MBSL suspends professional banker from CEO post

State-owned Merchant Bank of Sri Lanka (MBSL) said yesterday it had suspended the services of Chief Executive Officer A.P.G. Karunatillake pending an inquiry into certain acts of alleged misconduct.

The decision by the MBSL Board is effective from 21 December and was disclosed almost a week later.  The filing to the Colombo Stock Exchange signed by MBSL Chairman M.R. Shah didn’t give further details.                  



Karunatillake is a professional banker with over 30 years of experience. He obtained a B.Com (Hon) Degree from the University of Sri Jayewardenepura and MBA from the Post Graduate Institute of Management (PIM) of Sri Lanka.

He is a fellow member of the Institute of Bankers of Sri Lanka and was a visiting lecturer on ‘Law and Practice of Banking’ for Bachelor of Commerce and Economics Degree programmes and on ‘Banking and Finance’ for MSc. Management Programme at the University of Sri Jayewardenepura.

He also served as a lecturer and Chief Examiner on ‘Law and Practice of Banking’ and ‘Practice of Banking’ at the Institute of Bankers of Sri Lanka. He was also a Director of Merchant Credit of Sri Lanka Ltd.