Operations of Swarnamahal Financial Services PLC suspended

Amani Nilar | Published: 9:09 AM Apr 12 2021
Local Operations of Swarnamahal Financial Services PLC suspended

The Central Bank of Sri Lanka has decided to suspend the operations of Swarnamahal Financial Services PLC.

Accordingly, the Monetary Board of the CBSL has suspended the operations of Swarnamahal Financial Services with effect from 05:00 p.m. on 12 April.

The Monetary Board of the CBSL previously suspended the operations of the parent company of Swarnamahal Financial Services PLC, ETI Finance Limited, with effect from 13 July 2020 due to continuous downturn in the financial position of the institution and the lack of a positive investment proposal that can be implemented to rehabilitate the company.

This suspension was effective until 12 January 2021.

At the end of the six-month period in which the business was suspended, there was no actionable proposal to rehabilitate the institution through capital investment, and the financial position of the institution continued to decline, CBSL added.

Amani Nilar | Published: 9:09 AM Apr 12 2021

More News