The Central Bank of Sri Lanka (CBSL) has extended the term of the Administrator appointed to oversee Nation Lanka Finance PLC (NLFP) for an additional six months, as part of a prolonged resolution process under special banking laws.

In an official announcement today, the CBSL confirmed that P W D N R Rodrigo will remain in control of the finance company until 3 July. Rodrigo was first appointed as Administrator on 4 July 2025, under powers granted by the Banking (Special Provisions) Act, No. 17 of 2023 (BSPA).

The extension, according to the banking regulator, is essential to ensure the “uninterrupted continuation” of NLFP’s resolution. The CBSL stated that the Administrator requires more time to advance critical steps in the process, including the implementation of a suitable resolution tool as permitted by the law.

The BSPA grants the CBSL, acting as the Resolution Authority, sweeping powers to intervene in financially troubled financial institutions. During this extended administration period, the administrator will retain “full control over all assets, operations and affairs of NLFP,” managing the company on its behalf. He is mandated to continue submitting regular reports and information to the CBSL.

“This decision forms part of CBSL’s ongoing efforts… to safeguard the interests of depositors and creditors, and to protect the stability and integrity of the financial system,” the announcement read.

The Central Bank also issued a directive to all stakeholders of NLFP who have financial obligations to the company. They are instructed to fulfill their payments on time strictly through a designated bank account under the company’s name and to maintain proper records. The CBSL has called for full cooperation from all parties involved.