Sri Lanka’s central banking authority has issued a caution regarding unauthorized deposit activities conducted by Singhe Capital Investment Limited. Following an inquiry under section 42(10) of the Finance Business Act, No. 42 of 2011, the regulator discovered that the company had been soliciting deposits through the issuance of Promissory Notes and/or Commercial Papers, which violates the stipulations set forth in the legislation.
The central bank has held the directors of Singhe Capital Investment Limited accountable for these actions. Consequently, the Central Bank of Sri Lanka has instructed Singhe Capital Investment Limited, along with directors Mr. Kankanana Gamaralalage Sugath Wasantha Kumara Rathnawwardana and Mr. Chandika Yasnath Bandara Weerakoon, to cease accepting deposits from the public immediately.
