In accordance with Section 44 of the Finance Business Act, No. 42 of 2011 (FBA), the Director of the Department of Supervision of Non-Bank Financial Institutions (DSNBFI) at the Central Bank of Sri Lanka (CBSL) has issued directives impacting certain companies and their directors. These orders prohibit the sale, transfer, or any other form of dealing with all properties and assets owned by these entities and their directors. The High Court of Colombo has since ratified and extended these asset-freezing orders concerning the companies listed in the table below.
Table 1: Companies Currently Under Asset-Freezing Orders
SN. Company Name
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1. Kasagala Green Plantation (Private) Limited*
2. Ceylon Green Life Plantation (Private) Limited*
3. Singhe Capital Investment Limited**
4. Pro Shop Advertising Holdings (Private) Limited**
5. Athens International Education Centre (Private) Limited**
6. Eyon Lanka Investment & Film Production International Company (Private) Limited**
Note: * Investigations are ongoing under Section 42 of the FBA.
** The CBSL has already identified that these entities have engaged in finance business and/or accepted deposits in violation of Section 2 of the FBA.
The public is strongly urged to deposit their funds solely in institutions that are legally authorized, as failing to do so could lead to the loss of their hard-earned money.
The CBSL also wishes to clarify that only those institutions licensed under the Banking Act, No. 30 of 1988, or the FBA, or those specifically exempted from these regulations, are allowed to accept deposits from the public. Following complaints received, the CBSL is conducting investigations into various institutions and individuals to determine if they have unlawfully engaged in finance business or accepted deposits in violation of the FBA. The public is encouraged to report any institutions or individuals they suspect of accepting deposits in contravention of the FBA to the CBSL.
Financial Chronicle Biz English | Sri Lanka Business News.
