Civil Intelligence Front Alleges Irregularities in Five Financial Institution Licences Issued During Ranil Wickremesinghe’s Tenure

Sanjaya Mahawatta of the Civil Intelligence Front has alleged that five licences were issued to financial institutions during Ranil Wickremesinghe’s tenure in violation of the National Housing Fund Act and without proper regulation by the Central Bank of Sri Lanka.

Speaking at a media briefing, Mahawatta described the transactions as serious alleged irregularities and said the organisation intended to lodge complaints with the Commission to Investigate Allegations of Bribery or Corruption and the Criminal Investigation Department (CID).

Mahawatta said the Civil Intelligence Front had previously exposed alleged cases of fraud and corruption, some of which had subsequently been investigated by the Bribery Commission.

He alleged that the five licences had been issued under the relevant legislation but in a manner that violated its provisions. According to him, the licences were subsequently used by five institutions operating as financial entities involved in housing development.

He further alleged that the licences had been misused and that bribes had been accepted in connection with their issuance. Mahawatta claimed that the licences were granted during Wickremesinghe’s tenure, close to an election.

According to Mahawatta, the institutions were established to manage funds below Rs. 600 million and were permitted under the relevant legislation to collect and invest money.

He said the organisation would bring the alleged irregularities to the attention of the relevant authorities and seek investigations into the transactions.

The allegations were made by Mahawatta at the media briefing and would require verification by the relevant investigative authorities.