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Central Bank to revive failed licensed finance companies

a year ago

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  • Appoints advisory committee comprised of bankers
The Central Bank of Sri Lanka (CBSL) Monetary Board established an Advisory Committee to examine the revival options for failed finance companies that are licensed. The Advisory Committee is to conduct revival strategy on Central Investment and Finance Ltd., ETI Finance Ltd., TKS Finance Ltd., The Finance Company PLC, and The Standard Credit Finance Ltd. Thus, the Committee is expected to conduct an independent assessment of the present financial condition of the aforesaid five distressed companies, while covering financial, legal, tax, and other important areas of operations, and assess the financial conditions of the entities after incorporating necessary adjustments as per the findings of due diligence. The Advisory Committee is also to examine possible revival options for each entity, indicating advantages as well as disadvantages. However, if reviving a particular entity does not seem feasible, the Committee may recommend liquidation of the said entity as well. The Committee comprises experts from the business sector, and is chaired by CBC Finance Ltd. Chairman, former Commercial Bank of Ceylon PLC Chairman, and former CBSL Deputy Governor Dharma Dheerasinghe. The other members are PricewaterhouseCoopers Managing Partner Sujeewa Mudalige, Moore Stephens Consulting (Pvt.) Ltd. Managing Director Tishan Subasinghe, and Amerasekera and Company Chartered Accountants Senior Partner (Audit and Assurance) Thiyagarajah Dharmarajah. CBSL Appointed Member of the Monetary Board Dr. Ranee Jayamaha is to serve as the Advisor to the Committee while CBSL Assistant Governor J.P.R. Karunaratne is to serve as the Secretary.
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