Central Bank appoints expert group
To handle problems of financial companies in
difficulties:
Ramani Kangaraarachchi
Ajith Nivaard Cabraal
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The Central Bank has appointed an expert group to handle the problems
of financial companies in difficulties as a measure to address the
growing tension situation of the public due to the acts of unauthorized
financial companies.
Governor, Central Bank, Ajith Nivaard Cabraal addressing the media at
the Central Bank Conference Hall yesterday said that the expert group
includes Chartered Accountant Nishantha Fernando Former Exchange
Commissioner Rakitha Wickramanayake, President, Association of
Accounting Technicians, Hennayaka Bandara and Deputy Chairman Browns
Group Ajith Devasurendra. Cabraal said that the problem in Sri Lanka is
an internal one as a result of the acts of unauthorized financial
companies such as Golden Key but not because of the global crisis. He
said that when the Seylan Bank had problems the Government took prompt
action and settled the matter.
The Cental Bank of Sri Lanka has stepped in to deal with the problems
and reduce the potential risk, he said.
The government has also approved Rs. 4.2 million as a stimulus
package to overcome the difficulties faced by the banks.
Meanwhile, the Lanka Puthra Development Bank will become the agent
for Ceylinco Investment and Asian Finance and Peoples Leasing will buy
the shares of Seylan Merchant Leasing. The Central Bank has appointed
Guy de Silva as the Central Bank agent for The Finance Company. Governor
Cabraal said that the higher management of The Finance Company has
agreed to accept a deep pay cut and to forgo other incentives and the
trade unions have agreed to give their fullest support to solve the
problem.
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