Two Directors of Siyapatha Finance Ltd are planning to resign following the recent exposé of irregularities within the company, reports say.
According to sources, Managing Director of Sampath Bank PLC - Aravinda Perera and Group Financial Officer & Executive Director - Sampath Bank PLC - Ranjith Samaranayake are to planning to resign.
Earlier known as Sampath Leasing and Factoring Ltd, the company commenced operations under the name of “Siyapatha Finance” from this month onwards as an affiliated finance company of the Sampath Bank.
According to a probe conducted by Sri Lanka Customs, it was recently revealed that Siyapatha Finance Ltd had failed to indicate commissions in its invoices, violating Customs regulations.
Reports also say that the company's CEO Roshan Nanayakkara is to be quizzed on this regard as well.
Several institutions providing leasing facilities for imported motorcars had raised strong objections after Siyapatha Finance Ltd had issued invoices priced with lower charges during vehicle importations under duty free vehicle permits, granted to select government officials and other professionals.
Siyapatha Finance Ltd is thus able to issue low priced invoices, as they are importing vehicles without making the proper declarations to the Customs, the institutions charge.
Meanwhile it is said that the Siyapatha Finance Director Board has only given the green light for importation and selling of vehicles under the prevailing rules and regulations.
Therefore, the responsibility of this entire importation process falls not with the Director Board but with the senior management including the CEO, reports add.
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