Sri Lanka, May 22 -- The Monetary Board of the Central Bank yesterday announced the cancellation of licence of The Finance Company PLC (TFC) with effect from May 22, 2020 as the company failed to lure in credible investors to rectify its serious erosion of liquidity.
TFC carried its finance business activities under the Finance Business Act No. 42 of 2011 (FBA) and was severely impacted by the failure of a number of financial institutions within the Ceylinco Group in 2008.
Since then, the financial status of the company deteriorated gradually, leading to a severe liquidity crisis.
"All efforts made to revive the company through different strategies have failed and the continuity of the current status will be further detrimental to the in...