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NDB Wealth Hosts Exclusive Investor Forum and Networking Session in Kandy
NDB Wealth recently hosted an exclusive investor forum and networking session in Kandy, bringing together an esteemed gathering of top business leaders, high net worth individuals, and corporate professionals for an engaging and insightful discussion on the evolving financial landscape and emerging investment opportunities.The forum provided attendees with expert insights into the current capital market environment, the broader economic outlook, and practical strategies to navigate market uncertainties. Key discussions focused on understanding the implications of the prevailing low interest rate environment, safeguarding investments from financial scams, and identifying suitable financial products and strategies to build, protect, and grow long term wealth.The session was moderated by Mr. Jayantha Kovilagodage, Founder & CEO of Lanka Business TV, whose extensive experience in business journalism and capital markets facilitated a dynamic and insightful discussion. His moderation enabled panelists to share practical perspectives while ensuring the conversation remained highly relevant and valuable to investors navigating today’s financial environment.Mr. Ruwan Perera, CEO of NDB Wealth Management, highlighted the diverse range of investment solutions offered by NDB Wealth and emphasized the importance of aligning investment choices with prevailing market conditions to optimize returns. He noted that different financial products perform differently across market cycles, and investors must adopt a strategic and informed approach to maximize outcomes. He further underscored the importance of understanding not only the potential returns offered by various financial instruments, but also the underlying risks associated with them, enabling investors to make well-informed decisions that support sustainable and long-term wealth creation.Ms. Amaya Nagodavithane – Vice President, Asset Management said Following the 2022 economic crisis, Sri Lanka’s capital markets are showing renewed opportunity, driven by macroeconomic stabilization, low interest rates, improved fiscal discipline, and stronger external performance, creating a more conducive environment for both domestic and foreign investment. As liquidity improves and earnings recover, opportunities are emerging across equities and fixed income investment options. This presents a compelling window for investors to reposition portfolios toward fundamentally strong companies and diversified income generating assets. H...
NDB Crisis Deepens: Audit Shake-Up amid Governance Scrutiny
By: Staff Writer April 27, Colombo (LNW): The Rs. 13.2 billion internal fraud at National Development Bank PLC (NDB) continues to expose critical governance and oversight failures, even as new developments in the bank’s audit framework raise further questions about transparency and accountability. While the forensic audit led by Deloitte Touche Tohmatsu India LLP is underway, recent decisions regarding external and internal audit functions alongside the continued tenure of the same board of directors are intensifying scrutiny. In its latest disclosure, NDB confirmed that KPMG has been appointed as External Auditor for the financial year ending 31 December 2026, following shareholder approval at the Annual General Meeting held on 27 March 2026. Consequently, Ernst & Young has ceased to hold office. The bank stated that this transition was made to comply with regulatory requirements under the Banking Act and corporate governance rules issued by the Central Bank of Sri Lanka, which mandate auditor rotation after a maximum engagement period of six years. While auditor rotation is a standard governance practice intended to preserve independence, its timing amid an ongoing forensic investigation into a massive fraud raises concerns about continuity and institutional memory. External auditors play a key role in assessing financial statements and internal controls; a transition at this juncture may complicate the broader effort to understand how systemic failures went undetected for nearly 18 months. Simultaneously, the forensic audit continues to report directly to the CBSL, bypassing the NDB board to ensure independence. This unusual structure reflects regulatory caution, implicitly acknowledging that existing governance mechanisms may not be fully reliable. The audit’s mandate includes reconstructing fraudulent transactions, identifying responsible parties, and uncovering weaknesses in internal controls and oversight. However, the continuation of the same board of directors whose leadership was accountable for all functions during the fraud period and remains so today casts a long shadow over these corrective measures. In most comparable cases, leadership changes are seen as essential to restoring trust and enabling unbiased reform. At NDB, the absence of such changes risks undermining both the perception and the effectiveness of ongoing investigations. Adding another layer of complexity is the appointment of a new internal audit function despite the acti...
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Officer Development Program (ODP) Retail Banking Wealth Management Job Openings at Bank Negara Indonesia
Join Bank Negara Indonesia now through Kalibrr. Bank Negara Indonesia (Persero) Tbk (BNI) is one of the biggest financial institutions in Indonesia, providing services to customers with a wide array banking, investment, digital product and other sustainable financial products and solutions for domestic and international area.
