Monday, 27 May 2024
Entrust fails to pay interest for CEB EPF money!

Entrust fails to pay interest for CEB EPF money! Featured

The power minister has complained to the FCID against Entrust Securities Plc., which has disregarded paying interest for the EPF contributions of the CEB employees that had been deposited with the private dealer.

The Central Bank registered primary securities dealer had originally functioned as Ceylinco Sriram, but later changed its name to Entrust Securities.

It is through such primary securities dealers that the state obtains credit by issuing treasury bills and bonds, and the CB is responsible for any wrongdoing by them.

After the present government took power, the CB investigated irregularities at Entrust Securities, where state institutions like the CEB, private firms like Richard Peiris and individuals had deposited Rs. nine billion.

Its management was later taken over by the NSB, which was a first in the country.

Investigating the minister’s complaint, the FCID is to arrest the businessman, who had been Entrust Securities chairman at the time.

Also having other business interests, including as chair of a private media institution, his conduct has been exposed by Neth FM’s Belumgala programme.


Last modified on Friday, 22 July 2016 10:05