Kaluthota Finance added to crooked list

Lumbini Edirisinghe

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.