NewsThe Central Bank (CB) has stepped in to temporarily take over the affairs of two crisis-hit finance companies - ETI Finance Ltd and Swarnamahal Financial Services PLC. The CB statement to the media also said that the companies can finalize the negotiations with the prospective investors which the CB will facilitate. “Depositors of the above two companies are further informed that the Central Bank is taking further measures and closely monitoring the operations of the companies to protect the rights of the depositors and therefore, the depositors are kindly requested to cooperate with the Central Bank in its effort to ensure the stability of the two companies. The depositors may contact the Department of supervision on Non-Bank Financial Institutions of the Central Bank,” it said. The Sunday Times on December 31 reported that the CB has asked the Bank of Ceylon to be the managing agent for these (two) financial arms of the EAP Group.

Source: Sunday Times January 02, 2018 13:52 UTC