2026-02-19 / Committee Report: COPE 17th Report (First Session, Tenth Parliament) 2026-02-19
## Summary
Hon. (Dr.) Nishantha Samaraweera presented the 17th Report of the Committee on Public Enterprises (COPE) for the First Session of the Tenth Parliament, tabled in Sinhala only with English and Tamil versions to follow. The Report examines non-performing loans held by the National Savings Bank (NSB), established under the National Savings Bank Act No. 30 of 1971, focusing on loan balances exceeding Rs. 5 million as of 30 September 2025, of which Rs. 7,972 million out of Rs. 96,046 million total had been classified as non-performing. Key cases examined include a 2018 syndicated foreign currency loan to a Maldives-registered company (RPI Pvt. Ltd.) where no principal repayments have been received and the funded project has recorded zero physical progress, loans to Technopark Development Company of Rs. 750 million, and loans to Bimputh Finance PLC totalling Rs. 300 million where NSB failed to adequately protect its interests during liquidation proceedings, leaving over Rs. 258 million outstanding. The Report identifies systemic lapses in NSB's lending controls and recovery processes, and calls on relevant authorities to pursue urgent remedial action and strengthen oversight mechanisms.
Hon. Speaker, with the special permission of the House, I present, in Sinhala only, the 17th Report of the Committee on Public Enterprises (COPE) for the First Session of the Tenth Parliament. English and Tamil versions will be submitted as soon as possible.
By way of brief clarification: this Report arises from our inquiry into the National Savings Bank (NSB), established under the National Savings Bank Act, No. 30 of 1971. As at 30 September 2025, we examined loan balances exceeding Rs. 5 million. The total was Rs. 96,046 million, of which Rs. 7,972 million had been classified as non-performing.
We examined four major non-performing exposures, including:
- A syndicated foreign currency loan in 2018 to RPI (Pvt.) Ltd., a company registered in the Maldives, where NSB’s share was US$ 9 million alongside the People’s Bank’s US$ 1 million. NSB lacks a mandate to lend directly to foreign companies; hence, the syndicated structure. No principal repayments have been received; the outstanding has grown to about US$ 14.73 million. Despite grace periods and extensions, there is no recovery plan. The Maldivian project (including the “water villas”) has recorded 0 per cent physical progress.
- Loans to Technopark Development Company amounting to Rs. 750 million.
- Loans to Bimputh Finance PLC amounting to Rs. 200 million (2016) and Rs. 100 million (2019), backed only by a corporate guarantee from Daya Group of Companies. In February 2025, upon an action filed by HDFC Bank over unpaid dues exceeding Rs. 350 million, the Colombo Commercial High Court issued a liquidation order to wind up Bimputh Finance PLC. NSB did not respond adequately to protect its interests during the winding-up process or pursue timely recovery. When the company was wound up, over Rs. 258 million remained outstanding to NSB.
In summary, the Report details multiple such lapses and carries recommendations for urgent remedial action. We request that the relevant authorities ensure proper recovery and strengthen controls.