Sri Lanka, July 14 -- The Monetary Board (MB) of the Central Bank of Sri Lanka (CBSL) at its meeting held on July 10, 2020 has decided to suspend business of ETI Finance Ltd (ETIF) and Swarnamahal Financial Services PLC (SFSP), in terms of Section 31 of the Finance Business Act, No. 42 of 2011 (FBA) with effect from 13th July 2020.

ETIF and SFSP have become insolvent due to various irregularities taken place, since 2011. Due to the inability of Board of Directors and Senior Management of the respective companies to satisfactorily address the said deficiencies, the MB on 02nd January 2018 issued Directions restricting the affairs of the Companies and the powers of the Board of Directors of the two Companies. A Panel of Management was also...