NewsSri Lankan authorities on Wednesday cancelled the operating licence of crisis-hit The Standard Credit Finance Ltd (TSCFL) which has been facing a liquidity crisis since 2008. Therefore, Monetary Board of the Central Bank, has decided to cancel the Licence issued to TSCFL with effect from July 25,” it said. The company’s Certificate of Registration as a Registered Finance Leasing Establishment has also been cancelled which means TSCFL is not permitted to grant new finance lease facilities from Wednesday. All debtors of the company are required to pay their dues to the company through a bank account announced by the company. “The Central Bank wishes to emphasize that legal actions will be taken against the responsible parties for the mismanagement and fraudulent activities of the company,” the statement added.

Source: Sunday Times July 25, 2018 11:39 UTC