Five finance companies including ETI to be liquidated

Date:

The Monetary Board of the Central Bank of Sri Lanka (CBSL), has decided to liquidate five failed finance companies whose licenses were previously either cancelled or suspended.

Accordingly, Central Investments & Finance Ltd, ETI Finance Ltd, TKS Finance Ltd, The Finance Company PLC and The Standard Credit Finance Ltd will be liquidated in accordance with the applicable legal provisions.

An Advisory Committee for Revival of Failed Finance Companies (Committee) was established by the Monetary Board in October 2021 to examine possible revival options.

The Committee submitted its final report to the Monetary Board on 31 May with proposals for the revival of these companies, however, these were rendered unviable, entailing a number of policy and legal implications, which did not appear to be workable within the existing regulatory framework.

Thus, while necessary action will be taken to liquidate the aforementioned companies, the Committee too, will be dissolved.

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