NSB Chairman resigns over deal

This was through four separate transactions involving two TFC directors and NSB Chairman Pradeep Kariyawasam, when the share market price was hovering around mere Rs 30-31 a share.The Securities and Exchange Commission (SEC) is probing the deal. National Savings Bank (NSB) Chairman Pradeep Kariyawasam has tendered his resignation, in a letter sent to President Mahinda Rajapaksa and the Finance Ministry. The deal involves a 13 per cent stake of The Finance Company (TFC) being bought by the NSB on April 27 at around Rs. 50 a share. His resignation follows a controversial share deal between the National Savings Bank (NSB) and The Finance Company (TFC). read more