Work at the Board of Investments (BoI) has reportedly been affected due to the failure to appoint new members of the BoI’s board of directors after the term of the former board came to an end on May 31st.
The BoI is managed by a five member board of directors and its Chairman Jayampathy Bandaranayake resigned from the board a few months back as a mark of protest against political pressure. Power and Energy Ministry Secretary M.M.C. Ferdinando was appointed as the acting chairman of the BoI.
Recognized as one of the corrupt officials in the state sector, Ferdinando’s name was proposed to the post by Treasury Secretary Dr. P.B. Jayasundera.
However, the President has decided not to extend the period of the board of directors since they have failed to bring any new investments to the country in the past few months.