Oct 25, Colombo: A Sri Lankan court has today ordered the former Chairman of the National Savings Bank (NSB), Pradeep Kariyawasam, to appear in court on the case filed against him by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

Colombo Chief Magistrate Rashmi Singappuli hearing the Commission's case has ordered Kariyawasam to appear in Court on February 28, 2013.

The Bribery Commission has filed legal action against Kariyawasam for alleged corruption in a transaction where the NSB purchased The Finance Company shares at an inflated price in April this year.

A senior official of the Bribery Commission has been quoted ion the local media as saying that it had submitted 51 documents and names of 26 witnesses to the court.

The charges against Kariyawasam involve acquiring 7,863,362 shares of The Finance Company for Rs 391,136,544.00. The NSB has purchased 13.02% stake of The Finance Company at around Rs. 49.74 a share when the market price was around Rs.30-31 a share.

The transaction was later cancelled by the government and the controversy resulted in the resignation of the NSB Chairman and several board members of NSB. The case had been filed under the section 70 of the Bribery Act of Sri Lanka.

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