Sri Lanka, July 4 -- The Central Bank of Sri Lanka (CBSL) announced today its decision to initiate resolution action on Nation Lanka Finance PLC (NLFP), a Licensed Finance Company, effective immediately. This decisive step has been taken due to NLFP's persistent violations of the Finance Business Act, No. 42 of 2011 (FBA), and various related Directions and Rules, coupled with its deteriorating financial health.
For an extended period, NLFP has been in breach of regulatory provisions, exhibiting critical deficiencies in capital levels, poor asset quality, continuous operational losses, and a significant failure to meet its obligations to depositors, including timely repayment of funds on demand or at maturity.
Despite numerous extensions ...