CBSL suspends all business deals by ’Swarnamahal Financial Services PLC’

13 April 2021 09:26 am - 7 - {{hitsCtrl.values.hits}}

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The Monetary Board of the Central Bank of Sri Lanka (CBSL) (Monetary Board) has decided to suspend business activities of Swarnamahal Financial Services PLC (SFSP) with effect from 5.00 p.m. on April 12, 2021.

While issuing a statement, the CBSL said having considered the continual deteriorating financial conditions and non-availability of a viable revival plan, the Monetary Board decided to suspend the business of SFSP and its parent Company ETI Finance Limited (ETIF) in terms of Section 31(1) of the FBA with effect from July 13, 2020 and the period of suspension of business activities was in effect until January 12, 2021.

During the suspended period, the Company had failed to bring in an acceptable revival plan through a capital infusion, even after expiry of almost six (06) months from the date of suspension of the business activities and the financial position of SFSP continued to deteriorate further, the statement said.

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Comments - 7

FF Tuesday, 13 April 2021 02:42 PM

SURPRISE! ARE THEY STILL IN BUSINESS?

Looser Tuesday, 13 April 2021 04:14 PM

This is Sri Lanka. Never invest in SL.

Executive thieves Tuesday, 13 April 2021 05:31 PM

Another hoax to safe the owners and pay out of public funds.

Shawn Tuesday, 13 April 2021 05:44 PM

SFS at Duplication road hires thugs to chased elderly depositors,when visit to inquire about their withhold deposits, owners should responsible of this maniac man's hostile behavior towards elderly depositors

Hamid Wednesday, 14 April 2021 10:41 AM

These workers faintly indicated that Bamba police is in there side and no use of approaching them for complaining,how funny

MN Wednesday, 14 April 2021 10:47 AM

Recently they had to pay part of our deposits by CBSL order, Its hilarious, they were attempting to treat depositors like people who came to collect Samurdhi,

Peter Wednesday, 14 April 2021 05:55 PM

These employees at SFS, equally responsible as Ediridinhas for swindling deposits, though they won't get anything other than salaries , but used cunning words to mislead old aged pensioners to loose their life long savings, so when curse Edirisinhas, please do not forget these crooks too

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CBSL suspends all business deals by ’Swarnamahal Financial Services PLC’

Comments - 7

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