The JVP affiliated Ceylon Teacher Services Union (CTSU) alleges of a move by the government to hand over the Education Department Cooperative Society (EDCS) to the Central Bank.
The CTSU says there is a move to hand over the EDCS along with its assets worth Rs. 20 billion to the Central Bank.
CTSU General Secretary, Mahinda Jayasinghe explained that the EDCS, which has been controlled by an administrative board elected by the EDCS members, is now being managed by a government appointed interim committee.
The elected board members led by the CTSU have been removed by the government, he said.
He says the government had planned the removal of the elected board and appointed an interim committee in order to take control of the large amount of funds held by the EDCS.
Jayasinghe also denied allegations by the Cooperatives and Internal Trade Ministry that frauds had been committed by the EDCS board under the CTSU.