Pursuant to the provisions of Section 44 of the Finance Business Act No. 42 of 2011, the Director of the Department of Supervision of Non-Bank Financial Institutions of the Central Bank of Sri Lanka has issued an order suspending the business operations of six companies.
The business operations of the following six companies have been suspended: Kasagala Green Plantation (Pvt) Ltd, Ceylon Green Life Plantation (Pvt) Ltd, Singha Capital Investment Ltd, Pro Shop Advertising Holdings (Pvt) Ltd, Athens International Education Centre (Pvt) Ltd, and Eon Lanka Investment and Film Production International Company (Pvt) Ltd.
The order prohibits the disposal, transfer, or any other form of dealing with all properties and other assets belonging to the aforementioned entities and their directors. Investigations are currently underway under Section 42 of the Finance Business Act. The Central Bank of Sri Lanka has already determined that these entities have engaged in finance business and/or accepted deposits in violation of the provisions of Section 2 of the Finance Business Act.
The Central Bank of Sri Lanka emphasizes to the public the importance of depositing funds only with legally authorized institutions, as there is a risk of losing hard-earned money.
The Central Bank of Sri Lanka further informs the public that only institutions or individuals licensed by the Central Bank under the Banking Act No. 30 of 1988 or the Finance Business Act No. 42 of 2011—or those specifically exempted from the provisions of said Acts—are permitted to accept deposits from the public