MBSL to develop restructuring plan for F&G Group

Merchant Bank of Sri Lanka (MBSL) is to develop a restructuring plan for Finance and Guarantee Group of Ceylinco Consolidates.

Speaking to Daily News Business the Chairman of the MBSL Janaka Ratnayake said that they will develop a restructuring plan for the Group under the guidance of the Central Bank of Sri Lanka.

Yesterday media reported that F & G is facing a liquidity issue due to the increased number of withdrawals of depositors’ funds in that company.In the wake of concern by depositors of Golden Key Credit Card Co. Ltd., the investors of F&G have also started to withdraw their funds since December 2008.

Ratnayake said that with the expertise and the experience of the MBSL they will come up with the suitable plan.