Stewardship
Directors’ Interest in Contracts with the Company
Related Party Disclosures as required by the Sri Lanka Accounting Standard No. 30 on “Related Party Disclosures” (Revised 2005), is detailed in Note 40 to the Financial Statements. In addition, the Bank carries out transactions in the ordinary course of business in an arm’s length basis with entities where the Chairman or a Director of the Bank is the Chairman or a Director of such entities, as detailed below:
| Company | Relationship | Accommodation Granted/Deposits |
Current Limit As at 31.12.2010 Rs. ’000 |
Balance Outstanding As at 31.12. 2010 Rs. ’000 |
Balance Outstanding As at 31.12.2009 Rs. ’000 |
| (a) Mr. M.J.C. Amarasuriya | |||||
| Pelwatte Sugar Industries PLC | Chairman | Loans & Advances | 1,233 | 1,233 | 6,001 |
| Deposits | 3,174 | 916 | |||
| Serendib Flour Mills (Pvt) Ltd. | Chairman | Loans & Advances | 2,577,360 | 1,123,704 | 188,330 |
| Off-Balance Sheet Accommodations | 4,270,000 | 385,713 | – | ||
| Deposits | 436,495 | – | |||
| (b) Mr. B.R.L. Fernando | |||||
| Chemical Industries (Colombo) PLC | Chairman | Loans & Advances | 450,000 | – | – |
| Off-Balance Sheet Accommodations | 250,000 | – | 1,024 | ||
| Deposits | 13,677 | 15,967 | |||
| Chemanex PLC | Chairman | Loans & Advances | 80,000 | – | 13,073 |
| Off-Balance Sheet Accommodations | 43,000 | 12,107 | 14,065 | ||
| Deposits | 1,060 | 139 | |||
| CIC Agri Business (Pvt) Ltd. | Chairman | Loans & Advances | 1,300,510 | 550,510 | 716,650 |
| Off-Balance Sheet Accommodations | 10,000 | 4,586 | 13,473 | ||
| Deposits | 78,548 | 61,673 | |||
| CIC Feeds (Pvt) Ltd. | Chairman | Loans & Advances | 479,904 | 199,734 | 452,250 |
| Off-Balance Sheet Accommodations | 405,000 | 218,981 | 93,799 | ||
| Deposits | 147 | 375 | |||
| Tea Advisory Services (Pvt) Ltd. | Chairman | Loans & Advances | 2,000 | – | – |
| Deposits | 760 | 811 | |||
| Akzo Nobel Paints Lanka (Pvt) Ltd. | Chairman | Deposits | 9,666 | 13,294 | |
| CIC Agri Produce Export (Pvt) Ltd. | Chairman | Deposits | 1,443 | 2,186 | |
| CIC Agri Produce Marketing (Pvt) Ltd. | Chairman | Deposits | 1,496 | 418 | |
| Crop Management Services (Pvt) Ltd. | Chairman | Deposits | 4,547 | 3,315 | |
| Link Natural Products (Pvt) Ltd. | Director | Deposits | 1,231 | 5,275 | |
| First Guardian Equites (Pvt) Ltd. | Director | Deposits | 2,906 | – | |
| Sunhill Tea Factory (Pvt) Ltd. | Director | Deposits | 2,165 | – | |
| Ceylon Tea Brokers PLC | Director | Loans & Advances | 50,000 | 37,823 | – |
| Deposits | 2,806 | – | |||
| (c) Mr. D.S. Weerakkody | |||||
| Chartered Institute of Management Accountants |
Council Member | Deposits | 275 | 80 | |
| Cornucopia Lanka Ltd. | Director | Deposits | 150 | – | |
| DFCC Bank | Director | Deposits | 23,938 | – | |
| (d) Mr. R.M.S. Fernando | |||||
| Orient Financial Services Corp. Ltd. | Chairman | Loans & Advances | 499,903 | 219,304 | 247,200 |
| Deposits | 469 | 339 | |||
| United Motors Lanka PLC | Chairman | Loans & Advances | 200,000 | – | 3,315 |
| Off-Balance Sheet Accommodations | 150,000 | 62,462 | 22,930 | ||
| Deposits | 15,152 | 4,166 | |||
| Seguwantivu Wind Power (Pvt) Ltd. | Chairman | Loans & Advances | 500,000 | 500,000 | |
| Off-Balance Sheet Accommodations | 50,581 | 50,581 | 758,809 | ||
| Deposits | 97,504 | 766,327 | |||
| Vidatamunai Wind Power (Pvt) Ltd. | Chairman | Deposits | 1,814 | 267,603 | |
| Unimo Enterprises (Pvt) Ltd. | Chairman | Loans & Advances | 253,000 | 159,696 | 107,317 |
| Off-Balance Sheet Accommodations | 548,516 | 412,843 | 51,158 | ||
| Deposits | 2 | 7 | |||
| Orient Motor Company Ltd. | Chairman | Loans & Advances | 15,000 | – | 3,082 |
| Deposits | 6,151 | – | |||
| Piramal Glass Ceylon PLC | Director | Loans & Advances | 451,000 | 251,344 | 287,512 |
| Off-Balance Sheet Accommodations | 110,000 | 18,938 | 1,850 | ||
| Deposits | 87,234 | 4,466 | |||
| Kelani Tyres PLC | Director | Loans & Advances | 110,000 | 39,046 | 8,885 |
| Off-Balance Sheet Accommodations | 10,000 | 5,925 | – | ||
| Deposits | 49 | – | |||
| Sierra Cables PLC | Director | Loans & Advances | 585,242 | 583,015 | 304,508 |
| Off-Balance Sheet Accommodations | 550,000 | 475,770 | 242,772 | ||
| Deposits | 6,675 | 4,715 | |||
| (e) Prof. U.P. Liyanage (Appointed to the Board on 14.12.2010) | |||||
| Diesel & Motor Engineering Company PLC | Director | Loans & Advances | 1,160,600 | 1,147,700 | – |
| Off Balance Sheet Accommodations | 1,927,000 | 1,837,767 | – | ||
| Deposits | 433,300 | – | |||
| Chemanex PLC | Director | Loans & Advances | 80,000 | – | – |
| Off Balance Sheet Accommodations | 43,000 | 12,107 | – | ||
| Deposits | 1,060 | – | |||
| Ceylon Cold Stores | Director | Loans & Advances | 150,000 | 76,003 | – |
| Off Balance Sheet Accommodations | 50,000 | – | – | ||
| Talawakelle Tea Estates PLC | Director | Loans & Advances | 254,800 | 9,358 | – |
| Off Balance Sheet Accommodations | 10,000 | 1,520 | – | ||
| Q & E Advertising (Pvt) Ltd. | Director | Loans & Advances | 2,800 | 1,403 | – |
| Deposits | 3,034 | – |
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