Kaluthota Finance added to crooked list
Director Supervision Nonbank Financial Institutions Central Bank
Sepala Rathnayake said. “After Sakvithi Ranasinghe”s controversial issue
Central Bank gave all unauthorised institutions one month for register
with the Bank until October 24. Sakvithi House Constructions, Okanda
Finance, Nadini Finance, Narangoda Liyanage Don Minol Hasantha Narangoda,
the owner of the business ‘Sriyavi Homes Lands and Investments’,
Piyadasa Ratnayake (Danduwam Mudalali) and D K Udayasiri have been named
as unauthorised financial institutions by the Central Bank. Kaluthota
Finance has been added to this list by the Central Bank.
Four of these, Sakvithi House Constructions, Nadini Finance Narangoda
Liyanage Don Minol Hasantha Narangoda who is the owner of the business
name ‘Sriyavi Homes Lands & Investments’ and D K Udayasiri have not
submitted applications to register under the Finance Companies Act (FCA).
The Monetary Board has under Section 11(2) of the FCA, directed them
to repay deposit liabilities within one month from 30.10.2008, furnish
relevant details, including a list of depositors, within 15 days from
30.10.2008, to the Director, Department of Supervision of Non-Bank
Financial Institutions of the Central Bank. Speaking to Daily News
Business Rathnayake said “ As people have complained against Piyadasa
Rathnayake of Hungama, we directed them to refund the money to the
people and submit all the documents of depositors.”
“None of the unauthorised institutions except Okanda Finance has
applied for registration. As they have no confidence to provide the
necessary documents for registration they don’t need to be authorised
financial companies or banks. Of the six persons/organisations, only
Okanda Finance Ltd. has submitted an application for registration, which
was received by the Central Bank on October 24.
“However, this application does not fulfil the requirements to obtain
registration as a finance company,” Rathnayake said.