More information on ETI deals revealed (video)
Posted on July 23rd, 2020

Courtesy Hiru News

It was revealed today that if the property owned by ETI had been sold through a public auction, it would have been able to pay the depositors.

This was during the hearing of the Special Presidential Commission to Investigate Alleged irregularities in ETI.

The first to testify today was a person who has been working as an Assistant General Manager of Finance and Administration at ETI since January 1, 2009.

He said that at one point a check worth Rs. 8.3 million was obtained in the name of Director Jeevaka Edirisinghe and that he was told that it was for a  matter with the Central Bank.

The Commission questioned the witness as to whether the payment was made with money received from the public.

The witness stated, “Yes.”

He also stated that the money had been obtained on other occasions by mentioning it as a matter from the Central Bank.

The next to testify was a former CEO of ETI.

The witness stated that in 2018, ETI and its affiliates were given a 23‍% discount on the sale of the company.

He said that ETI has lost about Rs. 3769 million due to this.

It was also stated that the Central Bank has not intervened adequately for the rights of depositors.

The witness further stated that the Central Bank of Sri Lanka had given conditional approval to the sale of ETI’s assets in 2018, where special conditions were laid down for the sale of media institutions and real estate to a foreign company.

However, during the ETI Board of Directors meeting with the Board of Management, Director Jeevaka Edirisinghe said that the sale of media institutions could be discussed with the then Minister of Mass Media and Information and the necessary steps could be taken.

He has said that this could be done through a bill to be passed in the future regarding lands.

The witness stated that if ETI had not sold the property to Blue Summit and held a public auction, it would have been possible to sell at a higher price and thereby do justice to the depositors without any problem.

Meanwhile the ETI Depositors’ Independent Association expressed its views at a press conference held today.

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