Sri Lanka's displaced
> Entrepreneurship issues at the ST Business Club
> Institute of Town Planners Sri Lanka offers expertise
> Letter- Plantation workers get reasonable pay-EFC
> BOC 1Q09 net profit soars by 107%
> International trade issues impact on Hayleys profits
> Aeturnum gets major US award
> Top business persons get special airport lounge
> GK issue - where the government went wrong
> Maliban Milk shows 100% sales in last 12 months
> Discussing power conservation measures in AC comfort
> More foreign exchange flowing in-CB
> Australia provides Rs 3.2 bln assistance to Sri Lanka
> Intel's Sri Lankan partners at Asia summit
> Some US$250 bln cost of lost opportunities in war
> F&G directors to disclose assets
> Promising future for Lankan economy-CB
> Serendib CEO Srilal to retire
> Entrust Investments not viable
> Sri Lanka at a disadvantage from global TRIPS agreement
> ICTA awards Rs 21 million in grants for rural projects
> Mobitel aids YouthMax to enhance IT skills of rural youth
> CIMA World President speaks at The Bankers Club meeting
> Seminar on 'how to win friends'
> Maldives, new member of ILO


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2009 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution