Veteran social activist and expert Amrit Muttukumaru has raised a series of explosive questions over the reported Rs13.2 billion NDB Bank incident, urging opposition leaders to seek answers from Central Bank Governor Dr. Nandalal Weerasinghe when he appears before Parliament.
In an email sent to Opposition Leader Sajith Premadasa, Committee on Public Finance (CoPF) Chairman Dr. Harsha de Silva, CoPF member Ravi Karunanayake and parliamentarian Mujibur Rahman, Muttukumaru posed eight questions focusing on governance, regulatory oversight and transparency surrounding the matter.
Muttukumaru argues that the NDB issue carries wider implications than the separately discussed Rs842 million Treasury payment controversy because, in his view, it raises concerns about confidence in Sri Lanka’s banking and financial system.
His first question challenges why the NDB Board of Directors remains in office despite what he describes as “gross negligence” in preventing the alleged internal fraud. He points out that the government, through institutions including the EPF, ETF, Sri Lanka Insurance Corporation and Bank of Ceylon, holds a significant stake in NDB.
He also questioned whether the Central Bank’s Bank Supervision Department failed in its regulatory responsibilities and asked what action had been taken against officials responsible for oversight.
Another key issue raised by Muttukumaru concerns the forensic audit process. He questioned whether it was appropriate for the NDB Board, which he alleges failed in its responsibilities, to remain the principal party involved in selecting the international forensic auditor.
Muttukumaru also questioned the appointment of Deloitte India to conduct the forensic audit, raising concerns about possible conflicts of interest because NDB Audit Committee Chairman Sujeewa Mudalige was previously associated with PwC Sri Lanka, which is part of the wider Deloitte global network.
He further called for the public release of former NDB director Shanil Fernando’s resignation letter, arguing that shareholders and depositors have a right to know the reasons behind the resignation.
A major political dimension emerged when Ravi Karunanayake MP responded to Muttukumaru’s email, copying Sajith Premadasa, Dr. Harsha de Silva and Mujibur Rahman. According to Muttukumaru, Karunanayake stated that previous answers from the CBSL Governor to questions similar to these were “very poor and inadequate” on several key areas.
Muttukumaru argues that opposition lawmakers should publicly address these concerns and explain whether regulatory failures occurred.
He has also questioned whether President Anura Kumara Dissanayake’s Senior Economic Adviser Duminda Hulangamuwa’s previous role as Managing Partner of NDB’s external auditor Ernst & Young raises concerns that require clarification.
The activist maintains that Parliament’s Committee on Public Finance must move beyond discussions and ensure accountability.
The final Deloitte forensic report, expected in July 2026 according to Muttukumaru, is now being watched closely as stakeholders seek clarity on the incident and its implications for Sri Lanka’s financial sector.