The Hindu : International : Sri Lanka decision on bank accounts stirs a row

Online edition of India's National Newspaper
Wednesday, Jul 26, 2006

International

International

Sri Lanka decision on bank accounts stirs a row

B. Muralidhar Reddy

"Will rob the displaced of their legitimate assets"

COLOMBO: The Sri Lankan Government's decision to deem all bank accounts lying dormant or inactive for over 10 years as `abandoned property' has stirred a controversy.

The Tamil parties have said it was a move aimed at depriving the conflict-displaced people of their legitimate assets. The Government, however, defended it as a necessity to reform the banking sector and utilise the funds for the larger good of people.

All banks have been directed to transfer the funds to a special account in Central Bank of Sri Lanka by August 31.

The bank, in an advertisement on Tuesday, said: "We request customers whose accounts may fall into this category, to call over at any of the following branches and meet the managers on or before August 14, 2006... . with proof of identification, and activate their account (s) to avoid it being considered as Abandoned Property."

Pro-LTTE Tamil National Alliance (TNA) Member of Parliament Nadarajah Raviraj said in the House that the Non-Performing Assets (Recovery) Bill is designed to indirectly dispossess the Tamil people of their assets.

"If you look at the National Savings Bank, it is clear that nearly 90 per cent of the deposits are those of people in the North East. Owing to war, a large number of Tamils have migrated to other countries. A large number of kovils [temples] are closed down. But the donations made to them are still in the bank."

United National Party (UNP) MP T. Maheshwaran said, "These bills affect the Tamil people. People who lived in the north over the past 35 years have been displaced due to the war. The documents that certify their ownership have been destroyed... . The Bank of Ceylon branch in Jaffna has over Rs. 3 billion as deposits. If the Government attempts to get back this money, it will be a great injustice."

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