Sri Lankan Expatriate Canadian Citizen Whose Special Foreign Investment Deposits in Bank of Ceylon Were Allegedly Swindled Awarded $ 875,000 Along With Interest and Legal Costs by Colombo District Court

By S. S. Selvanayagam

The Colombo District Court on Tuesday ordered Bank of Ceylon to pay a Canadian expatriate citizen $ 875,000, together with interest and legal costs, after the bank was found to have made unauthorised transfers of funds held in special investment deposit accounts.

The litigation, initiated by the plaintiff Manohar Randolph Alexander Savundranayagam of Canada, through his Power of Attorney holder Kurukulasuriya Bernadette Evangeline Savundranayagam, came up before District Judge Amale Ranaweera.

Plaintiff instituted this legal action against Bank of Ceylon, claiming a sum of $ 750,000 and $125,468.75 together with the legal interest and tax costs.

Plaintiff is a businessman currently residing in Canada. He opened Special Investment Deposit Accounts (SFIDA) at the Bank of Ceylon in 2012. The Defendant Bank provided him online banking facilities.

He prosecuted the Defendant Bank for its negligence, whereby the plaintiff’s vast sum of Special Foreign Investment Deposit had been swindled.

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