Act to protect investors

15 July 2010 10:15 am - 9 - {{hitsCtrl.values.hits}}

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By Sherwani Synon

The Central Bank is to take measures to repeal the prevailing finance companies act to crack down illegal financial institutions operating in the country in light of the now infamous Sakvithi scam.

An official at the Central Bank who cannot be quoted as she is not authorized to give out details said, the Central Bank will repeal the prevailing finance companies act by December this year.

The proposed ‘finance business act,’ will be implemented to crack down illegal financial institutions and to protect investors from scams such as Sakvithi.

Sakvithi Ranasinghe; an English tutor carried out a financial scam which duped over 1000 depositors and involved millions of rupees. An INTERPOL warrant is now out for his arrest. (Daily Mirror online)

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Comments - 9

kassa Thursday, 15 July 2010 10:36 AM

Brave thinking of the Central Bank.

Nalin Thursday, 15 July 2010 10:49 AM

Closing the stable door after so many horses have bolted-far too late.

Juki Thursday, 15 July 2010 11:07 AM

Central Bank if full of interlectuals. but they take a long time to initiate any policy. they only act after the damage is done. I don't understand why they cannot foresee such scams at the time of these bogus financial instututions advertise high interest rates to attract investors. Most of the Central Bank officials must be reading papers for sure.

Kirthi hewamanne Thursday, 15 July 2010 11:36 AM

What about Golden Key?

Steven Thursday, 15 July 2010 03:34 PM

so who's going to monitor the central bank and their under hand work.

Faqi Thursday, 15 July 2010 03:39 PM

This legislation is long overdue in Sri Lanka. Its about time the Central Bank enacted effective controls to safe guard investors/depositors in Financial Institutions in Sri Lanka.

Edward Thursday, 15 July 2010 03:47 PM

What is happening to the Golden Key case? power of money.

monojay Thursday, 15 July 2010 09:24 PM

'Golden Key,' which robbed the livelihood of so many, was active for many years right under the Central Bank's nose, taking deposits illegally! Now we don't even hear about this! Although there was an agreement to repay 75% within 6 months this has not been coplied with and Kothalawala must be laughing 'his guts out' for taking everyone for a ride - including the judiciary!

Roshan Friday, 16 July 2010 04:11 AM

All the collapsed Finance Companies were monitored by the Central Bank.

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Act to protect investors

Comments - 9

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