BusinessSri Lanka’s Central Bank (CB) is closely monitoring the deal between the EAP Group and a Singapore investment fund company to sell its subsidiaries of the group and rescue a struggling finance company, CB Governor Indrajit Coomaraswamy said in Colombo on Wednesday. The Singapore investment is meant to resuscitate the ailing Edirisinghe Trust Investment Finance Ltd (ETIFL). He noted that the investment will come in, in tranches and the CB is monitoring the credentials of the investor. Apart from this, investigations are being carried out as to how the ETIFL had fallen into an abyss and persons responsible for its financial crisis. EAP Group has entered an agreement with this company to sell some of its major subsidiaries at a price of US $75 million with the sole aim of protecting over 35,000 depositors of ETIFL and Swarnamahal Financial Services PLC, a high official closely connected to the deal said.

Source: Sunday Times April 04, 2018 13:52 UTC