The Committee on Banking and Financial Services directs its attention to return the money of the depositors by financing the assets belonging to Dehiwala-Mount Lavinia (Various Services) Cooperative Society

The Committee on Banking and Financial Services directed its attention for the purpose of returning the money of the depositors by financing the assets belonging to Dehiwala-Mount Lavinia (Various Services) Cooperative Society.

This was discussed when the Committee on Banking and Financial Services met in Parliament recently (July 12) under the Chairmanship of Hon. Gamini Lokuge, Member of Parliament.

The Committee discussed this on a number of occasions, and in all those discussions, the main 4 issues; the impact of the economic crisis in the country, fraud and corruption in cooperative societies, imprudent decisions taken by officials and failure to conduct an audit of accounts in due time were focused.

Officials who attended the Committee meeting pointed out that loans were given to some customers in an illegal manner. In consequence to this, they pointed out that they are currently working to arrest two officers involved.

The officials who were present pointed out that more than 400 instant loans have been given to the one person in particular to the Dehiwala Mount (Various Services) Co-operative Society.

The Committee pointed out that the investigation in this regard should be expedited. Therefore, the Committee instructed the officials to consult with the Criminal Investigation Department and update the information regarding the investigations.

It was also recommended to submit a report to the Committee on the monthly expenses for the maintenance of the Dehiwala Mount (Various Services) Co-operative Society, including the payment of salaries.

Furthermore, the Committee on Banking and Financial Services was praised by all the parties present for the active intervention of the Committee to resolve the crisis situations in the cooperative sector that had no solution.

Hon. Udaya Gammanpila, and Hon. Karunadasa Kodithuwakku, Members of Parliament, were present at this Committee meeting held. Moreover, officials representing several institutions including Western Provincial Council, Department of Cooperative Development, Colombo and Dehiwala Mount (Various Services) Co-operative Society were also present.

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The Committee on Banking and Financial Services directs its attention to return the money of the depositors by financing the assets belonging to Dehiwala-Mount Lavinia (Various Services) Cooperative Society

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