The Central Bank said told Supreme Court on Monday they will meet bankers and other potential investors of Pramuka this week, to give effect to an Appeals Court order.
Accordingly, monetary authorities will meet bankers and other potential investors on Thursday (July 24) and Pramukas depositors on Friday (July 25) to explore all options to revive the failed bank.rn
rnCourt also appointed Mr. K C Vignarajah, a respected independent party with no vested interest, to represent small depositors of Pramuka Savings & Development Bank.rn
rnVignarajahs name was agreed by the Central Bank and Pramukas depositors.rn
rnThe Monetary Board on Monday also re-issued a suspension on Pramukas operations, pending alternative proposals before liquidation.rn
rnAs it stands, Pramukas banking licence has been restored, but a suspension on operations, prevents its rogue directors from taking over the bank.rn
rnThe Supreme Court will review the case on August 4.rn