Failure of 6 finance companies in SL in recent years Total of Rs. 61.8 Bn lost by 256,286 depositors - State Minister of Finance

• We will see that justice is meted out to these depositors who have lost

By Yohan Perera and Ajith Siriwardana   

Six finance companies have fallen in Sri Lanka during the recent years, swallowing a total amount of Rs. 61,892 million (Rs 61.8billlion) belonging to 256,286 depositors, State Minister of Finance, Money and Capital Markets and State Enterprises Ajith Niward Cabraal told Parliament yesterday.   

Responding to an oral question raised by SJB MP Hesha Withanage the State Minister said Central Investment and Finance had lost Rs. 3,960 million, Standard Central Finance Rs. 2,721 million, TK Finance Rs. 2,691 million, ETI Rs. 22,648 million, Swarnawahini Finance Rs. 2,372 million and The Finance Company Rs. 27,400 million.  Some 20,161 depositors at Central Investment and Finance, 6,600 at Standard Central Finance 35,164 of TK Finance, 147,152 in The Finance, 37,586 depositors in ETI and 9,623 in Swarnawahini Finance have lost their deposits as a result of these institutions going bankrupt.   

He said there are 41 non-banking financial institutions while there are six which hold licences issued by the Central Bank.  “We will see that justice is meted out to these depositors who have lost ,” the State Minister assured.