April, 23, 2026
National Development Bank PLC (NDB) has announced that it has commissioned Deloitte Touche Tohmatsu India LLP, a globally recognized firm specializing in forensic investigations, to conduct an independent review of a recently identified fraudulent incident.
The decision to appoint Deloitte was made by the bank's Board of Directors in alignment with previous corporate disclosures issued on April 2 and April 6, 2026. This investigative process is being conducted in close consultation with the Director of Bank Supervision of the Central Bank of Sri Lanka, following specific recommendations from the regulatory body.
Focus on Governance and Controls The scope of the forensic review is comprehensive, aiming to examine the specific facts and circumstances that allowed the fraudulent transactions to occur. A critical component of Deloitte’s mandate is to identify any lapses in internal controls, oversight, and governance that may have existed during the relevant period.
Direct Regulatory Reporting In a move emphasizing transparency and regulatory oversight, NDB confirmed that Deloitte will not report solely to the bank. Instead, all findings, including interim updates and the final investigative report, will be submitted directly to the Central Bank of Sri Lanka.
This independent review represents a formal step by NDB to address the incident while providing necessary updates to its shareholders, depositors, and other key stakeholders.
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