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Central Bank’s 2 luxury building deals revealed

Central Bank’s 2 luxury building deals revealed Featured

Details of Central Bank’s two luxury building deals in New York and Brazil have been revealed.

The Central bank authorities have purchased buildings in New York and Brazil spending US$ 6 million and Rs. 122 million respectively and giving the aforesaid buildings on lease, in contravention of section 117 of the Monetary Law Act, official sources disclosed.

Even though the Central Bank shall not engage in trade or otherwise have a direct interest in any commercial, industrial or other undertaking except such interest as it may acquire in the course of the satisfaction of any of its claims, the Central Bank has purchased a building in New York spending US$ 6, 207,116, recent COPE report revealed.

The CB  has  given it on lease subsequently for a lease amount of US$ 68000 whereas another building has been purchased in Brazil spending Rs. 122.81 Million Rupees and subsequently given on lease in contravention of the aforesaid section 117 of the Monetary Law Act.

Without paying attention to the shortcomings of the actions taken by the officers who are responsible to these transactions, 4th and 5th floors of the National Mutual Assurance Building were given on lease in the years 2015 and 2016 even without their being used for achieving the expected objective.

The COPE has directed the CB to present a comprehensive report to the Committee, which includes the list of names of the officers of the Monetary Board, who are responsible for these transactions, purchases and leasing the basis on which this decision was taken the names of the persons who used these buildings during the period between the times when they were purchased and given on lease and the future action to be taken in this regard.

Last modified on Tuesday, 27 September 2016 08:26