Norfund takes board seat at NDB

A U.S. educated finance professional with experience in senior management at Norfund, (the Norwegian International Fund for Developing Countries) which recently acquired a 9.99% stake in the NDB, has been appointed to the NDB board, the bank announced in a stock exchange filing last week.

She is Fay Piyatchatr Chetnakarnkul, Investment Director and Head of Asia Region of Norfund based in Bangkok. She previously served in Oslo as Investment Manager and Senior Investment Associate and has also worked with the International Finance Corporation (IFC), a member of the World Bank Group.

Mr. Yudishtran (Yudy) Kanagasabai, a chartered accountant and retired senior partner of PricewaterhouseCoopers Sri Lanka and Maldives has been appointed an independent non-executive director of Dankotuwa Porcelain.

He currently serves as the Chairman of the Board Audit Committee of Ceylon Tobacco Company PLC, Eswaran Brothers Exports (Private) Limited and Millennium IT ESP (Pvt) Limited, and as an Independent Non-Executive Director of Cargills Ceylon PLC, Hunter & Company PLC and Lanka Canneries Limited.

He is also a Non – Executive Director of Cargills Food Company Limited, Cargills Bank Limited and Ambeon Capital PLC, and Chairman of South Asia Textiles Limited. He was the Chairman of the Audit Committee of Union Bank PLC from August 2016 to 31 December 2018, and a Commissioner of the Insurance Regulatory Commission of Sri Lanka from May 2018 to November 2018 and from December 2018 to November 2019.

Prior to taking up several board positions post retirement, he served as the Senior Partner of PricewaterhouseCoopers, Sri Lanka and Maldives. Having joined the Firm in 1981, he held progressively responsible positions before being admitted as a Partner in 1991, following a secondment to the Singapore Firm from June 1988 to May 1990 for training in Information Security.