Karunathilake leaves MBSL as CEO after golden handshake, amicable settlement

Top professional Gamini Karunathilake has left the post of CEO at Merchant Bank of Sri Lanka (MBSL) following a golden handshake.

This was after he filed an action against MBSL and obtained an interim order against the purported letter of suspension issued to him in December 2010 through his lawyers Wijedasa Rajapakse President’s Counsel and Dasun Nagaswatte.

With the Board of Directors of MBSL negotiating an amicable settlement, Karunathilake had withdrawn the action against the Bank. The Chairman and the Board of Directors of MBSL too had agreed to withdraw their letter of suspension unconditionally.

Karunathilake also agreed to resign from his office as the Board of MBSL has offered him a compensation package for his early retirement.

He said that as the Board has cleared his unblemished record of integrity, he decided to permit the Chairman and the Board to manage the organization as they wish to raise the company to greater heights.

Karunathilake is a professional banker with over 33 years of experience in both commercial and merchant banking. He has served Bank of Ceylon for a period of 17 years in different capacities.

He has completed 16 years at MBSL, since 2005 as the Chief Operations Officer and as the Chief Executive Officer of MBSL. He was one of the key management personnel during the time MBSL was rehabilitated from its debacle in 1997.  Karunathilake immensely contributed towards The Finance Company PLC and several other Ceylinco Group companies in managing their crisis situations. He was also responsible for transforming the MBSL Savings Bank into profitability within a few months of its acquisition by MBSL. He obtained his Degree in B.Com from the University of Ceylon and completed his MBA from the PIM at the age of 31 years. He is also a fellow member of the Institute of Bankers and served the Institute as a member of the Board, Lecturer and Examiner on many subjects.