Commercial High Court Dismisses Petition Against NDB Over Alleged Rs. 13.2 Bn Fraud ⚖️

• Banking & Financial Services: The Colombo Commercial High Court dismissed a petition filed by M. Thiyagaraja against National Development Bank PLC (NDB), its Directors, and external auditors regarding an alleged Rs. 13.2 billion fraud. • Legal Ruling: High Court Judge Viraj Ranatunge ruled on 9 October that statutory requirements to proceed were not met and that insufficient grounds existed to allow the petitioner to pursue independent action against the bank's leadership. • Internal Investigation & Actions: The Court noted NDB had already taken active steps, including initiating an internal investigation, commissioning a forensic audit, and lodging an official complaint with the Criminal Investigation Department (CID). • Court Order: The court officially dismissed the petition and ordered the petitioner to pay applicable legal costs.