15 July 2010 10:15 am
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)