Travel bans imposed on four ETI directors
Posted by Editor on July 7, 2018 - 9:32 am
A travel ban has been issued on four Directors of the Edirisinghe Trust Investment. The ban was issued by Fort Magistrate Lanka Jayarathne, considering the representations made by the Attorney General.
The suspects were requested to appear before court on July 17, 2018. The four Directors are;
- Jeewaka Edirisinghe
- Deepa Edirisinghe
- Nalaka Edirisinghe
- Asanka Edirisinghe
The AG’s department made representations based on a complaint filed by a financial institution which is not a bank under the Central Bank of Sri Lanka. In the complaint, the Director of the Financial Institution alleges that the ETI institution had been operating in defiance of financial regulations since the year 2011.
(News 1st)
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If ETI had been operating in violation of the finanacial controlling authorty since 2011 that is more than 6 years what steps did the authority take to bring it under control now.
If the management board made up of the family is resopnsible for violating the fin ancial lawa they ought to prosecuted and not allowed seek protection by its memorandum about not being liable for the outstanding debts to the investors which has run to byllions of rupees.
Until these debts are reconciled they ought to prosecuted amd jailed until their debts are reconciled. Further the action taken by the Internal Revenue Department has taken any action against ETI for their failure to comply with its regulations.
These investigations need not be allowed to go on for more than what is necessary… the assets need to be liqudated and to meet the outstanding debts to the investors. Until then they ought to be jailed.