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Press briefing of Cabinet Decision taken on 2020-07-22
Formulation of a mechanism to pay the Depositors who lost their money due to the irregularities of East Hewagam Korale Multipurpose Co operative Society Limited
- Since 2015, on five occasions, the Board of Directors of the East Hewagam Korale Multipurpose Co‑operative Society has invested Rs.507.59 million in Treasury Bills through a certain institution, which has been introduced as a primary buying company registered under the Central Bank of Sri Lanka. However, it has been revealed that the said institution is not a primary buyer company approved by the Central Bank of Sri Lanka and the depositors have been subjected to a severe injustice due to the inability to recover the relevant money up to date. Accordingly, the proposal made by the Minister of Internal Trade, Food Security and Consumer Welfare to appoint a committee comprising of the representatives of the relevant institutions to specifically identify the responsible parties for this incident and to recommend actions to be taken to bring justice to the depositors, was approved by the Cabinet.