Central Bank cancels license issued to Standard Credit Finance Limited, will take legal action
The Monetary Board of the Central Bank of Sri Lanka, has decided to cancel the License issued to Standard Credit Finance Limited under the Finance Business Act with effect from Wednesday and take legal actions against the responsible parties for the mismanagement and fraudulent activities of the company.
Issuing a statement, the Central Bank said the Standard Credit Finance Limited (TSCFL), a Licensed Finance Company licensed under the Finance Business Act No. 42 of 2011 (FBA) was facing liquidity crisis since 2008 Depositors of the company have been unable to withdraw their money over the last ten years.
The Bank said that all efforts made to revive the company through different strategies have been failed. "The continuity of current status will further detrimental to the interest o...