Sri Lanka, June 15 -- The Rs. 13 billion fraud for which National Development Bank (NDB) is involved is a catastrophic failure of institutional governance, Chairman Committee on Public Finance (CoPF) Chairman Harsha de Silva said.

"At our recent CoPF session, we questioned officials over the massive internal banking fraud. When a multi-billion rupee vulnerability goes completely undetected for over 18 months, it is a catastrophic failure of institutional governance," Dr. De Silva said in his social media post.

"Safeguarding public trust means demanding answers on where internal checks failed. We cannot let structural blind spots slide" he added.

An official from the Central Bank said the NDB has informed CoPF at the last meeting that ...