Unfit & Improper: Did First Capital Holdings (CFVF) appointed former Manager Treasury of Nations Trust when Bank faced the Forex Scandal Loss during Zulfiqar Zavahir's and Iftikar Ahamed's Time?

Dilshan Weerasekera, former Manager Treasury at Nations Trust Bank (NTB) when NTB reported a Forex Loss of Rs.800 million has been recently appointed to CFVF = First Capital Holdings PLC.

How Dilshan was appointed as a Fit & Prpoer personal to head CFVF and it is a question whether after doing such a loss with two to three trades happened in a Listed Commercial Bank in the Country = NTB that was jointly owned by country's largest blue chip Conglomerate John Keells...how Dilshan is still appointed to head a Bond Market and a Primary Dealing house.

Central Bank need to be questioned on approval.

NTB CEO, Deputy CEO quit over forex loss

By Duruthu Edirimuni Chandrasekera
Nations Trust Bank (NTB) has stopped an ‘inflated’ remuneration scheme for its treasury operations department staff on the back of a massive foreign exchange loss totalling Rs 800 million, which saw two top officials leave the bank. Separately, Securities and Exchange Commission (SEC) officials confirmed that a probe was underway on possible insider dealing into share sales deals by NTB Chairman Ajit Gunewardene, prior to the discovery of the forex loss.

In June the bank said it has discovered a breach of procedure in its dealing room leading to an exchange loss, but that gains from other treasury operations will offset this loss to a ‘great extent’ and the impact on the bottom line.

The Central Bank, following its own probe after the loss was reported, had found certain irregularities and informed the management. “We pointed out the exorbitant amounts of the remuneration scheme after our investigation and the bank has stopped that bonus scheme immediately,” a CB official said adding that the CB also had wanted some officers held accountable by the mismanagement.

On Friday, the NTB announced that its present Chief Executive Officer (CEO) Zulfiqar Zavahir retired from his position and resigned from the Board with immediate effect. The bank also said that Deputy CEO Iftikar

Ahamed resigned with effect from Friday. It said Sarath Piyaratna, NTB Executive Director will act as the CEO till Saliya Rajakaruna, the newly appointed CEO assumes office in September. An NTB source said Dilshan Weerasekera, Manager Treasury has been requested by NTB to show cause for his negligence.

NTB Chairman Ajit Gunewardene told the Sunday Times FT that the Board decided on the appropriate action after a detailed investigation taking into account the findings, and noted the CB didn’t request ‘us to dismiss officers concerned.’

He said while it was an foreign exchange loss, there were no CB regulations that had been breached. Asked about the SEC probe, he said: “I am aware of an SEC investigation in general and a query made today to my brokers with respect to my share transactions of NTB. I certainly haven’ bought or sold any shares of NTB since the date that I was made aware of the issue which was June 12.”

Referring to huge commissions on forex trading, one banking analyst noted that the ‘greed factor’ stimulates some bankers to cut corners and ignore certain ‘gray’ areas. “Due to the exorbitant treasury bonuses, these officials take ‘disproportionate’ risks. This is by no means unique to NTB,” he said.

References - http://www.sundaytimes.lk/090823/FinancialTimes/ft05.html

The company recently announced that Dilshan Wirasekara was appointed as the CEO.
With the latest changes, the Board of Directors of First Capital Holdings Plc comprises Manjula Mathews (Executive Chairperson), Dinesh Schaffter (Managing Director), Nihara E. Rodrigo, A.D. Eardley I. Perera, Minette D.A. Perera, W. Nishan I.C. Fernando and Chandana L. de Silva.

Dilshan Wirasekara's Least Known History -

Chief Executive Officer
First Capital Holdings PLC
October 2014 – Present (1 month)

Deputy CEO
First Capital Holdings PLC
November 2013 – Present (1 year)

Head the overall Groups Investment Banking activities done through all subsidiaries that include a Primary Dealer in Government Securities, Structuring and Placement of Corporate debt, Asset Management, Margin Trading, Corporate Finance and Advisory services and a Equity Brokerage.

General Manager
Softlogic Capital PLC
May 2012 – October 2013 (1 year 6 months) World Trade Centre, Colombo 1, Sri Lanka.

Headed the Treasury Management functions of all subsidiaries that included a Licensed Finance Company, Composite Insurer and Equity Brokerage.

http://lk.linkedin.com/pub/dilshan-wirasekara/40/505/529

Dilshan Wirasekara's Old Hidden History

http://businesstoday.lk/article.php?article=1326

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this could be the reason why Asha Phillip Stock Brokers mainly manipulating CFVF share before reporting a loss.

Maru ... Den mokak weida

I worked during this period at Nations Trst bank and I know above information is 100% true and Iktikar Ahamd and Zulficar has to go because of this person. Both of them CEO and Deputy CEO of Nations Trust Bank had carried out lot of unfit operations like this and both of them were prohibited from holding any positions at any commercial banks. However I saw Iftikar Ahamed is working as a director at Softlogic Finance plc sometime back. Zulfikar was removed from Pan Asia Bank by the Central Bank as well when he was appointed as consultant subsequent to NTB issue.

Sira

Is he the reason for the massive profits reported by CFVF. Central Bank - Banking Supervision should do an impartial investigation into high profits reported by Banks and subsequent losses reported after some CEO's leave the Banks.

Why not? It is ok to put any tom, dick or harry to the bond market cos the investors there are in their cradles - not like trading in stocks (risk echchara naha ne?). Besides that way we know he can't trade stocks.