Notes to the Consolidated Financial Statements - Seylan Bank
Notes to the Consolidated Financial Statements - Seylan Bank
Notes to the Consolidated Financial Statements - Seylan Bank
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
342 North Bound > <strong>Seylan</strong> <strong>Bank</strong> Annual Report 2011<br />
<strong>Notes</strong> <strong>to</strong> <strong>the</strong> <strong>Consolidated</strong> <strong>Financial</strong> <strong>Statements</strong><br />
46. O<strong>the</strong>r Related Party Transactions<br />
The <strong>Bank</strong> had <strong>the</strong> following financial dealings during <strong>the</strong> year 2011 with companies which are considered,<br />
related parties and unless o<strong>the</strong>rwise stated, transactions were carried out in <strong>the</strong> ordinary course of business<br />
at commercial rates with companies mentioned below. The parties given below are considered related parties<br />
mainly due <strong>to</strong> significant influence arising as a result of common direc<strong>to</strong>rships and through shareholdings.<br />
These companies, names of <strong>the</strong> Direc<strong>to</strong>rs and <strong>the</strong> nature of transactions entered in<strong>to</strong> are listed below:<br />
Party/Parties<br />
Accommodated<br />
Name of Direc<strong>to</strong>r/<br />
Key Management Personnel<br />
Relationship<br />
Deposit<br />
Nature of<br />
Accommodation<br />
Rs. Mn.<br />
(a) Direct Subsidiaries of <strong>the</strong> <strong>Bank</strong><br />
<strong>Seylan</strong> Developments PLC Mr. R. Nadarajah - Chairman<br />
Mr. S. Palihawadana<br />
Direc<strong>to</strong>r<br />
Demand Deposit 18.293 Guarantee<br />
Fixed Deposit 75.000<br />
93.293<br />
Mr. K. Rathnayaka<br />
Executive Direc<strong>to</strong>r/Acting GM<br />
Mr. M.P.V.R. De Silva<br />
Direc<strong>to</strong>r<br />
(Resigned on 01.04.2011)<br />
Mr. C. Kotigala - Direc<strong>to</strong>r<br />
(Resigned on 23.08.2011)<br />
2010 Comparatives 7.717<br />
(b) Trust Companies and Funds Set Up under <strong>the</strong> <strong>Bank</strong><br />
** Following Direc<strong>to</strong>rs/key employees of <strong>the</strong> <strong>Bank</strong> are also trustees/<br />
Direc<strong>to</strong>rs of <strong>the</strong> Trust Companies and Funds setup under <strong>the</strong> <strong>Bank</strong><br />
<strong>Seylan</strong> <strong>Bank</strong> Employees’<br />
Mr. E. Narangoda - Trustee<br />
Gratuity Trust Fund<br />
Fixed Deposit 25.000<br />
Mr. R. Nadarajah - Trustee Demand Deposit 15.245<br />
40.245<br />
Rear Admiral B.A.J.G. Peiris - Trustee<br />
Mr. N.M. Jayamanne P.C. - Trustee<br />
Mr. K. P. Ariyaratne - Trustee<br />
Mr. T. Nanayakkara - Trustee<br />
Mr. S.A.R. Dias Bandaranayake - Trustee<br />
Mr. S.J. Jebaratnam - Trustee<br />
Mr. M.P.V.R. De Silva - Trustee<br />
(Resigned on 13.06.2011)<br />
Mr. C. Kotigala - Trustee (Resigned on 13.06.2011)<br />
Mr. A. M . Pasqual - Trustee (Resigned on 13.06.2011)<br />
Mrs. L. Seneviratne - Trustee<br />
(Resigned on 13.06.2011)<br />
2010 Comparatives 31.726<br />
Investment in Treasury Bond amounting<br />
<strong>to</strong> face value Rs. 643.892 Mn.<br />
Funds transferred by <strong>Seylan</strong> <strong>Bank</strong> PLC<br />
amounting <strong>to</strong> Rs. 84.65 Mn.
Change language