NSB Chairman resigns over deal

National Savings Bank (NSB) Chairman Pradeep Kariyawasam has tendered his resignation, in a letter sent to President Mahinda Rajapaksa and the Finance Ministry.

His resignation follows a controversial share deal between the National Savings Bank (NSB) and The Finance Company (TFC).

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.

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.