CB cancels license issued to TKS Finance

Sri Lanka’s Monetary Board of the Central Bank has decided to cancel the licence issued to TKS Finance Limited (TKSF) to carry on finance business with effect from yesterday.
The Central Bank said the financial condition of TKSF is not satisfactory due to deficient capital level, poor asset quality, continuous losses and failure in repaying depositors’ money on demand or at maturity.

Despite several time extensions granted to TKSF by the Monetary Board to comply with the provisions of the FBA and Directions and Rules issued thereunder, no satisfactory progress was made in order to revive the critical condition of TKSF, the Central Bank further said.