COLOMBO, May 14 -- The Central Bank of Sri Lanka (CBSL) directed all licensed banks to examine whether fraud similar to the alleged multi-billion-rupee misappropriation at the National Development Bank (NDB) had occurred within their institutions, CBSL Governor Nandalal Weerasinghe said.

The listed lender NDB recently disclosed a 13.2 billion rupee misappropriation linked to alleged systemic financial irregularities and the circumvention of internal controls.

Investigations have focused on the alleged unauthorized issuance of credit facilities and the manipulation of accounting records to facilitate large fund outflows disguised as legitimate commercial transactions.

The incident has raised concerns over corporate governance standards ...