Swarnamahal Financial Services permitted to resume operations

Rebecca Pavey | Published: 3:57 PM Oct 13 2021
Local Swarnamahal  Financial Services permitted to resume operations

The Monetary Board of the Central Bank of Sri Lanka (CBSL) has permitted Swarnamahal Financial Services PLC (SFSP) to resume business for a limited period of six months with effect from today (13).

The resumption of business has been allowed in terms of Section 31(5)(a) of the Finance Business Act, No. 42 of 2011 (FBA), for the purpose of exploring the possibility of absorbing the Company to the “Master Plan for Consolidation of Non-Bank Financial Institutions Sector”, the CBSL said.

However, the SFSP has not been permitted to carry on any finance business or other business whatsoever, except for executing the aforementioned process.

The CBSL requested the public to refrain from placing deposits or engaging in any other business with the SFSP in any manner, other than the settlement of contractual obligations to SFSP. 

The Panel of Management appointed by the Monetary Board has been authorized to continue managing the affairs of the SFSP, and to initiate and facilitate the aforesaid process.

Meanwhile, the SFSP Directors will be permitted to carry out only those functions authorized by the Director, Department of Supervision of the Non-Bank Financial Institutions (D/SNBFI) and/or the Panel.

All debtors or any other parties who have payables to the SFSP are advised to settle their contractual obligations to the SFSP on time, only through the following bank accounts under the name of Swarnamahal Financial Services PLC and maintain records as evidence for all payments, to avoid any possible litigation against them for non-repayment of dues:

Sampath Bank PLC

- Branch: Headquarters 

- Account Number: 2930013377


Commercial Bank of Ceylon PLC 

- Branch: Kollupitiya

- Account Number: 1107428801

For further clarifications regarding;

- Inquiries regarding resumption of business, contact the Department of Supervision of Non-Bank Financial Institutions on 011 2477504

General inquiries, contact the Contact center, Financial Consumer Relations Department on 011 2477966 /
1935 

- Inquiries regarding deposits, settlement of advances and other clarifications, contact Swarnamahal Financial Services PLC / Panel of Management appointed by the Monetary Board on 011 7534800 



Rebecca Pavey | Published: 3:57 PM Oct 13 2021

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