Monetary Board reconstitutes The Finance Board

The Monetary Board has reconstituted the Board of The Finance Company Plc with several professionals with effect from 1 January 2017.

This is following the resignations submitted by all the members of the Board.

The new Non-Executive Chairman will be B.A.W. Kumarasiri and the Board comprises of Nimal J. B. Mamaduwa, R. Siriwardhane, Dr. W. G. Karunadasa and M. K. D. W. Amarasinghe.

The Finance Plc is saddled with Rs. 19.8 billion in retained losses as of 30 September 2016 and suffers from a negative net worth of Rs. 13.7 billion. Its assets are Rs. 22.8 billion and liabilities amount to Rs. 36.6 billion.

Kumarasiri is the Chairman and MD of Bamcorp International. He holds a B.Com Special from the University of Sri Jayawardenapura and is a member of the Institute of Chartered Accountants and CPAs Australia. 

Mamaduwa is a veteran banker with previous his position being GM/CEO at HDFC Bank, and prior to that, GM/CEO at SANASA Development Bank.

Siriwardhane is also a senior banker and was the Regional Development Bank General Manager and CEO between 1998 and 2014. Dr. Karunadasa is an audit specialist having served as Chief Internal Auditor at BOC with previous stints at HDFC Bank as well as The Finance as Deputy Finance Director. He is the Group Chief Internal Auditor at EAP Holdings. Amarasinghe was the former DIG - Southern Range in 2011 and Director CID. He holds an LL.M and LL.B. from University of Colombo. 

The Directors who submitted resignations from The Finance Board are Chairman P. J. Jayasinghe, Managing Director S. A. S. Gunawardena, S. R. Bandaranayake, P. L. D. Seneviratne and M. R. J. Rodrigo.  Most of them who are professionals were appointed from November 2015 onwards.