cancellation Archives - Ceylon Independent

The Monetary Board of Central Bank of Sri Lanka issued a notice of cancellation of the licence issued to Central Investments and Finance PLC (CIFL) to carry on activities as a non-banking financial institution. According to a release issued by the Central Bank, CIFL was confronted with severe liquidity crisis since 2013 due to mismanagement and other irregular transactions carried out by the management of that company. It has also been observed that the directors and senior management of these companies have fraudulently inflated the value of the assets and the examination of the documents relating to such assets has revealed that those are either fictitious or entangled with encumbrances. The total deposit liability of the company is about Rs. 3.5 billion and the number of deposi...

Monetary Board of the Central Bank has decided to issue a notice of cancellation of licence granted to Central Investments and Finance. The Monetary Board has taken this decision at its meeting held on 06.11.2017 in terms of Section 37 (1) of the Finance Business Act No. 42 of 2011 (FBA). According to a letter sent to the CSE, the Central Bank said the notice of cancellation was communicated to the company on 17.11.2017. Monetary Board, however, said the Company may tender objections in writing to the Board, in which case the Board may consider the objection and further action may be determined. Monetary Board of the Central Bank further stated that future regulatory actions will be informed in due course.

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Central Bank issues CIFL licence cancellation notice

CB issues notice of licence cancellation to Central Investments & Finance