The Finance Company: No proposals received - CB | Page 2 | Sunday Observer

The Finance Company: No proposals received - CB

The Central Bank has not received any proposals to invest in The Finance Company from anybody, a media release from the Bank stated.

The text of the release: “The attention of the Central Bank of Sri Lanka (CBSL) has been drawn to certain information published in newspapers and news websites on November 26 regarding the regulatory action taken by the CBSL on The Finance Company PLC (TFC) and it wishes to clarify the following.

“The CBSL issued a notice of cancellation of the licence granted to TFC to carry on finance business under the Finance Business Act No. 42 of 2011 (FBA) on October 23, 2019.

“The CBSL also informed that in terms of the provisions of the FBA, the company has the right to submit an acceptable proposal for investment in TFC along with proof of funds for capital infusion and a Business Restructuring Plan for the consideration of the CBSL within 30 days from the date of issuance of such notice.

“Even though the news articles stated that TFC informed the Colombo Stock Exchange (CSE) that it has been approached by three interested parties to consider investing in the company, no such proposals have been submitted to the CBSL. Therefore, CBSL wishes to clarify that the information published in the articles in newspapers and news websites regarding any potential investments is not true and correct. “The CBSL wishes to inform that in terms of the FBA, the Monetary Board shall take a decision on the notice of cancellation issued to TFC after the expiration of 60 days from the date of notice of cancellation.”